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Path to Great Credit-Starting from the bottom.

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braydan32
New Member

Path to Great Credit-Starting from the bottom.

Hello! New to myfico and the forum here, and I'm ready to rebuild my credit! I'm seeking all advice and I'd love it if someone could give me a step by step guideline/plan to recovery.

I currently sit at scores all around 500. I made a lot of dumb mistakes as I got my first decent paying job at 19. I would spend the money before I got paid via credit cards, and then one day I lost my job! Paid rent and food with the savings I had and couldn't pay my cc bills.

I have no open accounts at this time as they are all closed and charged off or in collections. I have considered secured credit cards and i'm also in need of a new(er) car because mine just broke down. Good news is I work at a dealership and can get a car from them with some subprime financing... I know it's not ideal but hey my thought process was just to go ahead and do it, bite the bullet and make high payments until a refinance is in order

I hope you all can give me some helpful advice.... it is slightly embarassing for me to admit all of this out in the open haha! Looking forward to the future with great credit, I'm dialed in and ready to go!

Message 1 of 5
4 REPLIES 4
newmomnewme
Valued Contributor

Re: Path to Great Credit-Starting from the bottom.

Welcome to the forums. I joined late September and I have made so much progress just from being on these boards and taking advice from people who have been in similar situations. We are all in the same boat! You took a step in the right direction by deciding to rebuild your credit sooner than later. Did you already order your credit reports from all three credit reporting agencies?  You can get free ones from each agency at annualcreditreport.com.  That way you are starting with the most accurate information. 

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Message 2 of 5
singleindependentmom
New Contributor

Re: Path to Great Credit-Starting from the bottom.

yes, I agree... you need to get your credit reports so you know where you stand, and what action to take next.

 

Welcome and good luck on your journey!!

 


Starting Score: Experian 514 Equifax 510 TransUnion 510
Current Score: Experian 630 and everything still In Progress
Goal Score: First Goal 650


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Message 3 of 5
braydan32
New Member

Re: Path to Great Credit-Starting from the bottom.

i have my credit reports. looking where to go from here. thanks for the replies!

Message 4 of 5
singleindependentmom
New Contributor

Re: Path to Great Credit-Starting from the bottom.

When I got my credit reports, I started making calls to credit agencies and negotiated amounts due.. I was able to get some paid .50 cents on the 1.00... Settled a bunch of those accounts.  my next step was to dispute activity with the credit bureaus and some were deleted.

 

Try to do things in baby steps so you're not overwhelmed.


Starting Score: Experian 514 Equifax 510 TransUnion 510
Current Score: Experian 630 and everything still In Progress
Goal Score: First Goal 650


Take the myFICO Fitness Challenge
Message 5 of 5
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