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I Had Good Credit and Then Got Behind. I Want a Quick Way to Raise My Credit Score. – Tim

“Dear Steve,

Score was 720 a few years ago than the economy and credit card processors held my companies money! Now my score is in the 400s how do I get it back up

So I had a great credit score, the economy tanked and my credit card processor at the time started to hold funds on my business without telling me, I found out a few weeks later as checks were bouncing to vendors and employees… I ended up not paying my credit cards to concentrate on only my business and personal bills and only the main bills, all my credit card debt is in collections, I get calls al the time and am trying to 1 off at a time, but business is still off and I avoid the calls but want to pay them back. I have been dealing with this since 2009 and don’t want to file BK, but don’t know where to turn to now. My lease was up on my car, I turned it back in and had a major hard time at getting another vehicle, my wife… Who’s score was affected by this as well was approved for a car loan, but I was the higher score for the longest time.

What can I do to get my score up and in a timely manner??? Not quick but in a year or 2?


Dear Tim,

First we need to deal with the lingering open debt. It sounds like you still have open liabilities but no funds on hand to pay them in full or offer settlements. Either way, settlements or bankruptcy the impact on your credit report is still going to be about the same.

We need to close the door on the old debt and stop the pursuit by creditors and then work on cleaning up your credit and rebuild it. The quickest and least expensive way is through a chapter 7 bankruptcy. That will eliminate all your debt in three months or so and then you can begin rebuilding your credit.

Bankruptcy Articles and Posts You Must Read

To get ready to read the information below with the right frame of mind, please first read How Do I Get Out of Debt Quickly? Change Your Mindset.

Bankruptcy Advice

Life After Bankruptcy

Filing Bankruptcy Yourself

I recognize you want a quick solution but it sounds like there is a lot of carnage and liability that needs to be dealt with first. If you had followed this path in 2009 your score would probably already be back higher that it was before. There is no magic wand here, just decisive action with an end goal in mind.

Please post your responses and follow-up messages to me on this in the comments section below.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Elainemoiser

     I reckon you really need to have an expert or directly asked the authority regarding things that may have cause you doubts.

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