How would you go about rebuilding your credit?
I am sorry to hear that you are in the sistuation that you are in . I was in the same place bills kept comming in and the interest rates were killing me . if you still owe money this is what you should do .
1. go to http://freecreditcardsforyou.com and get a 0% transfer rate for like 12 months. Once you get the card CUT IT UP . that way when you make a payment you are just paying down the total and not a huge interest rate.
if you have no debt and want to get your credit up again quick go to http://freecreditcardsforyou.com and get a guarenteed credit card. one trick that i have found to get my credit back to where it should be . Get the new credit card and just use it for gas and food and pay off the bill every month . or if you can send in 40 dollars more then your bill each month . It will show that you can be trusted again and your score will go up
Reply:To Repair credit score
Your credit score is based mostly on:
1. Length of credit history
2. Payment history.
3. Ratio of credit used to available credit.
4. Number of credit inquiries you authorized.
If you cancel your card, you'll be hurting your credit ratio. (#3).
You want to deliberately keep your oldest credit card open, even if you never use it.
You want to always pay the minimums of each loan on time every month.
You want to keep your available credit high, but actually only have balances equalinig 25% or less.
You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.
You do these things and your credit score will quickly soar into the 700s.
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http://www.bestcreditrates.net
Reply:Sorry to hear about your situation. I would like to offer words of encouragement that it can be fixed if you really set your heart and mind on fixing it. For starters, contact the financial institutions where you got your debt from and make a payment arrangement. If they have already referred your debt to a collection agency then make efforts to contact them. Once you get a hold of them, make arrangements to pay back your debt. Most of them will do this with you. They will give you an amount to pay and a date for paying it by. Then you make sure you stick to it. If you can't pay up for whatever reason contact them and tell them you are struggling. Contrary to popular belief, these agencies are not against you. They are there to collect debts. If they know you are serious about paying back your debt then you can get out of the debt hole. But, like I said, you need to make the resolve to do it and then stick to the payment arrangements. You will then start seeing your debt shrink rather than snowball. The time it takes to pay it all off depends on how little or big your debt is. The smaller the debt, the faster it will disappear. The larger the debt, the longer it takes to pay it off. Getting out of debt is not impossible, but you have to be smart about where your money is going. It feels really good to pay it all off and managing your debt is one of the best things you can do for yourself. Good luck!!!
Reply:You rebuild credit the same way you build credit.
You have to borrow money and make payments on time. It's a stupid plan if you want to win with money.
You have to borrow money and make payments on time to get a high fico score so that you can go out and borrow more money and make more payments. You also, have to keep borrowing money and keep making payments on time. All you will get is debt.
If you pay as you go.
If you live on less money than you make.
You will not have to obsess with the fico score and you will have money.
The only time that you might have to borrow money is for a home. You can do that without a fico score. It's called manual underwriting. It's not a sub prime loan. It's the way home loans were givin' before all the fico score worship. You can get the lowest interest rates available.
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And the best part is they don't sell your information to other companies
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Reply:It depends on how awful it is. If it's not extremely bad (score below 580) try getting a credit card from First Premier Bank. They offer a 9.9% fixed interest rate. The down side is the initial fees they charge. You might get a $200 limit. By the time you get the card, they attach a processing fee, activation fee, etc., leaving an available credit use of aroud $75. You need to decide if that is worth the price of re-establishing your credit. Next, after getting a card, you need to make at least the minimum payment on time, EVERY MONTH. After about 6 months, you might qualify for a better card with better terms. Don't apply for a lot of credit during a short amount of time. Each time you apply, your score drops a few points. Don't bother with store credit cards, get a Master Card or Visa, they can be used almost anywhere, even your favorite store. It took awhile to get into this credit mess, it will take awhile to get out of it.
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