Bad credit need help!?

Well im so upset i didnt realize how important credit was and never paid my students loans now i have them in the negative standings 160 days late. But i have been making payments on them since may. I have a good job now and make about 8,000 a month but back then i wasnt. I have no credit cards i usually use my atm and cash to make purchases that are 1,000+. How can i build my credit???? It's 516 is that bad please help me and tell me what i can do.

Public Comments

1. 516 is a pretty low score sorry to tell you. Just keep paying everything on time. It will take time to rebuild. Do you have any other credit cards? If so, use them a little then pay them off in full each month. That will help raise the score.
2. pay of the student loans and in seven years the OLD debt will be removed. Check your credit reports for other late or any other junk www.creditinfocenter.com
3. 516 is not good. To build your credit, you first need to start paying all your creditors on time. Sounds like you are starting on that. On your student loans, be sure you are catching up, not just restarting your payments. They may even let you roll your arrearages into a new loan to make it easier after you have been paying a little while. Ask and see. You also need at least 4 trade lines (student loans, car pmt., credit card) that you are paying on time and on the credit cards, a balance of under 50% of your credit line. After a while your score should come up. If you have some old collections, paying them off may lower your score (bureaus do this due to restarting the clock). If they are over 2 yrs. old you might want to negotiate for them to remove the item (they can do this) if you pay. Collection agencies are more likely to do this than the original creditor, but get an agreement in writing. Doing all this and time will go a long way toward rebuilding your credit. If you need more help, go to my website and click on the link about credit repair just above my toll free number. They will show you all the tricks available to you. Good luck. http://www.alabama-mortgage-specialists.com
4. to build your credit fast you should borrower against the money you already have,set aside at least 1000 dollars,put it into a cd and ask the bank for a 1000 dollar loan,the cd will act as your collateral,not only will you have open line of credit with your banking institution your money in the cd will collect interest while you pay back the loan that you took out,which should not be more than you can handle,and the banks report to all three bearues bi weekly
5. get a credit card , use it and pay what you bought on time every month. don't ever late. you will build up your credit score. once a year get a free credit report.
6. go to creditinfocenter.com. Read the forums. Great advice, and it's all free.
7. You might try one of those add a seasoned tradeline programs. They can boost you 100 points in 60 days. You can position yourself to buy a house with a combination of this and credit repair. Check out the free evaluation form at www.totaldebtsolutionsllc.com ; they will contact you; good luck.