i closed 6 of my 7 credit cards. Still paying off 3. After such atrophy, how can i re-build my credit?

Question

BTW, I'm only 20, how long will this stay in my history & affect my chances of getting loans?

Answer 1

OH my gosh!! Do NOT close your credit cards!!! Closing your credit cards will HURT your credit! It's always a positive thing to pay off the credit cards, but keep them open and use them occasionally to keep them active. If you close your credit cards you're essentially ending all of your credit history with that creditor, which is not a good thing especially when you're still so young and trying to build credit. It's too late now to do anything with the 6 credit cards, but keep the other ones open.

Once you have them paid off, try to use them every couple of months to keep the account active. Example, use it to purchase gas for your car and then pay off the balance at the end of each month. FYI: If you do not use a credit card for 6 months or so, it will start to report as inactive on your credit, which is also negetive. So keep them open and keep them active.

Other tips, pay all of your bills on time, keep credit card balances at 30% or below of the credit limit, limit inquires on your credit and be patient! You're still relatively young so it will take time to build a solid credit history (a good example why you want to keep the credit cards open, because once you close them you're essentially erasing all of your prior credit history).

As to your last question, the credit cards can stay on credit for 10 years, even more possibly depending on the creditor. I have seen old accounts, some closed, some inactive stay on borrowers credit for decades.

Answer 2

I think that your credit history stays for 7 years. You need to pay off your cards and never get anymore until you know how to handle them.

Try using this question before you buy to help decide if you need to buy something:
Is this a necessity or a luxury?
Necessity items includes: rent, car payments, basic groceries, school loans, gas and basic utility bills. Everything else falls into the other category. If you don't have the money in your account AFTER you pay all your bills, then you don't need it now and you can budget for it later. Good luck & you can learn how to control your spending urges!

Answer 3

Why not allow me to let you know what you can expect from my service? Closing the accounts is only good if we could negotiate the specifics of each item to reflect positively towards your credit score. We have the point deductions for each item on your credit, so you can see exactly how those accounts affect your overall score. Through the dispute and removal process in accordance with the Fair Credit Reporting Act, you could have at least half of those items removed from your credit if they are not in good standing. Increase your score today with a free consultation from http://www.rayscredit.com

Answer 4

Hi,

I agree - you should not close your credit card accounts - it's always best to keep them open with approximately a 30% balance to show a good credit history. Since you've already closed the accounts, you can rebuild your credit. Take a look at this website - it tells you all about restoring your credit. I used their service and I'm so happy that I did! Feel free to contact me if you have any questions about the process.

Good luck!

www.secureyourcredit.info

Answer 5

Credit repair can only be achieved through financial discipline and hard work. Any easy way out of a poor credit history is undoubtedly tempting, but it may lead to further financial difficulties in the future. If a poor credit history is due to circumstances beyondpayment patterns, his situation can improve in a period of two to three years. This way, even in the case of bankruptcy, a consumer is likely to be offered charge and credit cards within a year or two if maintaining a steady income.

Answer 6

dont make any late payments. Pay off as much as possible in the quickest amount of time.Keep the card with the lowest interest rate and only use it for gas or something pay it off in full every month. This increase your credit score. Once you do that all you have do is stay away from the plastic its evel

Answer 7

You are on the right track. Pay them off, keep that one credit card , keep paying your bills on time. wait about 6 months to a year for your credit to straighten back up. It will say on your credit for about 7 years unless you dispute your accounts as paid in full. they may delete them off your credit report.

Answer 8

Secret insider technique erases all debts in 24 hours.
Find out how to rebuild your credit in 24hrs!! And it's all completely legal!
Get information the BIG 3 credit bureaus don't want you to know!
Get fresh lines of cash in your hands by tomorrow.

Buy a house, car, clothes, go on vacation... whatever.
You can finally buy anything you want... instantly.

Plus: Affiliates, make insane cash just exposing our link.
Product sells MILLIONS, and you never even lift a finger.
Make $1,ooo to $10,ooo per month for doing nothing.

http://usacredithospital.com/BH2211.htm

Answer 9

Normal account & payment data is on for 7 years from the date of the last activity .
Except bankruptcy which is on for 10 .

For more info read wiki . . .

http://en.wikipedia.org/wiki/Credit_report

>

Answer 10

Just keep doing what you're doing. Don't dare make late payments, and pay them off as quick as you can. When you get them paid off, close all but one.

Good luck!