Question for those who have really really really really REALLY screwed up their credit

[DarrylLicke]

How did you deal with it? How much did it affect your life? How long before things were even close to normal?

 

[pyonir]

i'm still dealing with it, it affects my life GREATLY, i'm guessing a LONG time.

 

[zayened]

best thing that ever happen to me was messing up my credit - simply because now i can't get credit and am forced to not buy things i can't afford

 

[Amused]

Originally posted by: DarrylLicke
How did you deal with it? How much did it affect your life? How long before things were even close to normal?

Provided you have no more outstanding credit and aren't still missing payments or getting charge-offs, you have seven years before your credit is clean again.

 

[pulse8]

Still dealing with it. It's not affecting my life too much yet, but I imagine it will in the future.

 

[Frenchie]

Negative credit, other than bankruptcies, generally will remain on your credit report for 7 years.
If you have bad credit, start fresh and remain current on all obligations.
Although your credit situation will not be totally clean for 7 years, it can be in good enough shape in as little as 1 year.
If you own real property, pay a mortgage/auto loan/ student loan on a timely basis, this will help you rebuild credit quickly. Same thing with having a credit card. But be sure to pay the balances in full as opposed to keeping a balance. Only make small purchases and make sure you have money put aside to pay the entire bill off when you get it. Within 6 months you will probably get a credit line increase.
Your credit will be back on track in 1 -2 years, decent in 3-5, and excellent in 7. During the interim, you can get credit, just not at the prime rates. Although sub-prime lending has become a large area in its own right and the rates are not that far off from prime these days.