Repair Credit Report Help

how can i buy a house and build my credit when my credit is bad?

my credit is shot. i dont have any huge purchases on my credit but what i do have are outstanding, write offs, collections, IRS judgement (but it is paid and current). i have been trying to get a credit card and car loan for the longest but i get rejected and now i have a long list of "inquiries", which doesnt make my credit report look any better. what can i do to begin to either repair my credit or GET credit? i cant believe i'll have to stay without credit forever just because my credit is not good now. i know i'm not the only person who has bad credit but everybody else seems to be getting credit but i cant get it. can someone help me please?

Public Comments

1. To restore it your best bet would be Debt Management, with the other way of getting credit find out if you can get a small account with capital one or so, they may be able to help you
2. Well, first of all there is a light in this tunnel, because the blemishes on your credit record will be cleaned after 7 years. Remember to get your free, annual credit report mandated by federal law EVERY YEAR to make sure it is up-to-date and accurate! You can probably go to your bank where you have bank accounts and ask for a small credit card, something with a high interest rate and a low limit -- remember, you can't be choosy about your credit right now -- but be honest about your credit, and if you want, go to the representative with a copy of your report and ask them before they run an inquiry if you're likely to get one. In fact, it's better right now if you don't have a card with a high limit. This will prevent you from spending. Once you have a card, use it only very little each month, but pay it off every month. So buy groceries or pay a doctor's bill. Don't go buying everything you can and run up the credit card to its limit, since this as you probably know will kill your credit rating. You will improve it by using the card and then paying it off, meaning spending on it only what you know you can repay. This shows creditors you can be responsible. In the meantime, stay away from getting into situations that could blemish your credit further, and after some years, you should see improvements in your credit, and improvements in your opportunities. Also since you mention buying a home - there's been a scandal around subprime collapse, subprime being a type of mortgage loan that was being offered to low- or no-income people to buy a house, but then found themselves unable to make payments and were being foreclosed on left and right. Just be careful. Right now, buying a house is probably not in your best interest... specifically because of the all the inquiries you'll get while trying to shop for a good mortgage loan, and also because inquiries that result in credit being denied will also show on your report and don't look good. I know it's no fun to rent, but for now that may be a better option. Just some ideas. I've tried 'em all and they seem to be helping me. Good luck!
3. your not the only one going through it I can definitely can relate, my credit was horrible as well, but I started to re-establish myself, what you may wanna do to obtain a credit card is go secured, orchard bank has a great program for secured visa, only you and orchard will know it's secured, they report to all the credit bureaus and they report in a timely manner. Only time will heal your credit, the best thing that you can do is get your most recent report, see what is yours, and not yours and dispute if you find any inaccuracies, I know trust me. I'm in the same situation, my parents didn't teach me the value of credit, so I misused it because I didn't know any better. So now I am on a great track, thanks to Susie Orman. Thanks Susie.
4. Most of the time, the major credit card companies are the ones who give people without credit history a hard time in applying for a credit card. It is therefore incumbent upon you to look for other credit card options through which you can build your credit history. Usually, smaller companies offer more leniencies to people who do not yet have credit card history. Entities like department stores and gas stations issue credit cards with small credit limits. If you are issued a credit card from smaller companies, always remember that your goal is to eventually obtain credit cards issued by major international companies, so make it a point to build an impressive credit history by paying your obligations to smaller credit card companies. Read more about it at: http://www.credit-card-gallery.com/article/119,Applying_For_A_Major_Credit_Card_Even_Without_Prior_History