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TryingtoBuildMyCredit

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Low credit score 584. With 1 Major Collection
I have a low credit score I dont not have any credit cards/credit card debt. I have about 70K in student debt which I pay on time every month. I have a relatively decent paying job (51 K) a year. I plan on going to back to school for my JD soon. Here is my issue my parents based on their divorce decree was to pay 60% of my schooling. He has paid 0%. I went to school in a major city and off campus housing in not given to upperclassmen. I moved of campus my father said he would pay rent he did not and I was left not only homeless during undergrad, a 10K collections. I am trying to rebuild my credit and and do something about my credit score. Besides bankruptcy, what are any suggestions?

Thank you

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Forget bankruptcy!!!

Your biggest debt is student loans and they cannot be discharged in bankruptcy, period.  That is one of the perks the student loan industry got during a revision of bankruptcy law years ago. That your father did not pay his share of your tuition is between you and him and you'll have to resolve or forget.  Some people just won't keep a promise, and that's the way things are, sadly.

I'd suggest finding out what the statute of limitations for collections is for your state, because it varies.  If the SOL has expired on the collection items, then you don't have a problem even though the items may remain on your credit report for 7 years.  If they are getting close, you may be able to negotiate a "pay for delete" arrangement with the collection agencies, and that matter has been addressed numerous times on this forum. And you may wish to start building your credit by getting a secured credit card and building from there. The advisability of  that  has also been addressed on this forum and is covered in the articles on this site.

FYI-Bankruptcy hurts your credit for 10 years, bad debts only for 7. 

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