How can I rebuild my credit after paying off a debt?

I'm 21 and I ruined my credit. I recentley paid off all of my almost $5,000 debt but now all of my accounts are closed. Is there any way for me to rebuild my credit completley or is it too late?

How can I rebuild my credit after paying off a debt?
Are you sure all of your accounts are closed? Or you just can't USE them? There's a difference, and it's a huge one. If you just can't USE them, they still show up on your credit report and count in your favor, because you've had the accounts open for awhile and are 'not using them', or so it looks. If they ARE closed, and you're sure of it, call each individual card company and ask them to re-open the account for you (it can be done... I did it with my Discover Card two months after it was "closed out.") Tell them they don't have to let you USE the account, you'd just like to re-instate it for credit scoring purposes. Most of the time, they will do it, because it's not like they have to let you USE the card. If they won't do that, wait three months. I say that because credit companies update your FICO score every three months. Once your accounts are closed, you will stop getting negative remarks for having late or missed payments, so your FICO score will go up a bit. Get a pre-paid credit card through your bank and DON'T use it. Buy a pair of socks on it, then pay it off immediately. This opens the card for you, but shows a higher unused balance. Another thing to do is to get a home equity loan (don't freak out... just read) on a Revolving Line of Credit. It doesn't matter what your interest rate is, because you're not going to use it. Getting approved for the loan allows you to take nothing upfront (because it's revolving, like a credit card) but allows you to have a "$5000 credit limit" or whatever you were approved for. When you have "$5000 of available credit" that you DON'T USE, it will skyrocket your FICO score and work in your favor BIGTIME. Most of your credit score is based on whether you pay your bills on time, but another huge part is your ratio of used credit to available credit. Just make sure you DON'T USE the equity loan. They say you can only raise your FICO score about 50 points in one year TOPS, but that simply IS NOT TRUE! I had a client whose FICO I got to 680 after he was at a 510 the year before. Six more months and he'll be at a 730, which puts him in the TOP category with the lowest interest rates. Good luck!
Reply:t's very easy to say the least. Go to http://www.newmillcredit.com. We have a store house of good info there and if you choose. We can do it for you. And of course, you can repair it on your own for little or nothing. But if you're like most people and do not want to be bothered with the head-ache of trying to figure out where to send in necessary paperwork, just let us do it. We are one of the cheapest one's out there. And we do it legally! Don't be fooled by people that say that they can get everything off because in all actually, there are some things that can not be removed unless you pay it off ( such as child support ). I hope this helps!
Reply:In order to build up credit and establish a good credit, you must show a number of stabilizing attributes. Most notably, your report must prove to the lender that he will get his money back. Here are some suggestions:





OPEN A BANK ACCOUNT


Open a bank account and use it responsibly. This is the first step in establishing a financial history.





CO-SIGN


One way is to piggy-back onto someone who already has a good credit history established and is willing to co-sign. Once the co-signing has occurred, you simply make payments on or before the due date. In time you will have established a credit history.





SECURED CREDIT CARD


Apply for a credit card. Shop around and only apply for a card if you can meet the lender's requirements. Responsible use (spending within your budget and paying your bill on time) will help you build a good credit history.





DEPARTMENT AND GASOLINE CREDIT CARDS


Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is sometimes easier to establish. It is also a great way to establish credit.





This website can be very useful for you:


http://www.howtoestablishgoodcredit.com/...
Reply:I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
Reply:of course you can. it may take some time, but...


open a credit card and use it, WISELY, and pay on time. That's all there is to it. Should be good in less than 2 years if lucky. But hey, you're only 21.





www.letsgobble.com
Reply:To be honest with you, the times you've been reported late's already a dead issue at this point, if you were late you were late. What's done is done. Hey people make mistakes, that's why pencils are made with a piece of rubber at the end. Let's move forward. The main thing is not to accumulate anymore debt than you already have. Establish a banking relationship by opening up a checking and savings account. After you've had that awhile, ask them if they offer secured credit cards that you can secure a deposit (let's say like $200) for the same amount in credit. If you're able to get one, I'd strongly suggest that you keep the balance low, if not 0 every month. That way, they can see that you're responsibile and ultimately convert it to an unsecured card. Like I said again, use it for EMERGENCIES only. If you have been paying for things on time like rent, utilities, phone, insurance, etc., you have the right under the FCRA to have that reported and considered in the future when you apply for credit. Click on this link at check out this website ( http://www.prbc.com/consumers ) This agency (PRBC) is a reporting agency that consumers like you and me can enroll in and have up to 3 years historical payment history reported. All that information is comprised into a Bill Payment Score (BPS). This can be used along with your standard credit reports whenever you apply for credit in the future. When your credit is evaluated, lenders don't always see the "big picture", and tend to have a preconcieved notion that you were irresponsible, or just a flat out dead beat, instead of "here and the now". 35% of your traditional credit report is comprised up of payment history, yet it doesn't always give an accurate picture. The BPS does that. If you're able to report that you're paying your rent and utlities on time that would at least let it be known that you're making an attempt to handle your business. There's a lot of information on the website, I strongly urge you to check it out. I did, and it's worked wonders for me.