I have two credit cards in collections and i recently started paying them off. after i have satisfied these accounts how long should it take to repair my credit score. and what might any one suggest that could help rebuild my credit???
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Sat, Jul 3, 2010
July 3rd, 2010 at 4:48 am
Those negative entries will remain on your credit report for 7.5 years after the last payment, so it will be a long time until you have good credit again. But, you can start rebuilding your credit by creating positive credit history. This will help a little now and be of great help when those negatives fall off since part of your credit score is based on the length of history.
There are some credit cards for bad credit available out there. They typically charge annual fees, don’t have great interest rates, and will only approve a small credit limit (if they approve you), but it’s a great place to start. If that doesn’t work, save up some money and open a secured credit card.
A secured card means you put the money down up front. The credit limit will be equal to the amount you put down. Creditors do this to ensure they can take the money if you miss payments. Shop around before applying to a secured credit card; evaluate the fees and interest and make sure the card reports to the credit agencies, otherwise it’s not building your credit score.
Once you are extended credit, keep the balance below 30% of the available credit limit and pay off the entire balance each month before the due date. You might want to use the card only for purchases you’d be making anyway, like gasoline. This will show responsible credit use for the credit score and save you interest charges.
July 3rd, 2010 at 4:48 am
First you would have to find a lender willing to make you a loan or give you a credit card. That could take years.
July 3rd, 2010 at 4:48 am
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July 23rd, 2010 at 12:37 pm
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