How can I repair my HORRIBLE CREDIT?

Question

I'm almost 25 years old and I've made some terrible mistakes in the past two years. I've had a FICO score of 688 at one time and after making mistakes with banks, adding a repo last year and defaulted on cards due to being unemployed, I'm trying to make things right, but not sure about how to do it. I've talked to two of my card companies that work under FIA cards and is working on a 5 year payment plan of paying bills for $85 a month. After 6 months, my accounts should be current. I'm trying to take care of one bank account with a settlement and it should be deleted from the bureaus around Sept or Oct. I would like to find a card and some advice on what else I need to do to rebuild my credit. I have paid off 2 cards but want them off and I have sent a 100-word statement to help override my reason for so many "inquiries". I don't know what else to do. Any suggestions and are their any cards I may get approved for with a current score of 450? :( ::cries ::

Answer 1

Why do you "need" to rebuild your credit score?  Credit score is determines how much you like debt and sounds like you don't like it much.  Get control of your finances by getting out of debt, by cutting up those credit cards and pay cash or use you debit card.

Going through what you are going through now why put yourself in potentially the same situation by getting another credit card?

Answer 2

Try your bank or a Credit Union do NOT go through Capitol One they are a rip and you will be in the same mess you are in

Good Luck

Answer 3

Nothing you can do. You messed up your life, now deal with it. You're going to have to deal with terrible interest rates and payments for the rest of your life.

Answer 4

just keep your head down, pay everything on time...

It takes 3 - 5 years for bad stuff to come off your history...

only way to do it and it does work...

Answer 5

hmmmm for help repairing credit i'd call these people CCRS Credit Services.  They help with stuff like this.  if anything I would call and get some advice or suggestions.  their website is http://ccrs1.net/

Any cards you might get approved for?  Well I think that there is.  For cards i go to http://applyforcreditnow.ecreditdirector...

look down the menu and you will probably find something thats right for you.

Answer 6

Sounds like a tuff situation.  Here is a guide to increasing your FICO score.

Answer 7

Your situation is certainly an unenviable one. It is truly unfortunate when someone runs into a situation where their finances get out of control and I'm sure that finding yourself unemployed made things that much worse.

Many people who have answered this question have been cruel in assuming that you are completely at fault for what has happened and you deserve what is happening now.  Rarely is it the case that someone runs into credit problems simply because they were reckless. More likely, as I'm sure is the case for you, there are some mistakes that are compounded by some other life event such as losing a job, getting a divorce, or something else that is completely out of your control.

Like you said, the situation you are in is something that could happen to anyone.

Fortunately, there may be something you can do about it other than just "deal[ing] with it".  Many people find that in the whirlwind of a credit disaster, many negative items get added to their credit reports that shouldn't be there.  Credit reporting problems are very common with recent studies showing that the majority of Americans has errors on their credit reports. This is very likely in your case and as a result, your credit score is probably lower than it should be.

In addition to having patently inaccurate items on your credit reports, it is likely that you also have other negative items that are misleading to lenders (like the inquiries) or otherwise make you look to be a higher credit risk than you really are.  This makes sense considering that it sounds like you are trying to be responsible with your finances and you are becoming a credit worthy person, but your credit score is so low that lenders aren't willing to give you a chance.

It is your legal right to dispute ANY item on your credit reports that you feel is inaccurate, misleading, biased, and a few others.  If you feel that any of the negative items on your credit report give lenders an unfair perception of your true credit worthiness, you have the can dispute those items.

You can dispute these items yourself by ordering free copies of your credit reports and then sending dispute letters to each of the credit bureaus. However, if you are like most people and don't have the time to learn the applicable consumer credit laws or the time to experiment with the tactics for repairing your own credit, you can use one of the many legitimate credit repair organizations out there.

More information about shopping for a credit repair company can be found in the links below. Also included in the links below is a link to the Credit Repair Organizations Act that regulates how credit repair companies can operate.   Pay special attention to sections 404 and 405 as these sections explain what things a credit repair company can and cannot do as well as what your rights are when dealing with a credit repair company.

Don't lose hope. It sounds like you are working hard to better your situation and with a little help, you will start to see results.

Answer 8

aww don't fret too much, there's still hope for you yet. there's credit repair companies out there that can help you. maybe a consolidation plan would help? i think it's really advantageous especially to a person in your situation. try this website, they could help ... http://instantloansearch.com/Credit-Repa...

Answer 9

It sounds like you are trying to make things right and have learned from your mistakes.

35% of your FICO score is your ability to pay your bills on time.  All bills - not just credit cards. 1 missed payment can drop your FICO score as much as 70-100 points.  It will take time - 2 years or more...but start paying all your bills on time and it will help.

30% of your FICO score is your debt to credit ratio. Ideally, you don't want to use more than 30% of your available credit.   So, if you have 20,000 worth of available credit and you have charged 15,000 - you are using 75% of your available credit - that does not look good.

Other factors that affect your credit score - are length of credit. So if you have had a card a long time - and don't want to use it any more....cut it up...but don't close the account.

Apply for credit only when you need it. As you know - inquiries can hurt your score.

You can learn more at www.myfico.com

Answer 10

First you need to get copies of all 3 of your credit reports to see how bad of shape you are truly in. You are entitled to a free credit report every year from each bureau. http://annualcreditreport.com

Negative items remain on your credit report for 7 years, it is important to try to get these off your report or upgrade their status. Do not pay a credit repair company and do not use a debt settlement company. These will make your over all situation worse. For information on repairing your own credit see the website below in the source block.

Answer 11

To raise your credit score you need to do two things:

1 - add positive things to your credit records.  Such as paying your bills on time!

2 - Remove negative things from your records.  These may be mistakes made by the credit report companies or bills you haven’t paid!

If your problems aren’t too bad or too complicated than you can do this yourself.  This review site gives you e-books to explain the process and guide you through it:

<>http://www.onlinebestinformation.com/cre...

if your problem is complex - or you just don’t have the time or patience to do it yourself then you will want to use a credit repair company.  This review site will guide you to the three best companies to use:

<>http://www.onlinebestinformation.com/cre...

Good Luck!