Need Help To Improve Credit Rating

by College Student
(Unknown)

Can you help me improve my credit rating? I'm a college student that thought it would be a great idea to get a general credit card last summer. I searched around for the best deal I could find, the lowest interest rate, etc. and found a couple of great options.

Up until then, I had only had a few retail store cards, all of which had spotless histories. I then applied for both of these general credit cards and was approved. I was consistent and faithful about paying for the first approximately 6 months of having the cards.

After about 6 months, I ran out of money from my summer job, had no income during the semester and was finding that I had many late fees building on top of close-to-maxed out credit cards.

Debt collectors frequently call and are getting more and more persistent, but I still don't have the funds to pay my cards off. Being that I'm only 21 years old, did I just ruin my entire credit history?

How can I fix this?


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Dear College Student,

There are 10 simple ways to pay off collections, improve your credit history and move on with your life:

Here are the first four:

* Starting right now, pay your regular bills on time even if you only pay the minimum payment.

* Don't stick your head in the sand. Open your mail. Daily.

* No excuses. Acknowledge that you are fixing bad credit because you have not paid back money you borrowed.

* Set up a system for repayment to avoid getting overwhelmed. One method is to start out paying the collections with the smallest balances first.

Before you forget, go to Fixing Bad Credit...10 Simple Steps to get the next 6 tips.

Improve your credit rating...improve your life!

Best Wishes,



Your Online Mortgage Advice Friend

P.S. No! You did not ruin your credit. It is entirely repairable. Decide today you are going to fix your credit score, starting today.

P.P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com.

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