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I'm so lost.. I'm in need of advice
- Thread starter L0veLy
- Start date
You'll probably want to take a look at your credit report. Correct any errors that may be on it. If there are any unpaid bills there in collection, it's probably a good idea to work out some type of payment schedule with them. So that even though it was late--it was paid.
If your problem is a lack of credit, then you need to establish some. It seems like this hideous circle that you have to have credit to get credit. If you already have credit cards or store accounts, use them but make sure the payments are on time and make more than the minimun payment. If you don't have them, gas cards are the easiest to acquire. Then the next easiest to get are probably store cards. Even if you get a secured credit (Visa, Master Card) card, you can begin to establish a credit history. You can even take out a small loan--but don't use the money. Put it in the bank (where it will draw interest) and use it to repay the loan.
The most important thing in all of this is not to just spend because you have the cards. You can get in way over your head if you're not careful and wind up worse off. You can use the cards to buy what you normally pay with cash, then take that SAME cash and use it to pay the bill. You have to remember that you have the cards NOT to have more money to spend or more things to buy. You have a goal, which is to repair or establish your credit. Nothing more. And that will take discipline. It might take a year or two but it is a goal you can achieve.
If your problem is a lack of credit, then you need to establish some. It seems like this hideous circle that you have to have credit to get credit. If you already have credit cards or store accounts, use them but make sure the payments are on time and make more than the minimun payment. If you don't have them, gas cards are the easiest to acquire. Then the next easiest to get are probably store cards. Even if you get a secured credit (Visa, Master Card) card, you can begin to establish a credit history. You can even take out a small loan--but don't use the money. Put it in the bank (where it will draw interest) and use it to repay the loan.
The most important thing in all of this is not to just spend because you have the cards. You can get in way over your head if you're not careful and wind up worse off. You can use the cards to buy what you normally pay with cash, then take that SAME cash and use it to pay the bill. You have to remember that you have the cards NOT to have more money to spend or more things to buy. You have a goal, which is to repair or establish your credit. Nothing more. And that will take discipline. It might take a year or two but it is a goal you can achieve.
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thanks alot cece that helps.. i have some bad ones from the past and it seem so impossible to fix it.. if i pay off my old stuff that was on my credit report, will that renew everything.. renew my credit or be just a tad bit better than my bad credit?
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It will make your credit report "look better" to the company you're applying to. If these are not paid at all, a lot of times a creditor doesn't even want to talk to you. It looks like a bad risk for them. If you want to work something out with the people you owe, sometimes they are willing to take a percentage to settle it. I would not tell them that you want to buy a house. That will make them more likely to demand it all. A creditor isn't interested whether you paid it all or a percentage as long as it was settled to the satisfaction of the one that was owed.
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