My question is how do you start rebuilding your credit after being almost nonexistent for years? I mean no mortgages, car loans, credit cards, personal loans, etc. The only thing I have on it is some interest on a student loan that’s over 10 yrs old & has been closed. I’m actually paying a little on it each month (for over 6 months now) because of new classes, but it doesn’t show. And I just went back to work 4 months ago after being out of workforce for at least 8 yrs due to family needs…yes, almost completely nonexistent! HELP! What’s best way to start rebuilding???
Secured credit cards and credit-builder loans can be effective tools for getting back on the credit radar when you’ve been away. We have some other recommendations in “How to Rebuild Your Credit.”
Once you have active credit accounts, pay on time and keep balances low relative to credit limits (no higher than 30%, and lower is better). Do that consistently, and you should see results.
Good luck to you, and please let us know if we can help further.
You can also find some good info in Bev’s article from a couple years ago: