What would you suggest for a 20 year old who is about $2500 in debt...l wanna improve my credit but l have 4 negative accounts on my credit report. Would you suggest l get a credit counselor and have them give me budget plan to settle my accounts. Would this help my credit score? Has anyone ever went through Money Management or Consumer Credit Counseling?

If u r considering credit counseling, make sure the company is a member of NFCC (http://nfcc.org/). These r legit, non-profit companies that can review ur finances & advise u how to proceed.

Paying off derogatory items on ur credit report will not improve ur score. The damage is already done. However, creditors look at ur whole report,not just the score. Paid old debt always looks better.

You can negotiate settlement of derogatory items yourself. If the derogatory is more than 3 years old, offer 25%; 2 or 3 years old, offer 50%; less than 2, offer 75%. Lump sum gets the best deal. Payment plans have to be short term -- less than 6 months. Get any agreement in writing & keep it, along with ur payment proof, forever. Do not give collectors direct access to ur bank account.

You will need at least 24 months of consistent, on time payment to see improvement in ur score.