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My credit score is 414. Please help me. I'm just turning 20 and need some advice.
I'm only 20 years old so I don't have much to my name.

What I can tell you has happened in the past 2 years since I first established credit:
1. Opened a credit card and only had it for a few months, but let it get over card limit making a high debt to credit ratio. Closed it with a balance, but is paid off now. I know I shouldn't have closed it now, but obviously I didn't know then.
2. I have 5 student loans in deferment around $45K now.
3. 41 credit inquiries in the last 2 years.
4. I had 4 open accounts since last year, they all got three payments-months behind, but I've just recently (last week) got them all current. Two are paid off, while the other two are still above credit limit but current.

Can someone give me some advice on building my credit up?

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The answer to your question is probably not one you want to hear.   Stop living outside of your means and stop applyin gfor credit.  Don't close any of the accounts you currently have, although, stop using the credit.  The Student loans in deferment doesn't mean you don't owe, it just means you aren't required to make payments, although, the interest is still accruing.    With the two accounts that are above their limit, you need to work diligently to get them in check and reduced as quickly as possible to less than 20% of the total credit available.  On an open account, routinely, only the most recent two years payment activity is what is viewed.   By the time you are 22, if you are timely on your payments will turn that negative into a postive.   The 41 inquiries is excessive and only time (usually 2 years) will reduce this.   This could amount of as much as 160 points on your report alone.   Instead of going out or buying a pizza, put that money on to the account you currently owe.   Base your attack on the smaller balance account to pay off.  Once this is paid, you would then apply the same discipline to the other account to get it paid off.  No matter the temptation, do not put anything on credit that you cannot afford to pay off the same day.   Once you have the balances in check, spend no more that a total of 10% of any credit line.   It could take as long as 7 years for your credit file to clean up;  good credit is earned over time, its not a quick fix!

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My advice

If you have deferrment payments you are still acruing interest (but) that isn't going to lower your credit score. So, I would focus on the credit cards. 30% of your credit score is dependant on your credit utilization, so attack that by paying down your credit balance to zero. Then find out what your closing date is. It is either on your monthly statement or you can call the credit card company and ask them. Make a monthly charge that is around 5% of your credit line (before) your statement date closes, then pay it off after that date. This will then show up on your credit report that you're using 5% or less of your credit utilization and that you're making on time payments. These 2 combined (on time payments and credit utilization) account for 65% of your total credit score.

If you're working one job, get an additional job and throw all that money towards your student loans. Once that's paid off, keep working, save the money and live like you're broke... Come up with a small business idea - you can actually provide lots of services that earn you more money than most traditional jobs. Stay focused on these goals and you will improve your score much more quickly than you thought possible.

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