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I recently got out of credit card debt….I am debt free but have like 4 chargoffs on my credit….its alright, I don’t plan to buy a home for awhile, but I am 23, and am going back to college….so when I graduate, say when I am 26, is there anything that I can do from now until then to repair/fix my credit? I don’t plan to buy a house now but want to buy the time I am 27…… I know I cant get the chargoffs taken off until 7 years, but what can I do now ?

I basically cannot get any credit cards or loans… can I rebuild my credit?!?!

5 Thoughts on How do I fix my credit ???
  1. Reply
    August 3, 2011 at 2:01 am

    move to canada

  2. Reply
    August 3, 2011 at 2:25 am

    Buy Lottery and keep ye fingers crossed!!

  3. Reply
    August 3, 2011 at 3:02 am

    -Go to your bank and ask them for a secure line of credit. It’s like asking for a credit card, except that you will be required to put down at least $ 300 to “charge” with (So you will really be spending the hard money that you have set aside).

    Each month, charge up half of the secure balance and then pay it back IN FULL each month. Remember that even though the money you are spending is technically yours, you must treat the account as you would a credit card and pay payments on time and keep the balance low. Try to do this with two to three banks to build credit over time.

    -See if you have a friend or family member who is willing to add your name on their already established credit card account. You will reap the benefits of their good credit. Just make sure that their balance is not high and that they are truly in good standing.

    -Call the creditors you have charge-offs with. If you have not paid them yet, they may be willing to delete the derogatory reports if you negotiate payment terms with them. Do not pay them before they send you something in writing clearly stipulating that they will remove the charge off.

    -Do not check your credit frequently. Each “soft hit” results in a loss in points. Too many hits in one month can negatively affect your credit drastically.

    -See if your school has a credit union or bank that they are affiliated with. These establishments have experience working with students in your similar situation and may be able to help!

  4. Reply
    shahab a
    August 3, 2011 at 3:32 am

    To Repair credit score
    Your credit score is based mostly on:

    1. Length of credit history
    2. Payment history.
    3. Ratio of credit used to available credit.
    4. Number of credit inquiries you authorized.

    If you cancel your card, you’ll be hurting your credit ratio. (#3).

    You want to deliberately keep your oldest credit card open, even if you never use it.

    You want to always pay the minimums of each loan on time every month.

    You want to keep your available credit high, but actually only have balances equalinig 25% or less.

    You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.

    You do these things and your credit score will quickly soar into the 700s.


  5. Reply
    candi h
    August 3, 2011 at 4:05 am

    The best way to increase your score is to honestly pay off those charge-offs. Yeah, they cannot be removed until 7 years but pay them off now. It shows that you are fully aware that you owe it and also responsible. Once you pay it off it will then show as “Once charged-off now paid in full.” Each one will drastically increase your score. I believe I went up 36 points for paying the one I had off.

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