Credit Score Bummer.

[HummingBird92]

Hey, Im 19 years old. I have a credit score of 547. I would really like to get it fixed. I never cared about my credit before. I honestly didnt think i had any. I only paid for my cell phone. And going out to movies. In dec 2011 I applied for my first credit card and got denied for a low fico score. I didnt really know what that meant nor did i care. To me that meant rejection. I started an actual job, that wasnt mcdonalds or long john silvers, january of this year. At a bank. And learned more about credit scores and credit worthiness. And for the first time ever i pulled my report in June 2012.

I was suprised to see almost 4 accounts in complete delinquency since the november of the year i turned 18. A credit card, 2 Loans, and a sprint account. Upon further investigation of all those. I found out they were my parents who had opened them in my name. I have already paid off the credit card, working on paying the two loans right now with a payment plan. I have not even looked into the sprint account yet.

I'm not sure if im supposed to file fraud on all of these accounts. I dont have my parents to go to jail or get in trouble. Just want them to pay them, and for them to be off of my report. I am now stuck with these accounts for the next 7 years if i understand correctly. Do i have any hope of rescuing my credit, or am i forever stuck with paying debt i dont owe?

[kellogg9]

Your young...your score is pretty normal for your age. With your mentality over time it will rise. My score was pretty bad at your age but now i am at 801 out of a possible 855 (if i recall the max). One good tihng you can do is always pay off your entire balance in full just before the statement due date. You dont want to pay too early (why give the credit card guys free money when you have a grace period of no interest for purchases) or too late (finance charges). If you do this consistently for the next few years and you carry no debt then your score should be in the 700s.

Of course there is the factor of the age of your cards. Since you are 18 you odnt have much credit history and so you will STILL have to get older before the score rises.