Don't know where to start

[Anonymous]

I am new to all of this..I bought this package earlier in the year when it was discounted after watching the Oprah show..After trying several times to purchase something and being rejected I decided it was time for me to put myfico to work..I have my Credit Score from two of the three agencies..They are both terrible..Will you guys stand by my side and guide me through this..I actually thought about settling with my creditors but my credit is already in the dumps so between that and bankrupcy are my last resort..All responses will be greatly appreciated..

[nothingman02]

Hi Broke1,

Welcome to the forums! And first of all, put your thoughts about a bankruptcy aside.

Now, the best way to start is to first read up on the sticky threads at the top of the forums. Paticularly the abbreviations list.

Then obtain your 3 CBRs form annualcreditreport.com and examine them closely. 

What kind of credit scores are you referring to? Where did you obtain them?

Pose back here about your a/cs. 

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

and What Steps Do I Take - great for learning the repair process.

Don't allow BK to be an option. Figure out where things stand first and do as nothingmans suggested, pull all 3 CRs directly from the CRAs. When I started repair, I knew I was tens of thousands in debt to others, and I didn't even have any open CCs. What helped me was to list out every single debt with the creditor name, the CA's name, notice dates, balances, etc. I scrounged around for letters from OCs and CAs to aid me in that. I then cross-checked with my CRs to see who is damaging my credit and who could still sue me. If they couldn't sue me because I was out of SOL, then I didn't worry about them at that point. I then went after my debts that could still hurt me; I wanted to avoid being sued. After I took care of the current debts, then I went after the old ones, most of which were reporting to my CR. Use the Steps link above for guidance.

Prevent further damage. Create a written budget. List out your income and track ALL of your expenses, including the coffee you buy from the local joint. If you are spending more than you earn, then you either need to decrease your expenses, increase your income, or do both. I recommend both. Cut out stuff you don't need. Make more money. Sell off stuff you don't have a use for. Increase your income on your paycheck by earning more, cutting taxes (if you received a refund), cutting investments, etc.