I Have Bad Credit, but All My Accounts Have Been Charged Off. How Do I Rebuild?

My credit is horrible from credit cards, loans, forclosure from over 3 years ago. All my credit cards and loans have been charged off. How do I apply and get accepted for new credit? How can I rebuild my credit now that all those accounts have been charged off?? Nobody will give me any type of credit to start over…what should I do now to get my credit back on track?

Suggestion:

You will have to start re-establishing your credit history with secured credit.

Go to the bank or credit union you do business with and find out if they offer a secured card, open a account with $200-$500, and use the card each month for small purchases (a tank of gas, groceries), making sure to pay the card off in full each month, after a year or so, see if they can convert the card to an unsecured card.

You can also open a savings account and save until you have $1000. Tell the bank you want a secured loan against the account. Set it up to be repaid within 12 months. Make your payments on time every time.

At that time you will be well on the way to establishing your credit rating, it will take 24 months of consistent on-time payments to build a good credit rating