Absolutely Overwhelmed

[Anonymous]

I just found out my credit score is 457!  When I started college I signed up for credit cards to get free t-shirts. Well, within 6 months I was buried in debt and no way to pay because I was working for minumum wage at the University. I had to take out a loan, cosigned by my mother, so I payed off my defaulted debts. But my score has not improved. I am graduating from college this spring and I want to start my new life but this is holding me back!

Someone please help me!

[Anonymous]

Part of the way to do this is to rebuild new, better credit, such as with a secured card (e.g. from National City or Elan). If you've only got the old bad stuff, your credit score won't improve.

[MM1234]

I wouldnt be too down. Your just getting out of school so you have only a few years of CR history if you got your first card when starting school. im guessing on this as I dont know how long youve been in school. But youre already focused on your score so thats a good start for you. I would say unless you really need to make a big purchase now you can rebuild your score over time but maybe like a few years. Once your out and have a job that you can plop down more to the REGULAR debt ( not just the defulted ones ) and your score should go up faster for that part. But I think the History has something to do with it too Im guessing. Def get a CCard and use it for small purchases and keep a small balance for a while. Then pay it off and start allover to help show your worthyness. Im only trying to help but not sure if my tips are 100% best so maybe others can help.

[Anonymous]

Above comments are good, but don't feel obliged to revolve balances to be deemed more creditworthy. Just pay on time, and not just the minimum payments (plus that will also cost you a lot more that way).