Need to rebuild my credit.

[uphorik]

Name of Card:
Issuer:
Overall Rating (out of 10):
Benefit Rating (out of 10):
Value Rating (out of 10):
Most Attractive Feature:
Least Attractive Feature:
Remarks:

Hi,

New to the boards here, and have a question about rebuilding my credit.

I had ran into some financial issues which made it hard to repay my credit cards back. After some time, I was able to eventually pay off one of my cards in full, and one of my other credit cards was partially paid (I settled the debt for 700 less than I owed) and I was able to get the debt off of my back. I recently paid off my Car Loan in full. (Sept.) I was curious to know how long after paying the loan in full does it take to show on my credit reports. I currently rent an apartment and when applying for the Lease had absolutely no problems, I didn't even have to put a deposit down, yet I am finding it increasingly hard to get an unsecured credit card, and or lines of credit with certain stores. I am thinking of getting a secured card to help my credit score, but I am curious to know how bad settling the debt with the other company was. Now with the current financial problems, I am sure it's going to be increasingly difficult with any blemishes on my credit to get a new card. What would be the best way to get this fixed... I pay all of my bills on time, utilities, cell phone, insurance so on, do any of these people report to the Credit Agencies? Thanks in advance

[Lance90]

I think your best bet right now would be to get a secured credit card and use it monthly - and pay off your balance monthly. Try BofA, US Bank, or Cap 1 for a secured card - stay away from First Premier. With these cards you may be offered a non-secured card after a year of good use. Moreover, regular and responsible use will help increase your credit score, which is what you need to do right now.

Unless you have made special arrangements to have negative items removed from your report, those negatives will stay for seven years from the time the delinquency began. That's why a secured card will help to add positive points to your credit to offset the negatives, which will lower your score less as time goes on.

[NightStar]

Before you apply for the secured credit card, try to dispute the negative items off of the credit reports to get them deleted.

viewtopic.php?f=1&t=14273

Here is the contact info for each of the credit reporting agencies.

When paying off a loan it can take up to 30 - 60 days to update on the credit report, but I would not wait for them I would dispute sooner.