rebuilding credit

[bl.dozier]

as title states, i need to start rebuilding my credit, from default loans, ( student & credit cards, repossession, cell phone. ) any ideas how i could start to rebuild credit.

i just got a fingerhut book. ( seventh avenue, & montgomery ward ) loans up to $650.00 total. i though this may be a way to establish credit. as i tried to apply for a credit card and was denied for no recent credit history.

[10Toes]

Find a place online that you pay a little bit of money for them to report good on your credit for you.

[slaterd]

There's no simple way. I know it's not what you wanted to hear but it's true. Rebuilding credit will take a while and a lot of displine and responsibility. Default loans are going to hurt BAD for a long time. I believe default loans will stay on your credit report for 7 years. Just make sure you pay all of your bills on time with a little more than what the minimum payments is. Once you have enough credit to get a credit card DO IT! It's a long and grueling process but once your credit is good again it's more than worth all the effort. Good luck man.

[Cletonius]

Try capital one. They will usually give anyone a card with a $200 limit. After a few months wirth good payments ask for limit increases.

Check out creditboards and fatwallet for lots of good tips on building credit.

[bl.dozier]

any ideas as to where, so far i have ordered, a humidifier, hepa air purifier, kitchen scale,
shag rug, and a blender, i think all that come to around $24.00 a month total, im sure they report to TRANSUNION and the others

[bl.dozier]

Try capital one. They will usually give anyone a card with a $200 limit. After a few months wirth good payments ask for limit increases.

Check out creditboards and fatwallet for lots of good tips on building credit.

they ask for a bank account, routing number. tried. its a headace.

[Cletonius]

There's no simple way. I know it's not what you wanted to hear but it's true. Rebuilding credit will take a while and a lot of displine and responsibility. Default loans are going to hurt BAD for a long time. I believe default loans will stay on your credit report for 7 years. Just make sure you pay all of your bills on time with a little more than what the minimum payments is. Once you have enough credit to get a credit card DO IT! It's a long and grueling process but once your credit is good again it's more than worth all the effort. Good luck man.

Default loans are the same as any other defaulted debt. When you get charged off it hurts for a while.

Check the sites in my other post, my fico was under 400 two years ago and now is approaching 700. There's lots you can do to get your score up fast, as long as you're diligent and follow through. There are lots of ways to get lates or even entire tradelines removed from your file by just sending a letter.

[Cletonius]

they ask for a bank account, routing number. tried. its a headace.

Do you not have a bank account?

Open a savings account. They shouldn't run you through chexsystem because a savings is non-transaction (you cannot draft from it, ie: write checks) account.

In Chicago, TCF bank will open a checking account for you even if you don't pass through chexsystem, they only care that you don't owe them any money. There's likely a bank like this near you.

Just remember, more inquiries are worse than less inquiries when dealing with credit bureaus/chexsystem/ofac.

[bl.dozier]

send a letter to whom, whats a late. what link & numbers, i get the once a year credit report should probobaly do that the first of every year file for it.

but please enlighten me as to the acts you took to shoot up yout credit that high, whats the highest it goes.

[Cletonius]

send a letter to whom, whats a late. what link & numbers, i get the once a year credit report should probobaly do that the first of every year file for it.

but please enlighten me as to the acts you took to shoot up yout credit that high, whats the highest it goes.

IIRC 800 is the highest.

Check creditboards and read up, there's too much to tell for one thread.

Once you have your scores from the bureaus (only worry about TU, Equifax, and experian. Don't worry about Innovus unless you've got government debt) you will be able to see what you've got going on in black and white. You can go from there.

Your immediate action should be:
1. Obtain your credit report from the 3 main bureaus
2. Go to a credit forum and read up.

[agent]

Unfortunately the fastest way to (re)build credit quickly is with revolving debt. That means credit cards, gas cards, department store cards, etc. As suggested, find someone who will give you a card with a low limit to get started, but make sure it's one you can use - i.e. if you don't shop at Sears it's pointless to get a Sears card.

[slaterd]

send a letter to whom, whats a late. what link & numbers, i get the once a year credit report should probobaly do that the first of every year file for it.

but please enlighten me as to the acts you took to shoot up yout credit that high, whats the highest it goes.

I was late on payments and it destroyed my credit. I payed all my fees and did the payments and within a month it jumped up 70 points. This is very rare though. So it really depends on your credit history. My advice is to sign up for freecreditscore.com and monitor your credit religiously. It gives you future steps that you can take to also build your credit.

[be34st]

OP, I have templates of some letters that I have used before to get some inquiries and lates and a old lingering derogatory tradelines removed from my credit report. I have been slowly rebuilding my credit and unfortunately ther is no shortcut way to do it. The letters seem to have helped I recently got a pproved for a 800 credit line for some dental work to my suprise.

PM me your email address I'd be happy to send them to you.

[Just Scott]

Check out Dave Ramsey and fix the problem for good. Not an easy path, but it works and will change your life for the better.

I speak from personal experience.

[ak-]

Look into secured credit cards. It's your own fronted money used as credit.
Long process as everyone else says.