Question about damaged credit?

Question

When I turned 18 I was still very immature and did not value my credit even though I didn"t have one.

I got a celphone and the bill went up the roof and never paid for it I also bought some magazines and I also got cable service and paid it until I lost my job and did not bother to pay for it either, So now that I am 24 Now I know the value of having good credit and can' t get anything anywhere.

So finally what can I do to get these accounts resolved and start making some credit ? How long will it take for the negatives to get out of my credit ?

Answer 1

7 years from the date of the last activity.

Question for you...is this a common thing with young people. It seems this type of posting is common on YA.

Answer 2

You need to get a hold of the Collection Agencies that hold these accounts.  Once you do, you can work out a payment plan with them to get the accounts resolved.  Just know that these accounts have been sitting for a while and could have accrued interest!  

Once you get these paid off, they will sit on your credit for 7 years.  It is going to be hard for a while to get a lender to lend you money or credit.  There are credit cards for "not so good" credit, that will help rebuild your credit.  I don't suggest this though.  If you can, get someone to co-sign for you on something, MAKE the payments ON TIME and it will help over time.

And the third answer is pretty close to what I said... You need to get ahold of the Collection Agencies.  MOST of the Companies that you have outstanding accounts with have turned them over to Collections.   Paying half or 3/4's will reflect on your credit.  It will state something like.. Settled for half or less of the balance... lenders look at those comments too!

Answer 3

Run your credit https://www.annualcreditreport.com

this is free this will not give you your score.But it will tell you what you owe in bill and start paying them off.At the same time if you can aford it you can borrow funds just to hold them on deposit, make some interest payments, then give back the deposit to pay off the loan.  If you agree to just hold the funds on deposit, http://creditloader.com will let you borrow the funds with NO CREDIT CHECK.  After three months I was on a few bureaus

Answer 4

Kimmary-  I work on credit repair part time, what you can do is obtain copies of your credit reports from all 3 agencies, www.anuallcreditreport.com, the agencies/creditors reporting negative will be listed with phone numbers, contact each one, settle an amount, with the collection agencies you can probably pay about 1/2 the debt, get it in writing faxed or emailed to you, send a copy of the fax/email with your payment certified letter.  After 30 days, contact the agency or creditor again and insist they stop reporting on your credit file.  If your nice but persistent, chances are after 1-2 months and it has been paid off, that company will cease reporting on you.  In the meantime, get a secured credit card with a low limit, use it sparingly and keep the amount due low, pay it off each month in full, not partial and pay on time, this will increase your credit score.  It could take 4-6 months for the negative reporting drops off.

Answer 5

First get copies of your credit report to see what's being reported.  If you have items in collections you will take a 2 pronged approach. You will start these at the same time.  

First use the laws that are set out there to protect you and try to get these items off your report.  You will dispute the items on your credit report to the credit bureaus.  Then send letters to the collection agency asking them to validate the debt.  Since this happened several years ago, its very likely that you will get the items removed because the collection agency can't prove you owe the debt.  You can read the details below.

Answer 6

this web site has plenty of useful free info.wwwhouseofrapidcreditrepair.com

Answer 7

The only way to rebuild credit is to go into debt.  Definately pay what you owe and start paying cash for everything.  If you don't have the cash to pay for it, don't buy it.  Did you know when you have cash in hand to make a big purchase you can negotiate a better deal?  Why?  Because the seller knows it doesn't get any better.  Especially if they're a motivated seller.  

I know you'll probably disagree, but just really think about it.

Answer 8

Only two ways to clear them, in writing get a pay to delete letter from the agency's collecting, or wait the 7 years for them to fall off your credit score. Yes we all did things when we where young and never thought of the future consequences. You can get a card that is prepaid or should say requires a deposit of X amount. Although you will pay through the roof in interest rates, you should be able to get a car loan, both the above if paid on time will show a responsible payment history. Do not keep applying for credit as each time you do your score goes down a few points, as that makes you look desperate. Those inquiries remain on your report for 2 years. Hang in there it will take time but you can do this

Answer 9

First ignore that 1st answer... all those are phony and most are scams.

Call the companys and tell them you want to start over and want to rectify those problems.  Then make a deal to settle them for half of what you owe immediately or pay them 3/4s of the amount on a weekly or monthly (whatever is best 4 U)  amount until they are paid.  

When you are completely paid off then call a credit counselor at the CREDIT Bureau, no place else, and have them to teach you how to pay bills.  Charge only what you can afford to pay..... Buy what you NEED ,,,, NOT what you want until you can build a savings account.