Trying to rebuild my credit

[Anonymous]

I am young and never really realized how much your credit score affects things. My credit score is now 611 and I fear its going to drop even more. I have a chase freedom card with 4,000 CL. I've currently used 3,900 and have been paying payments every month. My GAP card CL just decreased. And now I fear my chase card will also be decreased and I won't be able to finish making the payments. I don't know how else to increase my credit. Does anyone have any tips for me? I'm trying to educate myself as much as I can. 

[medicgrrl]

You can try getting a personal loan from your bank....and then cut up all of your credit cards.  

[nomadicpixie]

Welcome to the board! You are in the right place for help. We have all been there. Realizing there is an issue is the first step. Now it's time to take some hard steps.

Put the cards where you cannot use them. Literally freeze them in a block of ice if you have to.

Make a budget. Figure out your bills and necessities. Eliminate any extra spending. Everything unless you have to have it. Learn to live within your means.

Take whatever is left over and start dumping them into your cards. They have not closed and you are still making payments, so your credit can recover fairly quickly. Every $5 over the minimum payment that you can make will make a difference.

Call your cards and explain your situation. See if they have a way to help you. Some with decrease the APR or set up a plan. They may not but it's worth a try.

Most important - realize that you have been living beyond your means. Learn to live on what you have. If you can't pay cash now for it then don't buy it.

Compared to may you are not that far down the rabbit hole. Some discipline and you should be able to recover fairly quickly. We have been there. We have felt the dread. But you are here and willing to find a solution. It may be painful but it can happen.

[nomadicpixie]

Also, I wouldn't be trying to add credit at this time. First you need to get control of your current debts. Get the utilization down on these cards and you will be in better shape to get more credit. When that time comes make sure you are able to use it wisely.

[Blackswizz750]

Welcome to the board and please take the advice below to at least put more than the minimum. Also, dont put anymore charges on it when you pay down alot. If you must use(services that require a card for deposit) it have the cash to pay it off immediately. Your score will recover.  Do you have any lates or other cards that are maxed out?