I am 22 years old. My mother opened two credit cards in my name when I was 18. I have already paid the balance on one of the cards. The other is still on my credit report with a 00 balance. I have a medical bill on my report for over 00 from when I had no medical insurance and I had a surgery. I also have over ,000 in school loans from college that I have to start paying in January. I guess when I start paying them it will increase my credit history as long as I pay them on time. I can’t get any credit cards because of my terrible credit score (which is 568). I don’t have anything in my name that is helping me improve my credit history. I have an apartment and a few utility bills in my name but other than that, I have nothing. I desperately want to fix my credit. How can I do this? How long will it take for my credit score to improve? What steps do I take? PLEASE HELP!!!!!!
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May 8th, 2010 at 9:48 am
Unfortunately, it will take time. You are doing the right thing with the past due balances and paying them off, plus paying your student loan on time.
If you think you will have trouble paying your school loans, look into a program called income based repayment – here is a link for it – http://studentaid.ed.gov/PORTALSWebApp/students/english/OtherFormsOfRepay.jsp#IBR
If you have another family member who trusts you and has good credit, you could ask them to make you an authorized user on one of their cards, and get a card in your name that way, which will allow you to piggyback off of their good credit. Just make sure to use that card modestly and pay it in full every month.
As far as the medical debt goes, you may want to save up a lump sum of money (like $2,500) and then call them up and see if they will accept that as payment in full in exchange for removing it from your credit report.
Another option, if you have some savings, is to open up a savings account with a local bank (for say $1,000), and then take a short term secured loan against it, and pay that on time. It will cost you a little bit in interest, and is strange to borrow back your own money, but will allow you to have a credit line that is reported to the bureaus and will help increase your score. This could also work if you have a friend or family member who will let you use their savings account to secure a short term, low dollar amount personal loan.
May 8th, 2010 at 9:48 am
Hi dear,
This problem is being faced by most Americans now but since you have a Credit Card,i think i can help you by linking you up with our Financier’s in California, once you are able to pass their screening and have an agreement with them,i hope they will help you repay your loan.
You are not expected to pay any money upfront before they can loan you money besides you will have to decide when it is comfortable for you to repay back the money,no hassles but the only problem is their strict screening process.
I don’t think there is any harm in trying besides you have absolutely nothing to loose so if interested i can link you up with them to see if you can fix your credit problems.
Get back to me through my email:teddysenyo@yahoo.com for further details.I hope this helps,have a great day and God bless you.
Teddy.
May 8th, 2010 at 9:48 am
Pay what you can just continue making payments. As your income increases, pay extra. You should check into deferring your student loan. At this point a credit card is not a good idea, you would only use it impulsively and have difficulty repaying it. Be patient and your score will improve over time as you begin paying these balances down. I would check into a settlement on the medical bill.
May 8th, 2010 at 9:48 am
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.imess.net
May 8th, 2010 at 9:48 am
http://raiseyourcreditnow.com/ has a number of different ways to improve your credit score.