How can I fix bad credit fast?

Just to give everyone a quick synopsis of my situation, my mother opened some cards in my name and maxed them out (without me knowing), I have almost $40,000 in student loans and a $7000 hospital bill on my credit due to no insurance. I have paid one of the credit cards off, but still have two on my credit and am working on taking care of the other crap that's on my credit report. I am 23 years old now and am trying to take care of this early in my life so that I can get loans for a car, house, credit card, etc. I asked about this one Yahoo!Answers about 6 months ago and someone suggested that I get someone that is very good with there credit to add me as an authorized user. My question is if this person has more than one card and has very good credit and pays on time every month, would it help if I ask them to add me as an authorized user to more than one of their cards? I am trying to get my credit up as fast as possible and I know it will take some time but I can't get a credit card, loan, or anything (not to mention the economy makes it even harder). Also, how much does it hurt my credit when I apply for some loan or credit card and they run a credit check? Thanks for all of the help and advice!How can I fix bad credit fast?
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I would be very upset with mom. She used you to her advantage.



1. Request all documents on the accounts that your mom supposedly opened.

2. Review those documents for forged signatures.

3. Here's the hard part. File criminal charges against mom. She committed fraud and identity theft.



Otherwise, you're stuck with the debts and poor credit until they are paid off (in about 40 years).



If you can find someone stupid enough to add you as an authorized user, good luck. I would never add anyone to my account as an authorized user (except my wife). Not even my kids. As an authorized user (NOT a co-owner), your credit will not be impacted nor will the debt show on your reports. So, it won't help your credit one iota. I have two church credit cards and neither appear on my credit reports as I am an authorized user of the accounts.



Every time you initiate a credit check via loan application, your profile takes about a 10 pt hit. Individually, not much. But put 5 of them close together in a month and you've go a 50 pt hit.
Every time someone runs your credit in response to a credit application it dings your score a few points. But scores generally rebound quickly, provided you not applying for multiple credit lines in short periods. Then it takes a bigger bite. However, based on all the negatives on your credit report, the dings from credit checks is the least of your worries.



You were misinformed about the authorized user accounts. FICO changed how authorized user accounts are calculated in scores over a year ago. Authorize user accounts only count for spouses and children. This was specifically changed to stop folks with excellent credit 'piggybacking' folks with poor credit for a fee.



Obviously, you decided to not prosecute your mother for the ID theft and are now stuck with paying those bills. If those credit cards are in default, paying them off won't improve your score at all. The damage is done and will remain for the balance of the 7 year reporting period.



Hopefully, those student loans are not in default. That is what you should concentrate on. Make sure those payments are on time. If you are in default, check to see if there's a program to rehab the loan.



Second, deal with that hospital bill. Depending on how old it is, you might be able to settle for 25%to 50% and get a pay for delete agreement -- you pay and they delete the item from your credit report. Lump sum gets the best deal. Payment plans must be short term. Get any settlement agreement in writing and do not give the collector direct access to your bank account.



The last thing to deal with would be those credit cards. Once again, you may be able to settle for 25% in a lump sum if the accounts are in collections.



Have your tried getting a secured credit card -- you pay a deposit which is held as collateral against the line of credit? Check with your bank. Start small -- $200 -- $300. Use the card and pay in full every month. In about a year, you should be able to convert to a regular credit card.



You really need at least 24 months of consistent, on time payment history to improve your score. It will take years to rebuild your credit. Don't even think about buying a house till all that debt is resolved.
Looking this mess over... I only see one way out of it:



File Bankruptcy on your unsecured debt and wipe the slate clean.



You said that one of the cards is paid off...yet you claim that you don't have a credit card.

The only explanation I have is that this account was closed by the lender because of delinquency (nobody making payments on time).

You are obviously not willing to prosecute your mother for the identity theft and a bankruptcy does not affect student loans at all. You will not be able to discharge the student loans in BK.



Paying off delinquent or charged off accounts has little effect on your credit score. most of the time it prolongs the misery because as long as you make payments the account is considered active and the Statute of limitation does not start. You can spend the next 3 years paying off the accounts and then look at them for another 7 1/2 years on your credit report. At which point they finally drop off.

The remaining two card balances and your hospital bills could be wiped out if you qualify.



Otherwise... you will have to pay them off first and then try to establish credit again.

You are looking on spending the next 10 years on fixing this mess.



You can do it the hard way... by paying off the credit card accounts, the hospital bill and your student loans... or... you can do it the other way. File bankruptcy on the credit cards and hospital bills and have more money available to pay off your student loans.



Either way your credit will be shot for up to 10 years.
There is never any quick fix when it comes credit. It takes time and then it is always important to maintain it, thereafter. I used this company called the Credit Clean-up Crew and they were very professional in helping me with credit issues and also I only paid $799 total. The contract was six months long and I only paid $199 upfront. My EQ went from 503 to 718 EX 498 to 703 %26amp; TU 512 to 653

it was well worth it.
1. Having someone add you will do nothing to your score. It is their account, in their name. Your just a signature. I found this out when I tried to add my mother to my account to build her score.



#2. As harsh as this may sound, you might need to sue your mother and/or press charges against her for identity theft. She stole a massive amount of money from you without your knowledge (which is why they call it stealing). I'm not sure what your relationship is with her- and if you're willing to eat this debt she racked up to preserve your relationship (however that is) with her, thats your choice.



#3. You probably want to approach your bank first, before applying for loans etc. Sit down and talk to someone. Be clear that you just want information, BEFORE anyone goes and checks your credit. Most of the time, people can tell you if you'll be given a loan or not. If they say no, don't bother trying. You'll just damage your score. Chances are they might have some advice for you too.



On a side note, I have heard that each inquiry damages it about 5 points, although thats heresay so I can't be certain.
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