Credit Report.. HELP

[HossTheBoss]

So when I just turned 18 I got stupid and maxed out my credit cards and never paid them. Well, I finally decided I need to do something about this and try to fix my credit.

Ok, so I pulled my credit report today, and this is what is on it

REVOLVING ACCOUNTS:
Count: 4
Balance: $13,344.00
Current: 2
Delinquent 1
Other 0

COLLECTION ACCOUNTS:
Count: 1
Balance: $257.00
Current: 0
Delinquent 0
Other 0

TOTAL ACCOUNTS:
Count: 6
Balance: $13,601.00
Current: 3
Delinquent 1
Other 0

My current credit score is 550.

Alright, so what are my options now?
I owe most of it on an american express credit card, and the rest are a few hundred on other cards.

I have the cash to pay off all of this, but my real question is will my credit still be worthless if I pay them off???

I am really clueless about what to do any help as to how I can raise my score and clear these the cheapest would be greatly appreciated.

[eastbay]

[ QUOTE ]

My current credit score is 550.

Alright, so what are my options now?
I owe most of it on an american express credit card, and the rest are a few hundred on other cards.

I have the cash to pay off all of this, but my real question is will my credit still be worthless if I pay them off???

I am really clueless about what to do any help as to how I can raise my score and clear these the cheapest would be greatly appreciated.

[/ QUOTE ]

Your only option is to pay them off, and don't make any more late payments. Your score will slowly improve from here if you get current and stay current, and your record will be clear in 7 years from the point that your accounts are made current (the derogatory information must be expunged by law in 7 years). Your score will be ok before that if you stay current. You cannot raise your score quickly. Don't close accounts or any such thing designed to raise your score right away. It will not help and may likely hurt.

I've always wanted to know what goes through people's heads when they do this. Can you let me in on it?

eastbay

[fifield]

Try First Stone. They will dispute the negative listings on your credit report and should be able to raise your score and help you get out of your credit rut much faster than you could on your own.

First Stone is (fairly) expensive, so if you'd prefer an option not approved by the US Treasury, I may be able to get you an individual who does what First Stone does at a greatly reduced cost. I'm pretty sure individual "credit cleaners" are doing so illegally, or it's illegal for them to call themselves credit cleaners, or something, though, so use at your own risk.
I'm not professionally or personally affiliated with either First Stone or any individual credit repairer.