Can anyone offer advice about rebuilding my credit?

Deal Score0

I am 22 years old… and I have really really bad credit… It all started on the day I turned 18 years old. I tried applying for a credit card online and was denied. So I tried again and again and again, and was denied for every single credit card I applied for. That resulted in millions of inquiries on my credit report.

To make this long story short, I have about 10 things in collections because I didn’t pay the bills (including 2 banks that I owe about $ 700 each to because of bounced checks). I am in such a bind because creditors are calling my house everyday and it’s not a life I want to live anymore. It’s embarrassing. I tried using a debt consolidation program, but I couldn’t even make payments on time to them and they terminated my account. I am not looking for someone to “tell me off” on here, so please spare me the added stress. My mother yells at me almost every day about it, and I just can’t handle it.I know I made mistakes. I am trying to fix them before it gets out of control even more.

What should I do? AHH!

5 Comments
  1. Reply
    Mary L
    July 17, 2011 at 6:31 pm

    I suggest you make an appointment with your bank to meet with one of the officers, and ask for advice. Then, TAKE IT! Unlike debt “experts” who want to sell you their services, the bank just wants you to become a very good customer, and the bank officers have the knowledge and experience to enable them to give you some very good advice.

  2. Reply
    stan c
    July 17, 2011 at 6:58 pm

    You first have to teach yourself that paying on time is important. Every account that is in collections will stay on your credit files for 7 year 180 days. If you can pay 10% per month on each account, it should be paid off within 1 years. Then wait a year and save some money. Once you get $ 500 put away, try to convert it into a secured credit card. If approved, use it for gas and small items and always pay the balance when the statement comes in, It will take 12 to 18 months to boost your credit score.

  3. Reply
    aestas100
    July 17, 2011 at 7:53 pm

    I think that you must learn why you spend beyond your means, and address those issues. If you have health insurance, find out the mental health benefit, find a good counselor from friends or recommended by your doctor, make an appointment and work to get to the bottom of the problem. Make sure that the counselor that you select will focus on this problem as a priority. You will never get out of this pattern if you do not address the core issue.

    You likely already know about “fixing your credit”. You must communicate with those you owe money, and keep the committments you make. It will take time but it can be done.

    Do not obtain any more credit cards until you have addressed your issues.

    Good luck.

  4. Reply
    Pempid
    July 17, 2011 at 8:46 pm

    Here i s an excellent site with some wonderful options for you. It will definitely help you. Have a look. http://credit-services.notlong.com/q=building%20my%20credit&sym=building%20my%20credit&qid=20090608204234AAZ4Q5G

  5. Reply
    ironoxidehydrate
    July 17, 2011 at 8:57 pm

    I know exactly where you are basically. Long story short, over the course of a very bad relationship, I got myself into about 8k of debt. Once I extricated myself from that problem, I got a steady job, and moved back with my parents for a year so I had much more money to put towards my debt. I paid as much as I could to each creditor starting the very first month and paid them all off in about a year. It’s been almost a year since then and my credit score is 633. I’ve just squeaked into the fair zone, and got an unsecured credit card from capital one that has already boosted my score. So here it is basically, you already want to take responsibility for your debts, good for you. There are people who will tell you that it won’t help your score to pay these debts, it seemed to help mine, and even if it didn’t it was a matter of pride, to pay back everything I owed. Besides, I am now looking for a house with my fiance and paid debts look much better to loan officers. So do what is right, pay back the money you borrowed. If you already live with your mother, you should be able to put more money towards these debts. You didn’t mention if you had a job, and if not that’s definitely step number one. In the current climate, take any job you can get, and put everything towards these debts. There is a light at the end of the tunnel.

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