- Centurion Member
- Posts: 639
- Joined: Sat Aug 24, 2013 8:45 pm
- Location: Grand Forks, ND
Welcome to the forum! Glad you decided to join...
Many of us here have been exactly where you are now. You ask can you ever have good credit again. Well, actually I think I had a worse score than you did. I think at one time, I had nine delinquent accounts and a car repo going on at the same time. I'm not sure exactly what my credit score was because I was really afraid to even look, but I'm sure it was lower than yours. It will take time, though.
The good news is you have a better paying job. Now is the time to get your financial house in order. You say you are an AU on your wife's accounts- depending on the issuer, this may help you reestablish your own credit. Personally, I think the most important things to do right now are: (1) Build up your own personal nest egg and emergency resources. Before I started rebuilding my credit, I made it a point of making sure I had a few months of income stored up and started investing some money for the future. This is important... if I lost my job tomorrow, I know I can pay all my current debts and bills until I find another job. You will at some point have to start paying the 30k in federal loans so plan for that day. (2) Stay current on your student loans and try to settle your credit card debts. All your derogatory information will stay on your credit report for seven years from when they became delinquent. After a few years, the impact they have on your score will lessen. I don't know if I could recommend adding an additional credit card(and with your score it might be hard to get anything other than cards by scum issuers such as First Premier). Maybe getting a store card might be possible, but you wouldn't want to use it except maybe once every few months and pay it in full.
Another thing which might be a good thing would be to find a small local bank or credit union, open an account, and establish a good relationship with them. be up front with them about your past problems and they can be someone who can help you as your credit improves.
Things will get better- you just have to let time work its magic...
In my Wallet:
Sometimes in my Wallet:
- Amex PRG NPSL[3-14, bd 91]
- Sallie Mae MC $8000[1-14]
- Chase Freedom $4700[1-14]
- Discover It $2750[8-13]
- BoA UCF Alumni Cash Rewards $5000 [3-15]
- GM BuyPower WEMC $5000[9-14]
- Wells Fargo Propel 365 Amex $7000[4-14]
- Barclaycard Arrival WEMC $7000[3-14]
- BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450