Increasing my credit rating? Is that possible after getting bad credit?
@Masihi (4413)
Canada
December 8, 2010 7:48pm CST
I have a Visa and a Mastercard. Both were maxed out because of a pyramid scheme that a family friend got us into. I managed to eat away at the principle on both cards. My mastercard is still open, back down under the limit, and the balance is still coming down very nicely. The problem is, my visa card has been shut down by the bank, or so it seems, because I couldn't make any purchases after I got back under the limit. Okay, so that card's all cut up. Again, I'm paying the balance down nicely on that, in hopes they'll open my credit card again.
If they decide to keep it closed, and let's say if I do get it all paid off, will it still look bad on my credit rating?
And will I ever have a chance to improve my credit rating if I do pay everything off in full? I'm paying over the minimum payment each month.
*sigh*
Just wish I wasn't so bloody stupid!
3 people like this
2 responses
@ladym33 (10978)
• United States
9 Dec 10
Yes, if you pay those cards completely off it will difinately repair your credit rating. Just continue to keep paying them down and also keep in contact with that credit card company and let them know how hard you are working to pay them off, be sure to always be on time with payments as well, as late payments can make you look really bad. They will certainly re-instate you if you make consistent payments and make them on time.
@Masihi (4413)
• Canada
10 Dec 10
Hi, ladym33
I do hope they reinstate me, although I'm not expecting that it'll happen.
Let's say if they decide NOT to reinstate me, yet I do make all of my payments and pay it all off, the fact that they had to shut down my Visa account will still stay on my credit record?
@GardenGerty (169487)
• United States
9 Dec 10
We have all made mistakes. I am still suffering from some bad choices my hubby made and I went along with. I will say upfront that your credit will improve if you stay on the path you are on. It will take probably six or seven years from whenever you had the trouble, but it will happen. Maybe not that long. One way you will know it is getting better is that you will be getting credit card offers in the mail again. Both my husband and I have started getting the offers all the time again.
@Masihi (4413)
• Canada
9 Dec 10
Hmm..that's interesting that you said that because I just realised that I no longer get those type of offers, nor do I get offers of lower interest credit cheques from my Visa card bank.
I am definitely paying about $100 over what my minimum payment should be on both cards each. And that's biting into the priciple, over and above the interest. Ii admit that I'm pretty relieved to have learned a valuable lesson, and now know how to manage my finances.
I've completely stopped making major purchases alltogether, and am just working with what I do have, including saving up for stuff.
1 person likes this
