Newbie- 495 credit score- Please help/advise

[SeanM1983]

Hello everyone,

 

I was told that I could get some good help from experts on this board, hence why I signed up.

 

My Dilemma:

 

I recently checked my annual credit score and I seen that it is a 495. I know that is terrible. Yes, I am aware that I made some bad decisions credit wise when I was younger and now it's catching up to me. I am trying to help rebuild my credit. I have 4 negative inquiries and a load of student loans.

 

Can anyone help me as far as where to start? What to do? Is there someone I should contact?

 

Thanks in advance and your help is greatly appreciated.

 

 

[breeze]

Read this to start with so you get the general idea. Then you should find the newbies section and read read read...

 

I'm going to move this to where more people will see it and help you get started.

[paulwall]

Ok. How did you mess up when you were younger and exactly how many years ago was that? Are you paying on your student loans or no?

[funkiehouse]

Welcome SeanM1983

 

First, forget about credit scores and don't spend a dime on finding out what you real or FAKO scores are.

 

Reading these boards is the best thing you can do to get started. When you think you have read enough, read for a few more weeks. The student loans are something you should tackle first because they will never go away. Are they federal or private? If federal, you can contact them and ask about a rehab program. You can come back and post questions about that after talking with them and before you agree to start any plan. You may be able to make them positive again in 12-18 months. I did it and many others have done the same. Check out the student loan section.

 

BUT, before you do that...

 

Start by getting real hard copies directly from each CRA.

 

Opt out and remove old addresses.

 

Study your reports and post questions you have about your reports, if you can't find the answer in another post first. Don't do anything, don't talk to anyone on the phone, don't offer to pay anything until you understand what that means for you and your reports and don't forget to keep reading. Everything is done by mail!!!

 

Repair can be a long process so make sure you're ready.

[UWMsGirl]

Welcome! You might want to check out the newbie section.....there is so much info there. Read and don't stop.

[SeanM1983]

Ok. How did you mess up when you were younger and exactly how many years ago was that? Are you paying on your student loans or no?

I took out a lot of private student loans, and federal. I opened up a couple of credit cards that went into default, old cell phone bills. The credit cards and cell phones were around 2003-2007. I defaulted on my private student loans, but I am currently paying on my Federal loans monthly..

[SeanM1983]

Welcome! You might want to check out the newbie section.....there is so much info there. Read and don't stop.

Thanks, I definitely will. Is there a certain topic or topics you can point me to in the newbie section that may be of help?

[mendelssohn]

Don't feel bad about your scores. I started repairing my credit 2 years ago and my scores were about 70 points lower than yours. Read all the newbie pinned topics to start.

 

When you have copies of your 3 reports, post the non-student loan baddies and the date of first delinquency. List specifics such as creditor, amount and what it was for (if it is not obvious). EX and TU also list the estimated falloff date, so post that as well. It sounds like some of your accounts may be due to fall off soon.

 

On your Federal student loans, are they currently in good standing? When was the last late payment?

 

I don't have any experience with private student loans, but if they are still in default status, that is killing your scores.

 

Do you have any open credit cards?

[funkiehouse]

 

Welcome! You might want to check out the newbie section.....there is so much info there. Read and don't stop.

Thanks, I definitely will. Is there a certain topic or topics you can point me to in the newbie section that may be of help?

 

 

Start here:

 

http://creditboards.com/forums/index.php?showtopic=425508&do=findComment&comment=4046785

[funkiehouse]

Start here for student loans:

 

http://creditboards.com/forums/index.php?showforum=19