Your Fast Credit Report Repair

Archive for October, 2009

I have the worst credit in the world. I want to fix it but don’t know how to get started. Any ideas?

You do not fix bad credit, you re-establish good credit.

Start with 2 credit cards and charge everyday things be careful never to exceed 30% of your credit limit and pay in full before the due date.

This should raise your score at least 100 points over a 24 month period.

Then you can start on your installment credit with a car, furniture or personal loan.

Last night I bought 600 dollars of songs on itunes with my mom credit card and she was freaked out that I spent on 600 dollars on itunes and it was my mistake to buy that many songs without telling her how many songs or albums I should be buying with her credit card and I need your advice to help me with my issue I’m having and what can I do to make it for her and what should I do with my itunes account?

You’re mother should cancel your internet and you should work off the debt.

Ok now without going into specifics, I’ve come into some money recently. I have about $7,000 in debt, and obviously I am going to clear that all so that I no longer have any debt. The thing is that I now have a very bad credit rating. Is there something I can do to fix my credit rating right away after clearing all my debt? Or do I have no choice but to wait for 7 years until the rating fixes itself?

P.S. I’m in Canada.

Your best bet is to let time work for you.

I want to explain something to you and I want you to hear me.

Repairing your credit history is not an overnight affair. It is a process. Anyone who makes representations otherwise is strictly out for your money or for your attention.

The extinguishing of your debts with the windfall of money will not undo the damage that has been down. It will not erase the historical credit information which has shown that you are a credit risk.

However, if in the next 24 months, you show near flawless in responsibility in paying your obligations ON TIME, you would be surprised how your credit can turn around.

Your best friend is time — it won’t take 7 years to get in the clear, but it sure as hell will take more than 7 months to get out of the hole!

I have $10,000 in credit card debt, and found some resourceful information on the blog with some good links, and I am wondering if anyone has some more.

sure dude, here I found tons more. It’ll take a month to read it all.

I’ve found some good information here too…

http://www.safelinked.info/jump.php?link=debt

Hope that helps.

What is the best and quickest way to fix my credit score? I plan on getting all 3 credit reports, and fixing errors. Also have items in collection due to divorce. What do I pay off 1st. Need new car and can afford monthly payment, but need to get into loan and do this 1st. Thanks in advance.

Find out your credit with those credit reports.

Get a big piece of paper and write all your debts on it, with the interest rate next to them. Rank them with the highest rate at the top and the lowest rate at the bottom.

Now, to pay them off, you need to pay extra on the highest rate debt and the minimums on the others. Do it in that order. When the highest rate debt is clear, move your money to the second highest, and keep paying them off til you are debt free.

Now, I would go get some financial counselling about the items in collections. Laws and rules differ wherever you live, so find out from an expert. Since they are in collections, they might not have any interest rate, and if that case, just pay the minimum on them you need to.

Get a cheap secondhand car. That will set you back less. Take an expert friend with you when you make the purchase, and get it checked out for roadworthiness.

You might have some serious trouble getting a loan if your credit is shot to bits right now. Work on improving your debt burden. Once it is clear, then you can get a credit card with a low rate or an interest free period, and make regular purchases with it. When you use it, pay it back the same day, paying extra. So if you spend $50, pay back $52. Try internet or phone banking for this. Doing this will improve your credit history over time. Be prepared for it to take months or even a couple of years for your credit history to come back up.

In the meantime, get your debt under control, and don’t overborrow for the car. Since cars go down in value, money borrowed to buy them is ultimately wasted. You don’t get your money back when you resell the item. So stick to modest vehicles. A smaller vehicle, perhaps ten years old, will give you good fuel economy and won’t cost you heaps in interest. I personally wouldn’t touch a car loan with a 12 foot barge pole, but then, I don’t mind driving a 30 year old car.

Best wishes

I had few credit card when i was 17 in 2001.I did not make any payment on it. Now the accounts are charge offs and dispute or something. Is there any way i can fix my credit because its holding my job. I really really need help????

they should be falling off really soon as long as you dont make any payments on it now it will hurt you again…7year fall off. the older those accts are the weaker they are in FICO calculations. dispute is option but then they will probably find you and try to collect… check dates of first defaulting or charge off and see when it can fall off.

I have disputed on all 3 credit bureaus, paid off collections and my score is still below 600. I want to buy a house soon, any advice?

if you’ve cleaned up everything else then make sure you pay all of your bills on time for the next 90 days.

simply paying your bills on time brings your rate up fairly fast.

Please advice what is the best way to fix credit report with many negative and charged off accounts. I heard even if you pay your old creditors the negative remarks still stays on your credit report, and most of the credit fix companies have false claims, does anyone know any proven company or way which really works to fix your credit ?

Dear ,

I had searched for your question on net and find this one

http://www.coolgreatstuff.com/credit/

Best of luck

Can someone tell me that knows or has experience with fixing a credit report with a lot of old negative account reports, like 7-10 years old, and the quickest way to raise your score from a 515 to 650 or higher? I am in college now (33 years old) finally, and trying to fix my life. And this subject is an important fix to me as well as my education. Thank You

Derogatory items age off your credit report 7-1/2 years from date of first deficiency. If any of the items are your credit report are beyond the reporting period, dispute them with the credit bureau.

Do not waste your time disputing legitimate items. Even if something should happen to slip thru the cracks and get removed, chances are it will reappear the next time the creditor updates to the credit bureau. Also, repeatedly disputing everything is likely to get you tagged by the credit bureau and you will have trouble gettting errrors removed in the future.

Since a lot of the negatives are so old, they really are not impacting your score that much. The older an item, the less the impact. If any of the derogatories are single entry items like medical or utility bills, you can try to negotiate a pay for delete — you pay $x and they remove the item from your file. This would help your score. But it doesn’t work for regularly reported items like credit cards and installment loans. Collection agencies can only remove what they report. The original creditor’s charge off would remain.

What you really need is a new credit line that shows good payment history. You may have to get a secured credit card — you pay $x which is held as collateral against the credit line. Use the card and pay it in full every month. After a year, you may be able to convert to a regular credit card or apply for a new account.

You will really need at least 24 months of consistent, on time payment history to see improvement in your score. It will probably take even longer to get your score above 650.

Over the last three years, i have accrued debt with several companies and institutions, including student loans. Now I want to fix my credit, and pay everyone off instead of ignoring those notices in the mail, which don’t seem to come anymore. I’ve changed addresses three times over this period of time, and I really do not know how much I owe (I do know it is substantial), and to whom it is all going. Any help would be greatly appreciated. Thank you!

AnnualCreditReport.com is the place to get your free credit report online without signing up for monitoring services.

All your creditors should be listed. Start with the newest derogatory item and work back to the oldest. The older the item, the less impact on your score. Work on rehabing your student loans separately, as you can work out deals that will turn those normal credit lines.

If the debt is a single entry item like cell phone, medical, or utility bills, you should negotiate a delete for pay, even paying less than full balance. This will help your score. With regularly reported items like credit cards, only the collection agency entry can be removed. The original creditor charge off will stay on your file.

If the debt is over 3 years old, offer 25%; 2 or 3 years old, offer 50%; less than 2 years old, offer 75%. Get any settlement agreement in writing and keep it along with your payment proof, forever. Do not give the collection agency direct access to your credit file.

Paying off old debt will not improve your score unless you get the item deleted. However, creditors look at your whole report not just your score. Paid old debt always looks better than unpaid.