I’m turning 22. I have defaulted student loans, several phone bills that went into collections, a credit card that went into collections and also medical bills that are soon to go into collections.
I’ve finally been able to secure a decent job, and I want to start rebuilding my credit … my score is horrible, in the low 400s and I want to see it reach at least the 600’s in 2-3 yrs. I want to know if that’s possible, and what steps I should be taking to do so. My house is owned (left to me by my father), I pay property taxes annually. My car is also paid for… My total monthly expenses are somewhere in the 600 dollar range. I just want to do better, prepare for a family etc. Any advice on the matter is much appreciated.
Should I repay all my past debts that went into collections, I’ve been advised not too. Obviously, getting current with my student loans is a good idea. Secured credit card, etc. I’m looking for good ideas, so I can build a solid game plan.
Congratulations on the new job.
Whoever told you to disregard the collection accounts gave you bad advice. Let’s deal with those first. You can identify them with a consolidated credit report and then use the correct secured cards to rebuild your score.
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