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I have a poor credit score, have a great job, 23+ years as an RN. How do I rebuild my score?
Poor payment history, no bankruptcy. Now I have son in college and would like to buy a house this year 2015. I need some help formulating a plan to improve my credit score, pay off debts and become financially responsible. I know this process will take some time to complete but I am willing to do what it takes to clear up the mess I have caused but also learn what ever lessons that need to be learned so that I will not make the same mistakes again. I would like to share what I have learned with my son so that he will not repeat my mistakes. Thanks for any and all help you can give me!

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It's really not that hard....

Helpful to 43 out of 47 people

...really, it isn't. Justsome patience and commitment.

First, get a copy of all three of your credit reports. They are free, annually, or if you have recently been denied credit. Check and see if there are any errors. If so, you can write  and demand proof of the debt. I actually used the service that they advertise here, Lexington Law for about 3 months to get a couple of things dropped. It's about $90/month and I just didn't have the concentration to do it myself. After that time period, I dropped  the service.

Get a credit card and start using it wisely: never beyond 30% of your credit line and pay off monthly - or if you can't, I pay twice monthy. Never miss a payment. You will start getting increases regularly for good payments. Initially you may not qualify for a no-annual-fee card, but that's the price of rebuilding. If you are unable to get a "rebuild" card, then you may have to get a secured credit card at first.

A secured personal loan is also another good way to build credit as well.

Good luck! There's a lot of great information on this site. Believe it or not, it can also be a lot of fun watching your score keep going up!

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Steps to rebuild your credit score...

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How to rebuild your credit score is an excellent question!

The first step in rebuilding your credit score is to pay all debts on time. It could be that you have one credit card and one car payment or multiple cards and no car payment, but making sure these are paid on time is on of the most positive things an individual can do to improve a credit score.

The next step would be to do as you say and pay down debts to a manageable level. A good plan would be to start with the lowest amount owed and pay it off. By starting with the lowest amount, you will be able to build momentum as you apply what you were paying to the next card or bill. Once your debts are paid, keep one credit card, only use 30% of your limit and pay it off monthly.

The second step would be after paying debts down/off and before purchasing a home, build an emergency savings fund. This will allow you to deal with emergencies without having to rob Peter to pay Paul, and will allow you to face unexpected expenses with home ownership.

It sounds like you are eager to start, and that you are trying to map out a plan for success. Hopefully you will find this information helpful. Good luck to you!

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Credit Score

Helpful to 9 out of 9 people

I've improved my credit score by over 100 points over the past two years by paying down debt. I watched my progress on this site. It was a great feeling everytime it showed improvement. Now over 800! Good luck

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Fixing debt mistakes is not usually something you can do in a short amount of time.  After all, it took you years of bad habits to get into the situation you are in now so it can take the same amount of time or more to get out of trouble.  Don't waste your time or money on companies that offer to FIX your credit since only YOU can fix it over time with good habits.

There is a really fantastic course on handling your money called Financial Peace University and you can Google it to find if it is being offered in your town.  It is WELL worth the time and the system works.

Good luck!!

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cleaning up your poor credit is good

Helpful to 8 out of 11 people

i am 51 and have never cared about credit until i needed to get loan to buy car for work ..

i started looking and could not get loan of any type .. i used the law firm Lexington to help me

i found out that even when you pay off a debt it will stay on your credit report ..

and can take some work and time to get it removed   ...

but  i signed up with lex  and now i have a cc#  and before using them i could not even get a walmart card

and that  took about 5months .. the only credit reporting agence they have hard time with is exp.

trans and echo. looking great

i dont know if this help but it worked for me wishing you the best

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For what it's worth...

Helpful to 5 out of 6 people

If I understood you right, you have a poor payment history.  You must pay all bills on time with your goal being to pay off what you can. Do not get new credit cards, this will effect your "Lenght of Credit."  Try to not use your credit cards, this effects your card utlization, keep it under 20%.   If your son has no credit cards go to the bank & buy a secured card.  Pay it off ASAP after a year (my bank) he should be offered an unsecured card.  A lesson I learned, keep the secured card, it will increase his credit history.  I did not do this, it takes time to get up to two years that is only a "D" rating.  Look at the chart & you'll understand what I'm trying to tell you.

You are correct, it will take time.  Once you get a plan stick to it.  I made a spreadsheet so I would see where my income was going.  This also helped me see where I could cut cost, giving me more to save or pay toward bills.  Best of luck I hope something I said will help you.

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Steady employment is a plus.  Look for a loan for a car .  Get the payments automatic deduted from your account. Do this for 2 years.  Then apply for a credit card . Pay the full balance every month and get those payments automatic deducted from your account. 

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