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agilbert14
Joined: 06 Oct 2009
agilbert14's page
Posts: 2
45 Magic Points
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Subject: After negative debt is paid, how do I rebuild credit?
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Tue Oct 06, 2009 8:55 pm
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| I've recently paid off all my negative debt. I have student loans still, but they are in good standing and I am paying those off. At this point, however, I'm unable to receive any further credit because my score is so low. What steps can I take to rebuild my credit? |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Tue Oct 06, 2009 11:03 pm
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Do you have any money that you can put into savings and then use it as collateral to secure it. You can then pay the money back and build a credit/payment history.
I started with two small easy to get accounts, fingerhut and fashionbug. I pay the minimum due to establish a good payment history and they have done my credit good. In fact I just got a new care yesterday. |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Wed Oct 07, 2009 10:05 am
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Hi agilbert,
You can get a secured credit card wherein you deposit some amount of cash with the creditor, which acts as the security against which the creditor will give you the card. Also that amount will be your credit limit. Make purchases with that card and pay the bills on time. This is one way of improving credit history and score. Another way is that, you can also apply for gas/store cards. These help in improving credit score. You may also become a member of a credit union.
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All the Best 
Justin |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1308
28489 Magic Points
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Wed Oct 07, 2009 10:23 am
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Hi agilbert,
You can also use retailer programs to build your credit. Like if you are buying gas and use a gas station card or use retail cards for big purchases like furniture or appliances may help you build credit.
If you are getting credit cards, get them from a reputable company / institution and make sure that they report your timely payments to the bureaus.
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Keep in touch
Carol |
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agilbert14
Joined: 06 Oct 2009
agilbert14's page
Posts: 2
45 Magic Points
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Wed Oct 07, 2009 8:19 pm
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Thank You for all the replies. I will look into those options. Part of my problem is getting a credit card, I'm still not eligible for that, but I didn't think to get the gas card or the store card. I will look into the secured credit cards too.
Thanks again!
Anyone else have any advice? it would be greatly appreciated. |
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