Rebuilding Credit, Advice Needed

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Rebuilding Credit, Advice Needed

Postby LadyCar » Tue Sep 04, 2012 7:14 am

Hello all; I basically would like to know what I can do to start rebuilding my credit.

The last time I pulled my report (via Experian in July of this year), my score was about a 620. I think that's largely in part to me paying my car payment on time every month (have had my car since 11/11).

I am your run of the mill "needed-CC-for-college-and-thats-why-I-have-debt". I had no one to advise me any better and now I'm paying for it. I have about $40,000 in student loans (not in default, thankfully; and I make that per year on my job) and the rest of the entries are for things like hospital bills, etc.

There are also things on my report that are coming off this year (miscellaneous things). I am afraid to get another credit card, even if its just to help rebuild. I would like to be able to finance a mortgage in two to three years and would like to clean up the mess I made.

Any tips or pointers would be greatly appreciated, thanks in advance.

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Postby Crashem » Wed Sep 05, 2012 9:40 am

Revolving credit (ie credit cards) are key part of your credit score. Need a couple to build your score faster. No idea how bad your self control is. Can you handle charge card that would require you to pay in full every month? If really bad, then just get a couple of cards. Put auto bill for recurring on card and then sock drawer or cut up the card. Have the bill auto paid every month.
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Postby Gothicmoocow » Wed Sep 05, 2012 11:47 am

I agree with Crashem, aside from charge cards there are "secured cards" which require a deposit but you get that deposit back once your done using that card.
Also if you'd like look up "secured CD loans" easiest way to put it is, your saving money and building credit at the same time. These tend to show up as installment loans though.

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