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diseasedalpaca

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Is it impossible for me to rebuild my credit?
I am young, and I haven't had a credit line for maybe just 3 years. Due to some medical bills in collections, and a few late payments on my car and multiple credit inquiries, my credit score is very bad. I do not want to have this credit score for the rest of my life. I've already paid off all my medical bills in collections, but I read that they stay on your report for 7 years despite paying them off. So, that makes it really difficult for it to raise, correct? I am now paying on time on my current car, and looking to get a secured card and a small loan to open up some new lines to show I'm being responsible and paying as well as not making anymore credit inquiries. So my question is, do I have to live with this score for 7 years?

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NO, as you'll see in time.

Even though late payments and such may remain for 7 years, you said you are making on-time payments and you got a small loan.  While interest on the loan may be higher than desirable, you got the loan, didn't you?  So your credit isn't totally trashed. If it had been trashed, you wouldn't have been able to get that loan at all.

Because of the high cost of medical treatment, many creditors do not put as much weight on medical bills as they do other debts.  You're likely to find this as the next few years of good, dependable payments will turn that secured card into a standard credit card with a higher limit.

I'm happy you didn't file a bankruptcy to "solve" the debt issue since that would really hurt for 10 years.  Rebuilding takes a little time (and patience) but you'll see for yourself as the months pass.  You've made a good start.  Keep it up!!

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