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After negative debt is paid, how do I rebuild credit?

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Joined: 06 Oct 2009
agilbert14's page
Posts: 2

65 Magic Points

Subject: After negative debt is paid, how do I rebuild credit?
Posted on Tue Oct 06, 2009 8:55 pm  

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?

Joined: 03 Nov 2007
goodnatured's page
Posts: 3931

522 Magic Points

Posted on Tue Oct 06, 2009 11:03 pm  

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.


Joined: 17 Jul 2006
Justin's page
Posts: 1238

28944 Magic Points

Posted on Wed Oct 07, 2009 10:05 am  

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.
All the Best Smile


Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California

30064 Magic Points

Posted on Wed Oct 07, 2009 10:23 am  

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.
Keep in touch

Joined: 06 Oct 2009
agilbert14's page
Posts: 2

65 Magic Points

Posted on Wed Oct 07, 2009 8:19 pm  

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.

Joined: 07 Feb 2011
misaelwade's page
Posts: 10

122 Magic Points

Posted on Wed Sep 07, 2011 8:04 am  

When an account is severely past due by paying the account you activity on the account more recent. In terms of your credit score, the more recent an item is on your credit report. When it comes to your credit rating, time heals everything. This being the case, some creditors will offer to wipe out any delinquent or negative payment histories to give the debtor more incentive to settle. If not the only benefit for the consumer does not have to worry about the creditor pursuing legal action to collect the full balance. Rebuilding your credit score mainly depends upon the accounts you remain current with during the course of the negotiation process and length of credit history.
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Posted on Tue Aug 05, 2014 8:36 pm  

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