Re: charged off account

Posted by observer (205.188.208.41) on June 02, 2003 at 22:25:31:

In Reply to: charged off account posted by jessika on June 02, 2003 at 21:46:28:

You didn't wait too long. Time will heal a lot of credit wounds. As time goes by derogatory info is less important. At the 7 year mark of your orginal chargeoff the bad stuff falls of your reports.
If you're in Chex systems, it may be tough. Your best bet may be a Credit Union. You'll just have to wait and see.
To improve credit, you need some positive tradelines so that as good stuff ages and takes on more importance while, the baddies become less important.
I'd suggest you get this stuff cleaned up and then start putting money in the bank. Operate on the old "if I can't pay cash I can't afford plan" and try and put 3 to 6 months worth of living expenses in the bank. Then, see if you can get a cc with a small limit without a bunch of fees. Again, maybe start with a local credit union.
Your doing just fine. Better to make mistakes while you're young and at least they didn't involve a great deal off money. We've all seen some horror stories with students and credit cards that make yours seem tame. Just finish what you started and develop good bill paying and saving habits.

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