How can i rebuild my credit?
by Author on Saturday, September 4th, 2010 | 7 Comments
I am 23 years old i have a credit score of 542. I need to get my credit on track. I have no idea how to begin to do that. I also have an eviction (when i was 17 my family and i were going to get evicted in doing so my 18th birthday passed and i was forced to add my name to the lease which put the eviction on my credit, i have disputed it once before but it's still there). I dont know how to get my credit at least in fair standings. Does anyone has any advice on what i can do.
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?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – buildcredit.ifastnet.com
You can’t rebuild it
You need to work through either your credit union or a relatively small local or regional bank. You need a human being, not a computer, to help you get your finances in order.
Don’t worry about your credit score. Worry about your savings and paying all your bills on time. You can apply for a credit card through your bank, though you may have to wait awhile for that.
Spend less than you earn. Save every month. Things will work out but it takes time.
1. Deposit money at a bank that offers "secured" credit cards and get a "secured" credit card from that bank. Make all required payments on time and in the required amounts.
2. Wait three years. By then, it will be long enough since the eviction that it should be removed from your credit report.
Do not be a slave your credit score. It is just a way for the "man" to control you and steal your money. Believe it or not, but you can actually live on the money you make. You do not need "credit".
But, if you really want to play the game… buy some crap on a credit card and pay it off. Do that a few times, and your score will go up.
You can try with a secured bank credit card to rebuild your credit history.
http://www.cashorcredit24.com/how-to-use-secured-credit-cards-to-rebuild-your-credit
The first thing to do is to go to http://www.annualcreditreport.com and see what is on your report.
Are there any collection accounts or charge offs? Are there any public records, like tax liens or judgments?
Hopefully not. If there are, you’ll want to either pay them, settle them, or dispute them to get them cleared off your report or at least marked a $0 balance.
If your score is lowered because you’ve had late payments…..try to get your payments on time and it will start going up.
If you have credit cards, make sure that you lower the balance on your cards to around 25-30% of your credit limit. Any time you go over 50% of your credit limit your score decreases, even if you’re making on time payments.
If you don’t have any open accounts like: student loans, credit cards, department store cards, secure credit cards, personal loans, auto loans or a mortgage………..I’d recommend going to a local bank and trying to get a secure credit card to re-build your credit score.
If you have other specific questions feel free to contact me at: nsr_reid@hotmail.com
I’m a credit consultant at a mortgage company, so I work with credit reports & scores all the time, and would be glad to help out.
Good luck!