My credit score is about a 560. I have a couple c

My credit score is about a 560. I have a couple credit cards that have been delinquent since 2007 when i was 18 that are hurting me really bad and a couple of medical bills as well. I dont have the funds to pay it all off so i was wondering what the best way to go about making my credit score increase. Thanks so much for your time, Justin

5 Answers

Which is the state you are in? What is the date when the last payments was actually made on these credit cards? If the SOL has expired, you can dispute these debts off you credit reports. However, if the SOL has not expired, you should try your best to pay off these debts. Yes, the payments initially are going to hit your credit but in the long run this is going to help in improvement of your credit. In addition, you can take out a secured credit card to improve your credit score.

Pay off the delinquent debts first. It will not help you increase your credit score instantly. However, when you start making regular payments on the other debts, your score will start increasing gradually. Add positive payment history on your credit report. 

It is certainly better to take out a secured credit card so that you can easily manage the payments and improve your credit score. however don't miss the payments on the secured credit card  and don't misuse your card.

A small personal loan from a bank is a great way to build credit.  With your credit you might have to have a co-signer, but it's a much better credit-builder than credit cards. Credit agencies rate your credit on your ability to consistently make monthly payments, and having a small loan that you could pay off in a year is better than credit cards because if your balance is too high in ratio to your limit it adversely affects your credit.  Loans don't have this problem.

Reporting lasts for 7 years so you have a couple of years to wait.  Maybe think about getting a secured card to help build your credit.

How to Deal with Illegal Loans..OhioGal's Primer
PDL's are ILLEGAL in the following states...
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states

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