I NEED SOME ADVICE ON BUILDING MY CREDIT BACK?

Carrying balances of more than 30% of your available limit, hurts your credit. Pay off the credit cards.





If you have derogatory items on your credit report, negotiate settlement. Start with the newest and work back to the oldest. Be sure to get any settlement agreement in writing and keep it, along with your payment proof, forever. Do not give collectors direct access to your bank account.





Paying old debt won't improve your score. But creditors look at your whole credit report not just the score. Paid old debt looks better.





You will need at least 24 months of consistent, on time payment history to improve your score.I NEED SOME ADVICE ON BUILDING MY CREDIT BACK?
You know that section below your ';headline'; where you can leave a more detailed message? It would be great if you could use it.





Please send your message again and include this information:





Country and state you live in.


What is your credit score and what are the problems that you are having with your credit.


While we don't need to know which credit card company you are with it would be helpful if you at least gave us a total of your available credit and how much of it you already used. It can be done in percentages...


(example card a is maxed out, card b has 50% of available credit limit left...





Whether you have ';bad'; entries and how old they are....





We don't mean to pry.... but without any idea of what it is you are dealing with.... all we can do is give you very generalized instructions


as in: pay down your debt and don't use too much credit.








I NEED SOME ADVICE ON BUILDING MY CREDIT BACK?
If you have $500 in a savings account, convert it into a secured credit card. Most banks can set it up for you. Do not go to a credit union because most do not report to the credit bureaus in order to keep the cost down.
I would recommend 2 things: 1) a very low cost (possibly free) credit repair program to try to have the negative items removed. 2) I would add a tradeline program to boost your score quickly (60 days or quite possibly less). A friend in California used this and got a 120 point bump from 560 to 680. My friend in California went through www.totaldebtsolutionsllc.com and called their toll free# or filled out the free evaluation form to get the ball rolling. Good luck.
Start small first- go with a secured credit card. You send the credit card company a check for whatever ';credit limit'; you want. If you send $200 then that will be your credit limit. Make the small monthly payments on time and it will make a difference on your credit report.





If you have a checking account, go to the bank where you have the account and speak with the Branch Manager. Tell the Manager that you need his/her help obtaining a loan to build back your credit. Open up a savings account specifically for this ';loan';. Let the Manager know that you'd like to borrow a small amount ($500-1000) and that same amount will remain in your savings account. Every month you will pay the monthly payments until the loan is completely paid back. In the meantime, work with the Manager to make sure your payment history for this loan will be reported to all 3 credit burureus (Experian, TransUnion, Equifax).





Good luck!!
You should have 5-7 tradelines going at all times (credit cards, loans, mortgage, etc. are all considered tradelines). NEVER charge more than 50% of available credit. For example, you have a $1,000 credit card limit, you should never charge more than $500. ALWAYS pay your bill on time. Do not go 30 days late or it will hit your credit reports and continue to bring your scores down. If your credit is really bad and you can not get any credit cards and have no open credit cards, go to your local bank with $500 if you can and open a secured line of credit. You will be using your own money but it will be reported to the credit bureaus as a credit line that you are paying on time and will help build your credit.