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What are some steps I can take to repair my credit after…

Second opinion] What are some...
Second opinion] What are some steps I can take to repair my credit after defaulting on student loans? The rest of my credit history is not perfect, but decent. Only a few late payments a few years back.
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3/20/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,609
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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If you have any credit cards, the first step would be to pay the credit card limits down to below 50% for each card. Once you do this, then pay off the highest interest rate credit card first.

For example: If the max limit of your credit card is $1,000, you will want to owe less than $500.

____

If you don't have a credit card then you will want to apply for a secured credit card, which will need to be funded with your own cash.

The reasoning is that the length of time you have an open line of credit and the amount outstanding versus your allowable limit are two easy items you can control and also helps your credit history.

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You should also review your credit report that you are able to receive for free. You will want to dispute any issues on your credit report that you don't agree with.

These are two first steps.

____

Please let me know your ideas, plans or follow up questions and I will be happy to assist you further.

Thank you

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Finance
Satisfied Customers: 2,609
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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