Want to rebuild my credit where is a good start?

When I turned 18 and went off to college I opened up every card that was offered to me. Over the past 6 years I have been trying to pay off the damage I made that year- and finally at the end of this past summer I paid everything I know off. I am planning on having my credit ran again at the new year- my score is super super low! I want to rebuild and repair- I was told to check out a card from my bank that I pay into ahead of time, but works like a credit card. Does this help? I tried to get it before and they wouldn%26#039;t let me- I think because I had not paid off my debt yet. I was told to open a card, buy something like gas or dinner once a month and pay it off right away. How long will it take for me to get my credit up? Any suggestions on how to do this- I hope to look into a large purchase (car/house) soon.... will it take more than 3 years?

Want to rebuild my credit where is a good start?credit rating

Rai,

I%26#039;ll definitely tell you that you%26#039;re on the right track. Yes, the credit card that you%26#039;re talking about is called a secured credit card which you would have to place a deposit upfront as collateral to start building credit. In order to build your score, you have to start somewhere, and a secured card is a perfect place to start. I deal with credit on an everyday basis making decisions on people that happen to %26quot;fall through the cracks%26quot; of the automated system that approves or denies credit, so I know what it would take in order to get you back right. But I%26#039;ll continue how you can make the most out of a secured card. Keep in mind that you have to put up a deposit. Of course you can%26#039;t use the deposit to pay the minimum payment or the balance on it, unless it went to collections which you don%26#039;t want to happen in this case. The deposit sometimes can be linke to a savings account or time deposit(CD) which can gain interest while you%26#039;re building credit, so your deposit money just doesn%26#039;t sit there. This can be the perfect way to have a way to save up for a down payment on a large purchase and build credit at the same time. For example, if you were wanting to save up for a car, start saving up for the down payment by putting it in a secured card. You%26#039;ll get the deposit back sometime later as long as you pay on time and keep the card in good standing. Not only you saved up money for a down payment, you rebuilt your credit and got regular credit card with a decent limit out the deal. Now that credit card you got will be the new backbone of your credit history, so it%26#039;s important to get as high a limit on it as you can because the higher the limit, the better it reports on your credit becuase you need a cushion between the total debt you owe and the available credit, so it%26#039;s important to keep the balances low, no more than 25-30% of your available credit at any given time. The perfect way to use a secured card would be to treat it as if it only had a $50 limit, and spend no more than $20 and pay it off on time every month while adding to the deposit as much as you can. Once the card converts to a regular one, do it again with another card. It%26#039;s important to have a couple of major credit cards reporting in order to build credit for you.

I think that 3 years is plenty of time to rebuild your credit with positive credit, which those old debts that would be 5 years and older will fall from your report anyway.

I posted some links to some secured cards, some of these you might already be familiar with

Want to rebuild my credit where is a good start?

loan

what I would do is get a small personal loan and pay it off in a few months or get a credit card use it for everyday purchases that you usually will do but keep track or them and at the end of the month send in the full payment so that way you do not pay interest and you are building credit, check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards, GOOD, BAD OR NO CREDIT they have the right card for you.|||I would encourage you to not get in to any more debt if you can help it. If you are going to be purchasing a car soon, then save up your own money and pay for it. That way you don%26#039;t have to worry about a loan payment (in which you WILL pay back more than the car is worth). For a home, you can use a lender who does their own underwriting so as long as your bills have been paid on time for two years, and you have been at your job for two years, you have a good chance of getting a loan.|||Before you open any new credit lines, read my website. I%26#039;ll bet your report is full of errors and items paid off that are still showing as charge-offs. you really need to get those removed before you try opening more credit.

I went through a bankruptcy and an ID theft, so this is an area I know pretty well! Get a credit monitoring service like Equifax 3 in 1 because I know your going to need it when you start making repairs to your credit.

I got my score up from a stinky 486 to a much better 729 in a little over a year LEGALLY!!!! There are many sites that promise fast results, but legalities are questionable!|||I wouldnt obsess with %26quot;building Credit%26quot;. Banks brainwash people into thinking they need to get credit cards and a high I love debt score to make it in todays world. Not true. Live on less than you make. You will win with money.

The only people that obsess with the I Love Debt score are the ones that are planing on borrowing lots of money and paying lots of interest.

A low score from not paying your bills is trouble. If you have a 0 score from not borrowing money you can still get an apartment and a job. You can even get a home loan with manual undewriting.

A debit card will do anything a credit card will do ( rent a car, book a hotel room) except get you into debt. It has all the protection as long as it has a visa or mastercard logo on it. It says so right on their website.

Debt free is the way to be!|||First of all, you will need to know where you鈥檙e at to see just where you need to go. This means opening up each bill that you receive each month to see what the balance is. So often, it鈥檚 easier to simply pay off the minimum balance and forget about the 鈥榯rue鈥?amount that you need to pay off. Starting today, begin to look at your balances 鈥?it will stay in your mind and begin to influence your spending choices.

Next, you will want to take all of your credit cards out of your wallet and find one that you will use ONLY for emergencies. The rest you will put away or cut up. This can be a painful experience for some because it means that you won鈥檛 be able to spend on credit anymore, but it will also help to stop your debt from accumulating and help each payment go toward paying down the debts that you do have.

You will also want to start paying for things only with cash and with checks. This gives you an instant reminder that whatever money you spend is going to be gone the instant that you spend it 鈥?and that might cause you to rethink non-essential purchases. You may want to start taking out a certain amount of money each week from the ATM or simply use your debit card whenever you make purchases. This is a great way to change the way you think about spending.

Another thing that you can do today is start to make a schedule of how you will pay your bills each month. Being on time with your payments is a simple step towards rebuilding your credit as it allows creditors to see that you are taking your finances seriously. And creditors that feel you are taking your finances seriously can sometimes give interest breaks from time to time, helping you pay off your debts more quickly.

You don鈥檛 need to stop spending altogether to begin the process of rebuilding your debt, but you do need to start taking baby steps in a better direction