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Hi, I have REALLY bad credit history. I have reglected all of my debts for sooo long. I am trying to get back on track but cannot find a bank that will accept me. I have defaults, CCJs etc etc & cannot find a bank account. Can anyone advise? Thanks
Hi Sammyz,
It is good to know that you wish to repair your bad credit report. The first thing you need to do is, start paying the debts. Go through your credit report thoroughly and find out if any of the debts recorded have passed the Statute of Limitations. If not, then start paying the debts and negotiate with the creditors by sending pay for delete letter. Through this letter you will ask the creditor to remove the negative item from your credit report, while you pay back the amount both of you decide. Request your creditors to update your account status as "Paid as Agreed" or "Paid in Full".
After this, you can get gas/store cards for yourself as these help in boosting the credit score. However, you have to pay the bills regularly. You can open a savings account or you can also get a secured credit card. Use the secured credit card to purchase items and pay the bills regularly. You can also join a credit union. This will help to boost your credit score. However, you have to make the payment on time.
Sammy, this is very good advise. The sooner you start working to repair your credit the quicker you will be on your way to a better credir score. You need to be sure of the Statute of Limitations on credit card debt for your state since they do vary from state to state. If you need to know yours then give us your state and we will find it for you.
Its really important for you to start out getting the debts paid where the company could come back and sue you for repayment. This is why it is better to pay those debts and let the ones protected by the SOL go. Let us know if you need anymore information. Repairing credit can seem complicated but you can do it.