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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Rebuilding My Credit Date:  6/12/2001  8:36 AM
Author:  aja91 Number:  75757 of 312716

Hello Everyone. I'm a member of this board however I haven't posted in a while. Can anybody answer my question?

I'm a college student who opened too many credit cards and have a few of them that were charged off. Since I'm still in school I vowed to myself that I would not let these debts go for too long without being paid. It is now summer vacation and I want to get a job so I can pay them off. I was wondering if after I did pay them off would it be possible for my mom to get me a card using her credit that would also help me rebuild my credit? Please help. Thanks in advance.

I was also thinking about getting a secure credit card after clearing up all this mess. IF the first option is possible, which is the better choice to make and why? Thanks again.

I like the idea of getting the job during the summer. You should also consider working during the school year to continue paying off the cards. Working and sending most of your paycheck to Visa and MasterCard will likely build memories to prevent you from overcharging again. ;-)

If I was your mother, I would actually not go for the idea of cosigning on a card for you. If something goes wrong, and for some reason you are unable to pay off your cards again, her credit gets tarnished too.

In terms of improving your credit rating, paying your obligations in full on the remaining cards will help. Get yourself down to one open card with no balance, and have the creditor keep the limit low. When you charge something, deduct the amount from your checking account right away. (Record it as check number AAA, BBB, etc and deduct it as usual). In this fashion when the bill comes you'll have enough set aside to pay the bill in full. If there's not enough in your checking account to buy something, don't put it on the card! If you put too much on the card and your checking balance goes negative... well, hope the pantry is stocked well. This is a tool to teach you how to use the card in a disciplined fashion, and it can be tough at first, but eventually it becomes second nature. Keep at it and it will work out for you.

Hope this helps.
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