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What's the best and fastest way to repair credit?

i've had a shi*t run of bad luck to say the least. i don't exactly no my credit score, but would love to know tips on how to repair besides just keeping up with current bills and such. Thanks.

Public Comments

  1. Pay down your credit cards. Check your credit record and see if there are any mistakes - if so you can write a letter to the credit rating companies and that should help increase your score pretty quickly.
  2. Win the Powerball
  3. Find a way to consolidate your credit (credit unions are the best; using a another credit card to do this will lead to the same eventually) and fight for a good rate (credit cards can charge upwards of 25 percent). DO NOT DRAW OUT CASH ON A CREDIT CARD!!! I did this, and found out the hard way that certain things have certain percentages of interest. The cash has the 25 percent interest and is the thing from the charge that is paid LAST!! That means the 25 percent stays on that cash until you pay off everything else that you charged from that card. Don't file bankruptcy, that's a bad idea. Pay off more than the minimum. Only paying the minimum is a red flag for credit and going over 60 days late on payments is a no-no. If you have to keep the card, for whatever reason, call them and tell them you want a lower interest rate (lie and say you will pay it off early by doing whatever). They WILL lower it, if you argue with them. This is what those non-profit consolidation organizations do.
  4. You need to get a copy of your credit report. Then go through it and see what all your old bills are or whats in collections. call them and set up payment arrangments on what you can afford. Agrue with them for a lower rate or e ven the balance. Start paying your current bills on time while taking care of the old debt. Pay your credit cards down to a lower balance. Always pay more then the minium on your payments if you can. best of luck
  5. First you need to learn about your fico credit score. Legally you are entitled to one free credit report a year. Find either Equifax, Experian, or TransUnion's website, one of them is bound to have a link to getting a free report. They will probably have you sign up for a free month, BUT its ONLY FREE IF YOU REMEMBER TO CANCEL AFTER YOU GET YOUR REPORT. Personally, I would recommend getting a credit card and only charging a small amount every month so you can pay off the balance every month. Paying off any more than the minimum payment on a credit card looks good. If you have no credit, you may be able to start with a student credit card, or if you have bad credit, you can get a secured card, where you pay, say 200$, and then you have a card with a 200$ limit. Hope that makes sense. One of the best ways to build your credit is to pay off a loan. A car loan is a good option. You could get a bank to finance but going through a dealership may be easier. If you have bad credit, you may need someone to cosign for the car. But beware, if you do not make your payments the cosigner can sue you in court for the money you owe them. If you want more info than this check out Suze Orman's book: The Money Book For the Young, Fabulous, & Broke. (Or any other book by her). Reading a financial book sounds scary but she makes things really simple. Good Luck. You can find more info here: http://www.safelinked.info/jump.php?link=debt Take care.
* Some answers may have been provided by Yahoo! Answers.