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| *Loan,banking and credit>>>credit repair |
How can I repair my credit? |
Like most college students, I got a few credit cards and didn't use them wisely. I didn't pay the bill on time, sometimes didn't pay it at all, then ran over the limit on both...one was a charge off, the other will be as soon as I pay it. As a recent college alum, I see what my irresponsibility has cost me and I want to start fresh and rebuild my credit. I have about 900 in debt to pay off. I work in retail about 35 hours/week, so I don't earn much, and live alone so I have little extra money. Any tips on paying it off? I also need to know what's the best way to rebuild my credit, and how quickly can I expect my score to improve? After I pay my debts off, should I open a new credit card and be more responsible? Please, no harsh judgements. I freely admit I made some BIG mistakes, which are now reflected in my credit score. I want to start fresh and manage my bills better. Any advice you can give me that will help is appreciated. Just don't insult me, I don't need that. Thank you!! There are secured credit cards available, which means you will need to put in a deposit in a bank as collateral. Some of those I know include Orchard Bank. You can check-out credit.com and it will give you descriptions of credit cards available for your financial situation. You can also join the yahoogroup entitled "Credit Problems and Repair" at http://groups.yahoo.com/group/credit-pro... . People are there standing by to give you some advice. Oprah does have shows giving focus to a "Debt Diet." Her website (see below) has some tips from financial advisers on how to get back on track. Source(s): credit.com http://groups.yahoo.com/group/credit-pro... http://www.oprah.com/money/debtdiet/mone... If your a college graduate you should not be working 35 hours a week in retail... this is your first step. You need to make more money, plain and simple. Then pay off your $900 Unfortunately some things on the credit report will stay for a long time and there is no easy way to rebuild credit that is badly damaged. The best way is to have good co-signers on your loans and other types of credit. They bear some risk (you) but this will accelerate the score increasing. Step #1 is recognition of the problem. You have already overcome the first obstacle. My advice to you is DON鈥橳 get another credit card 鈥?yet. Pay as much as you can meanwhile. Since you have already graduated, you should be able to get a better job with more pay and more hours. There is no quick way of paying your loans or credit cards than making payments on time and as big as possible. After you pay it, you might as well wait a while. Then get a credit card like Victoria鈥檚 Secret or Mervyn鈥檚. They have a high interest rate but that鈥檚 what you will get due to your credit. My advice is to buy small amounts of merchandise and pay it ALL off the next bill cycle, that way you don鈥檛 pay interest and you start working on building your credit. Only with time, you will be given lower interest rates cards and loans. You are asking so many questions. Frist of all, you need to pay off the existing debt. $900 is not that much and as a college graduate I hope you will be able to find a good job. May be you will have to tighten up your budget. After you finish paying off the debt start working on improving your credit history. All the information stays on your credit report for 7 years don't expect to boost up your credit score in a few months. There are several things you should do to rebuild your credit history. First of all, pay your bills on time. All of them. Including the bills for your cell-phone. Get a steady full time job. This is also counts. Request your credit report from all the three major credit bureaus - Experian, Equifax, TransUnion. Check if all the information on them is correct. Then apply for a credit card or bad or fair credit. Check out http://www.rebuild-credit-cards.com/card... Consider carefully all the offers, don't just apply for every deal possible. This hurts your credit score. Make sure that you will have no problems paying off the credit. You can also apply for a secured credit card but you need to have a debit account. You can also ask a family memeber to be your co-signer. Good luck! get a secured Credit card. You will need $300 to start (dont worry they will give it back to you) I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you. |
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