Building back credit?

so i just payed off all me det that was 2 grand! im 19! ugh dam credit cards anyways 1 went to collections and anyways question is before i went into this det shit my score was 680 and now its 450 how long does it take for it to get back up in the good scores? let me know thanks

1) It can take a while, especially if you don't have any positive records on your credit report. As your negative records get older, you will see your credit score gradually (slowly) get higher. In order to improve your score more quickly, you'll probably want new credit which shows a positive payment history over time. Right now you won't get approved for any credit you'd want, so you probably want to start looking into a "secured" credit card, where you put $500-100 into a credit card account, charge small amounts monthly, and pay the bill every month. Even with a secured card you shouldn't charge more than 30% of your limit (for instance, if your "limit" is $1000, don't ever charge more than $300 in one month). Most importantly, don't ever charge more that what you can pay off within 21 days, or before your next due date. Just for reference, at one point my credit was stagnant at 590 for nearly a year even though I didn't get any new deliquencies during that time period. Once I was able to open a new credit card account and make monthly payments on it my score jumped 100 points within 6 months.

2) With a collection account on your credit report it could be a while. The trick many people get into is thinking that by paying a collection agency money they will see a increase in their credit score. This is not the case, paying a collection agency money only means they have to mark the account as paid. A paid collection account is just as negative as an unpaid collection account. The only way it will help is if you negotiate with the collection agency to delete the account off your report in exchange for paying them (often called a pay for delete). This may be easy or difficult depending on the collection agency. Always get this type of deal in writing. I'm assuming you already paid them. Then you can expect the collection account to remain on your credit for seven years. You can expect to see this come off when your 26. Give or take obviously when it was first reported. Best of luck!

3) Here is a link that is an article to help build credit.

4) Unless you take proactive steps, it could be a very long time. You might consider credit repair and / or a tradleline program . They are very affordable and would get you well on your way to having better credit. My mom used it and not only was able to open other accounts, but her score jumped 51 points. Check out the free evaluation form at www.totaldebtsolutionsllc.com They can help.

5) You should use credit repair agency to fix your credit - for example this one - http://buildcredit.ifastnet.com - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.



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