So, it took just under 3 years in whole to pay off my debt. Compared to many on here my debt was a fairly low amount, about $4000. Ironically the most expensive debt I had, a $450/month ($30,000) truck loan is the only remaining positive thing on my credit report as I was able to sell it before I could no longer afford it. However, due to ever increasing interest rates, job loss, difficulty finding another decent job, and a difficult but necessary move to a more affordable state made my recovery a long one. I'm now lucky enough to say that I'm free of all debt.

Now for the hard part, credit repair. I know there’s not some agency that will get my credit report cleared or some other easy fix. But, I am asking for any suggestions that may help to have some, even minimal, useable credit before the removal date in another 7 years. I know that I'll end up with a higher interest rate with anything I attempt and as such any use of my credit would be small manageable uses. But, what might my options be? I've listed a few that I've heard of below; any suggestions regarding these would be helpful as well as others I haven’t found yet.

-A secure credit card (as in using a CD or savings account as collateral). I've heard there may be state laws that do not permit secure credit cards; is this actually the case? If so, is North Carolina permitted?

-Opening small generic accounts, such as an account with an energy provider. I pay most of these types of bills now but they are in my fiancé's name. I haven't checked into it yet but I suspect, if they even allow it, that a hefty deposit would be required to switch it to my name. If it would help with my credit I would be willing to do this though.

-Having someone (my fiancé) add me as an authorized user of her credit card can create an positive open account, which can help credit standings. Can this be done even if the person being added has bad credit? If allowed, would it typical result in a interest rate increase or something?

-How does getting married effect credit? My fiancé has outstanding credit, her credit card has been in good standing since she's been 18; basically the last 5+ years. However, my credit is now terrible. What effects, if any, could it have on her? What effects, if any, could it have on me? We intend to get married within the year and I was hoping to get some insight as to the effects in may have.

Again, any tips would be appreciated. I'm not looking for a quick fix but I am hoping to take actions to help in the future; such as our need for a second car. I'm not trying to jump into a second car, but I took a 3rd shift job so we could share a car for over two years so I could pay off debt and honestly I'm tired. If anyone has ever worked this shift while their partner works a 9-5 they know it's not only physically hard to maintain this schedule but emotionally hard on one's self and one's relationship too.

Thanks

Credit Cards, or revolving accounts, do very little to add points to your credit bureau, I would avoid those as it is easy to fall into the same trap.

Installment loans like a mortgage or auto loan are the best options to add points with on time payment. Yes, you will pay a price in higher interest rate, but steady on time payments will increase your score much faster here than with a credit card.

Be sure if you do an auto loan, that you verify the lender reports to the credit bureaus. Many "buy here pay here" dealerships do not.

Good luck to you!

They covered this on Clark Howard radio show just this week
clarkhoward.com: Save more, spend less and avoid ripoffs (http://www.clarkhoward.com)

And yes
1. open a secured credit card, don't charge a lot, not more than you can pay off each month, but charge some each month.
And yes these are legal

2. put some money in a savings account, and get a small loan from the bank using this is collertial for the loan

3. The laws on being a authorised user is changing, so it may not be helping you as much in the future

4. if you have bad credit, and you apply for joint credit, you will drag down the good credit of the other person.

2. put some money in a savings account, and get a small loan from the bank using this is collertial for the loan


This is the best advice I could have offered!

First, deep breath in and out.

You've done the hard part.

Relax. Let yourself be content just for a moment.

You are on the right path. Give yourself some props.

At one point, being young and stupid, I had become delequent on some student loans. I was dumb, got in deep... but sucked it up and paid back the dept that I owed.

You will be surprised what two or three years can do for you.

Be patient. Be strong. Don't let the prospect of something being on your record for seven years or longer deter you.

Trust me... it is worth every moment of strong will and fortitude.

Look... I'm a guy, so I'm not going to dress up as your personal cheerleader... but I am going to say be patient and be smart.

You are doing all the right things now... don't be afraid to talk to your local bank or credit union about your situation and what it would take to get them to back you in your plans...

Talking is free... the more you talk about money, the better you are likely to be with it.

So leave behind the shame. Live in reality. Be willing to open up relationships with your bank and with local credit unions.

A little effort and patience on your side will pay off long term.

First, I just want to thank everyone for the advice as it really helped and I feel much better about the whole situation. Second, given the advice I think my best bet is to hold off on the credit card given the other options of simply taking out a secured loan. As I stand now I can afford a reasonable loan payment without pushing my limits and I’ll simply put the loaned amount into my savings. It will help me save a little more than I am currently too. Again, thanks for all the advice!