Credit score just under 500 due to a nasty divorce. How can I repair that on my own making 50,000 a yr?

Answer 1

What all the respondents have been telling you about the first step,is correct. Get a copy of your credit report from all 3 credit reporting agencies (Experian, Equifax, and Transunion). Makes sure that you recoginize every creditor on it.
Step #2. Whatever is past due, try to pay it up to date and keep it up to date. You may have to get things up to date gradually, depending on your money situation. Don't open any new credit card accounts for several years (5 years). If you must apply for credit, make sure it's something you need, like a car to get to and from work. Your credit score should gradually increase by itself, providing no new negative info gets on your report. When it gets over 700, you'll be able to demand better interest rates on credit cards and car loans.

And please beware of these ADs that tell you that they can erase all bad credit info from your record for a fee. In time, after 7 years, any negative info will automatically drop off your report (bankruptcies stay on for ten years). Those agencies can't erase the negative info any faster than you can. And if info from a creditor on your report is wrong, call the creditor yourself and clear it up.

Last...if you must have a credit card, then get one of those "prepaid credit cards", where the cash deposit you submit is collateral for your limit. Keep the card up to date, order your credit report once per year, and I bet that you'll see your score increase gradually over 5 years.

Answer 2

that is a bad score, it would be expensive for you to try and buy a house with that score. basically just have to start paying all bills on time, cancel any credit cards you don't need or don't use. when your credit card balances get to be 50% or higher of your total credit available that is also a black mark against you. don't open any new credit cards. if you have judgements or leins against you try to get them paid off. repairing your credit doesn't happen overnight so start working on these things and things will improve over time.

Answer 3

Absolutely!

First, get a copy of your credit report (www.annualcreditreport.com) or even better www.truecredit.com

Then follow the guidelines on how to dispute invalid information.

Also take a look at www.creditboards.com.

There is a forum there where they deal with only cleaning up credit reports.

Answer 4

Use annualcreditreport.com its the only site sponsored by the government. Make sure that everything on your report is accurate. Then start by paying off your highest interest debts first. Take it one day at a time.

Answer 5

You can do it...this site has tips and advice on how to correct/repair your credit score. http://www.mycreditadvise.com

Good luck,