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When I was in university, I was involved in a car accident where the car wasn't insured (it wasn't my car either). This happened in 1996. I, and the owner of the car was sued, and the car's owner never paid anything, whereas I paid about half of the judgment, which (to my recollection was approx. $6000). I now have bad credit, because it was never paid fully. I was wondering, how do I regain, or build credit. I've never had a credit card so I'm not sure how to go about this. Can you help me or give me some advice.?
If you do not have a credit card to build up a credit history, go for secured credit cards. These cards do not require a credit score as you need to deposit a certain amount with the credit card company as a security against the card and you get the credit limit equal to the amount deposited. Once you start using the secured credit card, and build up a good credit history, you can, you can apply for an unsecured credit card.
Hi
Being the party at fault you had paid half the amount, but judgment stays in your report for a maximum period of 10 years in your report. Now, the accident was made in 1996, but you did not told us anything about the judgment date. If the judgment date has passed ten years, you can send a dispute letter to the bureaus to remove the listing from your credit report.