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Bad credit score! how do i get it back up? |
My credit score is very very very low. How do i get it back up? Should i file for bankruptcy? I have alot of credit card bills, hospital bills, child support, repo and a few other things. If you think i should file for bankruptcy how do i go about doing that and is it going to cost me alot? This is in the state of florida. and i just thought i should say it my credit score is 324. you can file for bankruptcy but its not going to help you out that much gat a bank credit card and use but not a lot it gos right to your credit report Pay your bills. That is how it will get back up. You really need to get a descent credit score. YOu need good credit to buy a lot of things. Unless you are currently unable to keep up, bankruptcy will only add to you woes! Use the credit score simulator in the link below. You can put in various financial scenarios to see what increases and decreases your credit score. http://www.truecredit.com/help/learncent... I know where I live they have changed the bankruptcy laws and it is harder to get. It costs somewhere around 1000.00 to claim it. You can go in and talk to a bankruptcy lawyer and they can tell you if they think it is a good decision for you. I did it. I had a repo, my debt was only around 10,000.00, but because i was getting ready to graduate collage and going to have student loans to repay, we decided it was a good choice for me because with the repo they would have probubly garnished my wages for the remaining balance on the repo. basically it would have all snowballed and because of repaying student loans I decided to claim. Anyway I am rebuilding my credit and am able to afford to repay my student loans. You just need to talk to them. Also before tyyou make your decision, you should also talk to a debt consolidator, see if you can consolidate your debt to one payment. To build your credit, you need to pay all bills ontime for a solid 12months, don't be late, because even utility bills show on your credit. often credit inquiries check how often you pay on time and you can also use them if you have paid ontime as aletter of credit reference. But to rebuild, you need to pay ontime and attempt to pay at least something ontime each month to your credit card bills. Do not get more credit cards, eliminate as many as possible. You can also make a deal with them like if you owe 900.00 on a visa for example, you can call and ask if you were to pay it off right now what settelment would they offer you. They will often say if you pay 700.00 right now we will settle and then you saved 2 or 300.00. Good luck and weigh your options before you make a decision. bankruptcy takes 3yrs for you anyone to concider you for anything you need credit for, sometimes more than 3 yrs. You can build w/n the 3 yrs. and possibly get credit but you have to be very smart and ontime about all of your payments on anything. They also will not pay off any student loans and I'm not sure about medical bills. The best thing you can do for your credit score is pay your bills on time each month. If you need more money to pay them, work 2 or even 3 jobs (this should only be temporary - until you are out of debt). Keep your spending down to bare necessities to avoid using more credit. |
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