What do I do now?

[Anonymous]

Hello all!

I'm new to the forum and I'm in need of some help. I'd appreciate any information, thanks!

 My FICO stands at 550 right now. I'm 19 years old, I have three credit cards (Bank of America--$1500 CL, Chase--$500CL, CapitalOne--$500CL all of which stand in collections).

I first applied for these cards to literally make it through my first college year and I wasn't able to repay them. I'm desperately trying to rebuild my credit but I feel roadblocked and I fear with those damaging reports I wont ever get a chance to.

Two out of the three balances have been charged off without payment and the third one (BOA) still stands.

I've heard a lot about secured CC and other methods of slow repair but I'm not sure what would be best for my case.

What do you think I should do? I don't want to graduate college with credit issues.

I should mention I have no other credit activity to my name. No school loans, car notes or any of the sort--just the CC.

Thanks!

[llecs]

I wouldn't app for any more CCs and would PIF your 3 CCs that you have. This will prevent further interest, late marks on your CR, and further collection activity, including having CAs bug you or being sued. Furthermore, the three you listed aren't too keen on PFDs. Your best bet is to PIF and GW the lates off later.

ETA....PIF if they are showing a balance on your CR.

Message Edited by llecs on 06-25-2009 10:27 AM