When I was young, I was very irresponsible now I have bad credit. What can I do to get it restored?

Answer 1

1. Repay all debt. Review your credit reports, search for mistakes and have them corrected.
2. If you do not have any credit cards, apply for a secured credit card (or two) and use them very carefully making sure to never go over 50% of you credit line. Always pay on time. Do not apply for any other cards or other credit.
3. Keep paying all credit card bills on time. Do not open new accounts. Do not accumulate debt, e.g. pay always the full amount.
4. After a year or so, your cards will graduate and you will receive your deposit back. At this time, request a credit line increase, but keep it reasonable.
5. Do not open more than 1-2 accounts per year and keep the inquiry number as low as possible.
6. By applying for credit line increase on each account two times a year you will gradually increase your total limit. Try not to utilize more than 20% of total available credit on any card.
7. Put a security freeze on your three credit files. This will prevent you from opening accounts without proper consideration and will also protect you from identity theft.
8. Keep paying on time, keep credit utilization as low as possible.
9. Welcome to the new world...

Answer 2

Go to www.myfico.com and get your 3 credit reports and scores. See what negative items you have. Offer to pay back the creditors in return for a removal (if you can afford it) of the items - they may not, but it doesn't hurt to ask. Dispute any inaccurate information. (don't dispute accurate information). For stuff that is true, you can still ask for them to provide debt validation (e.g. copy of the promissory notes), etc. If they don't provide it you can have it removed.

Don't ever again fail to pay your bills! Get a secured credit card if that is the only credit you can get, then get store credit cards, work your way up, get an installment loan. Slow and steady, avoid applying for credit you won't get (the inquiry will hurt you). Carry small balances, make more than the minimum payment and make it early, keep checking your credit, keep a budget and, again, don't EVER be late on a bill!

Be very careful with credit repair places, many are scams and you can do everything yourself if you know how

Answer 3

Have seen lots of people asking info on bad credits. Well, if you need to get your problem solved onarrange loans or other finance, and usually means you will pay more interest on any loan you take out.

Answer 4

1.pay the bills onetime
2. Get your credit cards below 30% of the approved credit line
3. If you pay off any open cards keep them open do not close them that affects your credit to debt ratio
4. Do not apply for any more credit you take a hit every time you do
5. Time, anything negative will fall off after 7 years, it will remain there even if you pay them.

Answer 5

We've all been morons with our money at one point in our lives! Your situation is completely recoverable! I know....mine was was mess but in 17 months we were able to get out of debt except for our house. I don't have car payments, credit card debt, etc. I can sleep at night.

Do yourself a favor. Listen to Dave Ramsey......the website is free and it can tell you where to listen to his program in your area. Go borrow his book from the library (Total Money Makeover) and see what you think.