Bad credit score...Help!?
Last year I became sick and had to relocate to my parents home which caused me alot of financial strain. I am still working for my company but it took me a long time to start making a regular paycheck. I recently saw my credit score and it was "438" agggggg!! I was hoping to one day buy ahouse and this was a terrible blow. I do understand my tardiness on paying my bills would affect my credit but how do I fix it! Can someone help!
Public Comments
- Pay your bills on time from now on. There is no easy way to fix your credit...it will take time.
- Continue paying your bills on time...
- its not going to come quickly, but you can improve your score drastically over the next few years. you just have to be patient and dedicated. it sounds like you've had some late payments, so your first goal is to make on-time payments on all of your credit accounts for the next 6 months. late fees for paying 1 day late are bad enough, but even worse if it goes 30 days past due (thats when it hits your credit report). second goal should be to check your credit report and see if any of your accounts are in collections or have been turned over to a collection agency. these are the ones you need to pay off soonest. third goal - after making on-time payments for 6 months, take a look at your debt ratio (ie, how close to limit you are on accounts). try to get them all to 50% or below as quickly as possible. (if you have 650 on a credit card with a limit of 1200, pay 50 extra this month). if you have high interest rates (which you probably do if you've become delenquent on the account), after 6 months of paying on time contact the creditor to try to negotiate a better rate, and be honest about your situation. after 9 months of on-time payments, call your creditors to negotiate having the late payment marks removed from your payment history. once you've shown your ability to make payments for awhile, they are likely to do this. then contact the three credit bureaus (write a letter) requesting that they be taken off of your report. good luck to you! the bottom line is to pay off what you can - especially if you are able to save some money while living with your parents!
- 1) Make a written list of everything you owe. 2) Put yourself on a budget, so that every dollar you make next month is spent on paper this month. If you're living with your parents, they should also work with you on it. You're a big girl, but you've also become their roommate. 3) Get current on what you owe. 4) Start paying it down.
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