Getting Started

[aman31]

I got in over my head in debt. I was able to set-up a few payment plans, but had several accounts charged over and turn over to collections.

What is the best way to get started in rebuilding credit?  I currently have two mortgages and auto loan which I am paying on. I have no longer have any open credit cards. I have a few credit cards that I am making monthly payments. What is the best way to get started? I don't have the money to make full payment on collections. Should I set-up payments or try to make one settlement every few months.

I will need another loan within a year or so. In the back of my mind, I would also like to adopt a child, but I am afraid that they will use the bad credit against me, so I'm too afraid to even visit the adoption agency at this point. TIA.

[Duncanrr]

1. Pay your mortgage on time as well as your auto.
2. You said you have two car loans, do you need both cars? (If not consider selling it)
3. Develop a budget and look up debt snowball approach. (it works)
4. We need more info for specific collections: who are they with, the amounts, how much can you put on debt each month, how old are the collections, etc.
5. Read up on pay for delete (PFD) and try to settle up your collection accounts.
6. What are your current credit scores? Consider getting secured credit card (or 2) to help re establish credit.

[aman31]

I have two mortgages and one auto loan. All currently paid on time. 

The auto loan is almost paid off...but i expect to need a new car within a year or two. Since credit history is 7 years, i would like to get started now. Also, can i rebuild without credit cards. I would really prefer to never have another credit card. They just do not work for me.