Looking for some advice about bad credit ?
I'm looking for some advice.
I'm 23 yo and have very poor credit-mostly due to bad judgement and poor
money management. I have a problem with spending money.
I'm trying to get back on my financial feet now and do whatever it takes
to repair my credit.
hat's one I hadn't heard of. One important thing about credit,
though, is the amount of the "damage." In my case, my father
neglected to pay a medical be for me (I was under 18), but it was
submitted to collections *after* I was 18. So, it ended up on my
credit record. It didn't prevent me from getting a mortgage, I
explained it away and paid it (I didn't even know it had appeared, nor
that my father had never paid it.)
The other thing to do...buy a car. It may sound strange, but if you
need a car, buy one or lease one. It is extremely easy to get car
financing, because if you don't pay, they take away your mechanism for
getting to your job, and they know it! I never bought a car (brand
new) until last month, I was always afraid, even with the mortgage,
that my credit wasn't good enough (my mortgage doesn't show on my
credit, because my payment history is perfect...they only report bad
stuff). Even with my sparse credit history and bad mark showing up,
getting the car was so easy I couldn't believe it. My mother was able
to buy a car within weeks after she filed bankruptcy. You don't even
need to buy a new car.
Oh, and in talking to a loan officer, make sure it's a local, small
bank. At least in my experience, they seem to be more responsive and
willing to help out a "fellow townsperson" than the large banks.
A secured credit card is also a good way to go. Always make payments,
but leave a small balance on the card. My wife's credit card was
stuck at a very low limit for nearly 5 years, until I left a small
(