Rebuilding credit?

[jdgregory84]

So after I paid off a vehicle many moons ago my credit rating shot up, and being that I was an idiot 20 year old, I activated a few credit cards, and didn't take paying them off very seriously so after they went to collections, I eventually had to move back in with my parents and pay them off. Now, a few years later, I haven't really done anything to rebuild my credit and I'm thinking that it could end up hurting me pretty badly at some point so just looking for some advice. I was thinking about applying for a very small limit card, and I'm about to open up an account at the credit union that my friend is the manager of and ask her if there's anything that they offer. I'm going back to school this spring, and hopefully after graduating in the next couple of years, I would like to have a decent credit score.

TIA for any advice.

[bonnie&clyde]

Yeah that's probably what you will have to do, I don't know how much or if at all if pre-paid credit cards help out your credit, u might have to get one that charges you an annual fee but you have to start somewhere, also u might want to try and take out a loan but don't spend the money and pay it off every month

[Cooter]

I started with a Crown Jeweler card and then a pre-paid card.

Crown Jeweler will offer a line of credit to ANYBODY. Buy some little rinky-dink piece of jewelry and make the minimum payments on it for a while and then pay it off.

I started with those two things and just kept plugging along... My pre-paid card "graduated" to an unsecured card, and the limit on it has crept up from $500 to over $6000 over the years. I use it for everything, pay it off every month, and enjoy the reward points!

when we were originally shopping for a house last year at this time, my score was a 721

[ceyko]

It takes time. Hell, the wife and are close to debt free - not counting a single car payment and the mortgage.

I'd recommend starting out with hitting up myfico.com or a similar service. I do the year subscription with instant alerts to credit rating changes. It's nice to know what causes changes in your score. Hell, we paid off cards - credit dropped 30 points and then let it ride for a few months - went up 40 points. Stupid shit.

Once we took debt from 3 cards w/ interest - consolidated it to 1 card with no interest and took a huge hit. Just cause it makes sense to do, does not really ever equate to a better score. Ours is more stable these days, but again - little crap can hit you for 10-20 points either way.

Anyway, you can look up your score at anytime and it is nice. Even if you're say 600 or sub 600 you can start tracking it now and avoid pitfalls that screw you when you see it drop.

Oh and be careful about closing a bunch of accounts. I closed out 2-3 old cards we had once and that was another major hit.

[sniper87]

I was the same way. I recently applied for a capital one prepaid card. I had to put up 50 bux to get a card with a 200 limit. It is something small to start with to help rebuild my credit. I could add more to the account to increase my limit, but I am starting small to get things rolling and then go from there.

[Broncojohnny]

Isn't some mouth breather going to come in here and say that your credit rating is just your "I love debt" score? I'm disappointed.

[Shorty]

Isn't some mouth breather going to come in here and say that your credit rating is just your "I love debt" score? I'm disappointed.

Sorry, I'm too busy keeping my 4.0 at El Centro.

[carbd89sleeper]

I took out a small secured loan w/a 12mo note and it helped me build my credit...just a suggestion..

[astang95]

I'm in the same boat, I've signed up for the cap one secured card, make sure the secured card reports to all 3 bureaus

[Cooter]

Isn't some mouth breather going to come in here and say that your credit rating is just your "I love debt" score? I'm disappointed.

probably too busy enjoying a cash-funded vacation!

[petewilly]

I'm sorry about what you're all going through but it's good to know that you're doing something about it. If you have poor credit and are trying to find means through which repairing credit is possible, the truth is that it will not be clean or easy. Loans and standard credit cards will not be an option, but secured charge cards might. In spite of high interest rates and the need for collateral, they can help you repair credit slowly - so long are you're willing to provide collateral up front and pay significant fees for the privilege of banks reporting your made payments to the credit bureaus. Here are a few of the best secured charge cards on the United States industry today. How many times have you wanted additional information on how to apply for a payday loan, and resorted to an internet search on payday loans instant approval? No need to search further, all the information and facts you need is at Match Financial!

[SS Junk]

Listen to petewilly, poopnut2!