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 Posted: Fri Feb 23, 2007 3:43 pm Subject: Young and Dumb |
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I got my first credit card when i was 18 and made all the payments, my credit score went up and i wound up getting 3 more cards. Now all of them are maxed out and i need help.
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mrydstrom
Joined: 23 Feb 2007
Posts: 1
Debtcc Points: 49
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| Posted: Fri Feb 23, 2007 3:56 pm Subject: |
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I know how you feel. I had great credit for the first year or so after getting my first card. Then my car needed almost $1000 worth of repairs and ever since then it spiraled way out of control.
Spend lots of time on this forum doing research on what you can do to help your situation.
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drjonah
Joined: 22 Feb 2007
Posts: 153
Debtcc Points: 2661
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| Posted: Fri Feb 23, 2007 4:02 pm Subject: |
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To get the cards back in shape, you have to clear off the dues. This will also help in improving your credit history. Start paying off the accounts with small balances. The creditors will update your accounts with the bureaus after receiving payments in full. You can negotiate with the creditors charging high interest rates.
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FlyingCats
Debt Samaritan
Joined: 05 Aug 2006
Posts: 483
Debtcc Points: 6791
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| Posted: Fri Feb 23, 2007 5:16 pm Subject: |
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Did you close the accounts yet. If not close them and start paying them down. If they remain open, you will never get rid of them. Call the companies and close the accounts.
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fedupinpa
Moderator
Joined: 22 Jan 2007
Posts: 1646
Debtcc Points: 21413
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| Posted: Fri Feb 23, 2007 6:42 pm Subject: |
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If you can help it, don't close the accounts. By closing them, it will pound your credit even more. I done that 2 years ago and my score went down like 47 points with just one card being closed. Try to make arrangements with the companies, if at all possible. I am just now getting my credit back up after closing 3 cc accounts.
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natdust20
Joined: 19 May 2006
Posts: 1344
Debtcc Points: 14935
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