I need credit help! Please?!?!?
Posted by | Posted in Credit Help | Posted on 22-06-2010-05-2008
6
OK-here we go. I am almost 21. I have NO loans and NO credit cards-only a Macys store credit card. I couldnt get a loan if I wanted to anyway. I have a score of 550.
Basically I want to RAISE my score. I do have a few flaws on it-medical bills. How do I fix this?!?!? How do I raise it?!?! Help!
my friend told me my macys card will only lower my credit-NOT raise it.
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Try to negotiate pay for delete agreements for the medical debts — you pay $x and they remove the item from your credit report. Send the collection agency a letter specifically saying that you are not acknowledging the debts but making the offer to expedite removal from your credit. You can probably settle those accounts for about half. Ask that an authorized agent of the collection agency sign and return a copy of your letter indicating acceptance of your offer. When you get the signed copy, send them a money order.
Then you need to use that existing credit card on a regular basis and pay in full. You will need at least 24 months of consistent, on time payment history to improve your score.
You may want to get a secured credit card (you pay a deposit which is held as collateral against the line of credit). Use the card and pay in full every month. In about a year, you should be able to convert it to a regular account.
pay off the medical bills. Use your Macy card monthly spend 25 and pay in full each time
That is how you build credit
1. Never miss a payment on the Macys account. Just one 30day late payment stays on your report for seven years.
2. If your medical bills are not listed in collections…pay them off.
3. If your medical bills are listed in collections… make a settlement offer. Try to pay less because the damage on your credit report is already done.
4. Keep that Macys Bill under 50% of the credit limit. For example… if your limit is 500.00, don’t spen more than 250.00 on the card.
How old are the medical bills?
If they are over 3 years old, it might be better to just let them sit. If they are low, you would do good to find the collection agency that is servicing them now, and offer a settlement. Make sure your settlement is in writing first before sending them any money. Also, do not give out any bank or credit card info over the phone to a collection agency. They will clean out your bank account! LOL
Since you cannot get an unsecured credit card, you might want to ask if your bank (if you have a bank account) offers a secured credit card. You have to put up $300 or so and that will be your credit limit. Purchasing small things and then pay it off monthly. That will help build your score. You can also take a personal loan against your savings as well, that can help build credit.
It isn’t enough to pay off debt, you have to re establish credit to get your score to rebound.
http://raiseyourcreditnow.com/ has articles and several steps to raise your credit score.
fix credit…
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