how long does it take?

Submitted by Dadummy on Fri, 12/14/2007 - 00:20
Forums

How long does it take to rebuild bad credit? Mykids use my credit cards all the time and im tired of spending all my income on them>I have thought about crashing my credit for a while, just so i can rebuild it when i want. any suggestions will be a big help. Dont say just say no because i cant fight city hall, i have health issues and i dont want to be hassled.

I dont want my credit to be bad, but neither do i want to be the family banker

Fri, 12/14/2007 - 00:22 Permalink

Well well dadummy. i cant ask you to crash your credit. It will ruin a lot of things. Building credit is not really easy. Let your kids use your credit cards but ask them to keep it low so that it helps them to do more purchase. Tell them that your limit will expand and they can shop more after that.

Fri, 12/14/2007 - 07:06 Permalink

Yeah it's very hard when other people are involved, plus when you allow others to use your credit there can be room for overages etc. I know from experience that it takes quite a while to rebuild your credit...funny enough it takes only one mistake and 30 seconds to crash your credit but it can take years to repair it. when I made purchases and just let them go or go over my limits etc. that really ruined me. now i paid off my consumer credit, managing my current cards responsibly and still 2 years after that was paid off i still see that my score steadily improves which is better than going down! BUT i notice that if i put too much on my credit card that my score goes right back down even if i pay it off the next month. there is so many factors to consider and some things to avoid if you want to rebuild credit. can be cumbersome and confusing sometimes... like i until i came here i didnt know that you were only supposed to utilize a small percentage of your available credit before your score is affected

Sat, 12/15/2007 - 02:45 Permalink

I would think as long as they pay the payments on time and possibly larger amounts it would do your credit score good right?

Sat, 12/15/2007 - 11:52 Permalink

Hi Dadummy,

Its strange that people are actually saying no to your plan. But it is true dadummy. Dont crash your credit...you will have to repent for it later. The day I started building my credit I was advised not to let it loose and today i feel so good about it. :)

Tue, 12/18/2007 - 06:49 Permalink
hehaw (not verified)

i recently let a car go back (reposession) so i could try and pay off some of my debt. i know it was a bad thing but hey i look at it this way, just buy me a car straight out in cash. but still pay off your debt. i could use the money

Tue, 09/15/2009 - 22:15 Permalink

I am going to add to these posts. My husbands mother ruined his credit before and after he turned 18 by using his social security number. It was really hard sorting everything out but what was the hardest was re-establishing credit. Most places do not want to hear "my mother used my ss number" and could care less. all they see is that score.
I would take away the credit cards. You work for the money and I know how kids these days think they are entitled to everything under the sun. Pull out the big guns and tell them NO.

Wed, 09/16/2009 - 00:06 Permalink