Credit Cards Key » CreditCardsKey » Top Credit Cards » If you have bad credit is there anything you can do to improve your credit score?

  #1 (permalink)
: Ok dont judge me here but about 6 years ago I withdrew in the negative at my bank took out a loan and just got it paid off this year and had other bills. Then I lost my job and was unable to pay anything. Im just now getting in better health and able to work. I want a life and I was really stupid in my younger days i will admit. I just feel really frustrated. What should I do to take care of my credit situation? And will I ever have a life?

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  #2 (permalink)
: Do not do anything until you get a Savings Emergency Fund in place.
This will always be more important than any top credit score in the world.
Needs to be your #1 priority.
At least $1,000.
In a perfect world, this fund would be 5 months of income.
If you had that before, you would have never been in this mess, right?
See how important savings is?

Statistically, people that touch credit without savings end up making their life worse.
Any form of credit is not the solution right now.
A savings account is.

You may get advise on getting a secured card.
Did you know less than 10% of these help credit?
People get them without savings. Then.. something happens financially.
Such as a loss of a job, etc. Sometimes medical expenses, or car repairs.
When this happens, they close the account or max out the card.
Carrying balances on any card is a fast way to destroy credit.
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  #3 (permalink)
: bad items on your credit history age off about 7 years after they account went overdue, and old items count less heavy than new ones. You can improve your credit score by building up a good history. Pay bills on time, using credit responsibly, and do not pay late/default. It will be only a matter of time until the bad items fall off, and the good items will bring up your credit score. It will take a few years though.
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  #4 (permalink)
: The only cure for bad credit is patience and good behavior. Fast fixes can backfire. After making nice with your creditors, start small just like you did the first time around. Be absolutely normal, frugal, and reliable. The banks will take notice when it looks like you're ready.

As for "having a life", sure you'll have one. Just make sure it's a life you can afford. Credit cards don't make it possible, just more convenient. Remember that they're taking money from your future self. Leave that guy some money of his own.
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  #5 (permalink)
: If the defaults are 6 years past due, in another 18 months it will fall off the credit reports. Paying them off now will not help improve your credit score. As suggest with Go with the flow, put that money in a savings account for real emergencies
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  #6 (permalink)
: Don't bother paying off collections that old. They drop off your credit after seven years, and it's likely that it's all outside the statute of limitations anyway (means they can't sue you over it.) Get hold of all of your credit reports and dispute the derogatory items. Chances are they're so old, those companies won't bother with them, or they will no longer have records of them. Next, start establishing positive credit.
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  #7 (permalink)
: You should do nothing. If you do nothing, then your credit will get better in 12 to 18 months, because the things you mention stop hurting your credit after 7 to 7 1/2 years, if you do nothing. However, if you do something, then your credit may stay bad for longer. You will have a life soon, if you do nothing.
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