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I have bad credit no real credit cards I need/want to fix it myself. How do I go about fixing it myself?

I have bad credit no real credit cards I need/want to fix it myself. How do I go about fixing it myself? I have one credit card with a 200 dollar limit that I had to pay 50 dollars for got it from Creditonebank.com I Owe random things and want to try and consolidate it and pay it off I don't exactly know what my credit score is I just know its bad and I can't really do anything credit wise I always got to pay cash

Public Comments

  1. You need to pay your bills on time. You have to pay at least the minimum monthly payment on time. You can research debt consolidation companies online. The only thing that will improve your credit is paying your bills on time. It will take several years for your credit score to improve.
  2. Get your credit report from the 3 reporting agencies - free once a year and start there. Find out what and who you owe. Contact them to make arrangements to pay them. If anything on your report is more than 7 years old, ask it be removed as it's not supposed to still be on the report. Next, get one or two secured cards and pay the balance in full each month (do not use them because you have no cash, use it in place of cash), over a few months time your credit lines will be increased and in most cases after a year or so of consistent timely payments, they will return your security and you will actually now have a credit card. Timely payments is the key to fixing your credit. If you can't promise this to yourself, don't get any cards yet and work on paying off what you already owe...
  3. Apply for debit cards at major banks and other outlets. Pay the bills on time and cross every tee and dot every eye for about a year, and your credit rating will go up. You have to be very, underlined, very responsible with your money and your bills if you want a good credit rating. After a year or so, apply for new credit cards, and religiously pay the bills on all your cards. Also, NO late payments!
  4. The best thing I suggest is to save up a lil money and take out a asset secure loan. I work at a credit union. An asset secure loan is a loan against your own money. So lets say you save up $300. You find an institution that will work with you with that low amount and borrow against it. This will establish credit if you dont have any or will help the start of building it and getting you a better interest rate.
  5. This is easy! I say you're on the right track! Here is what financial teacher Dave Ramsey has to say, who, by the way, has a credit score of ZERO because borrowing money just to build up your debt score is stupid! Anyway... :-) Step One: Save up $1,000 in your emergency fund... EMERGENCY... don't touch this money unless you have to. Step Two: Pay off all your debt! Use the debt snowball... pay off the smallest one first then put that amount towards the next one. It sounds like you don't have too much debt which is GREAT news! Step Three : put away 3-6 months of expenses in your emergency fund. Step Four: Invest 15% of your income for retirement there are more steps (7 total) that I can share with you if you want, but for now just know that even though your credit score is low, if you save up and pay cash, you don't NEED a debt score... that puts all the power in your hands!
  6. While it may seem easier at first glance to just wipe the slate clean by declaring bankruptcy, you should avoid it whenever possible. The fact that you went bankrupt will stay on your credit report for 7 years and will thus affect any future credits you apply for<!--Work with your creditors or even a non-profit debt consolidation company to avoid having to file for bankruptcy.You should diligently make payments and make them on time for your existing debt. http://best-loans.awardspace.com/ A good payment history is the most surefire way to improve your credit. The key is to not be late with your payments. When you restructure your debt, or when you create new debt, make sure you-->will be able to make your payments in full on time. It takes a little while before you see your credit score rise, but stick with it and make those payments and your credit will improve.
  7. You need credit counseling. Go to the National Foundation for Credit Counseling (linked below) and get a referral to a credit counselor. They can help guide you on the best approach to cleaning up your credit, whether it be consolidation, negotiating with creditors, or whatever.
  8. Bill, First thing to do is to find out what your credit score is. Go here to request your free credit report: http://www.experian.com/; just make sure you cancel membership within trial period. Second pay all bills that are in your name on-time! - very important! Third, get a secured major credit card (only VISA, MASTERCARD or AMERICAN EXPRESS will work!); If you current card with $200 limit is such, you can use that one. Start using your credit card regualrily (each month) and for no more that $80.00-$120. Do not exceed $120 to be below 60% utilization. Pay your credit card bill on-time and in-full. Fourth, watch your credit improve! - check in half a year by applying for a no-fee unsecured credit card from Bank of America. If you get one - your credit had improved. If you didn't - request free credit report and do the above routine for another half a year. Let us know how it works out!
  9. 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. ------------------------------------------------- http://www.bestcreditrates.net
  10. Here is a how to guide i found for you http://www.adviceontime.com/Credit/Credit.htm
  11. If you're short on cash and want to get an idea of what your credit score is check out: http://moneycentral.msn.com/investor/creditreport/main.asp This site will approximate your credit score based on a number of different factors. The next step is you need to find out if the credit card that you have actually reports your payment history to the major credit bureaus. If not, the card that you have is useless for building your credit. You can find some card products designed for newly established or poor credit that will report to the credit bureaus, but they're usually laden with fees. I wouldn't be comfortable recommending most cards in this category, but the Orchard Bank Platinum card might be one to take a look at. Most of the cards in the Bad Credit category suck and are just filled with traps and fees. The Orchard Platinum comes with an annual fee of anywhere between $0 - $79, but within the category, that's probably the best card of the entire bunch. https://www.orchardbank.com
* Some answers may have been provided by Yahoo! Answers.