Your Fast Credit Report Repair

Archive for November, 2009

Im about 8,000 dollars in debt mainly with old cellphone accounts, and only one credit card. what would be the best way to fix my credit, by paying them on my own or going to a consolidated credit agency.

1- check out the Dave Ramsey website… There’s a program that may cost less than a credit agency (not sure if you pay) and help you get out of debt.

2- I’m using WamuCards.com and these are the tips they give to raise your score:

-Pay your bills on time for several months.
-Get current if you’re behind on some accounts, then keep paying on time.
-If your balance is more than 50% of your credit limit, pay more than the minimum due.
-It will take time. The more responsible you are in paying your credit card on time for a long period of time, the better your credit will get.
-make sure there are no errors on you credit report. If so, contact the credit reporting agencies.*

3- whatever you do, I’ve been told over and over… going to a credit agency to help you ‘fix’ your credit score is a scam. There are no shortcuts when it comes to raising your score. Time and responsibility are the only ones that will help you. Trust me-save your money and use it to pay off the card.

4- Finally, one thing that helped me personally… Don’t use your credit card anymore. Just use your money, if you have it. Cut it up if you won’t be able to resist. This is what helped me raise up my score.
No more card to worry about–pay on time–give it time.
If you’re worried about emergency money, use part of your earnings to save up to $1000 for an emergency fund.

I owe about 18K from a repo and 3K in credit card bills. I had to leave the US to go back to the Philippines due to a family emergency. I did not work there and stayed there for 2 1/2 years so I was not able to make any payments. Now Im back in the US & currently have a part time job. I really want to fix my credit. How do I do it and where do I start? Please help! Thank you in advance.

Find out if your debts were sold to a collection agency, if so they usually bought it from the creditor for 10 Cents on the dollar. If you have the ability to do so , paying in full will drastically lower the ammount you have to pay. Be persistant. The extra money they get from you is thier BONUS.
If not then you will have to contact them to make payment arangements. Also take a look at your credit report, see which agencies are reporting for each loan.
Also you may be able to secure a small loan or do a debt consildation to pay off those old bills…
The credit card bills… if they are old old.. depending on the last time they submitted you to the crediting agencies( this info is on your credit rep) you may not want to even touch it right now… openeing something that noone has been keeping up with will actually harm your score.
Finally keep this in mind while trying to build your credit..

It is impotant to remember that your FICO is made up of a percantage of things
35% = Making ONTIME payments, even if it is the MINNIUM!
Mail it in a week early!

30%= debt ( monies charged, loans..) VS. What amount of credit is actually available to you. The smaller debt and bigger credit is what you are aiming for.

15%= Length of credit history. Having accounts open years ago, actually helps sometimes. Unpaid ones could potentially help also, it is establishing how long you have been around , getting credit. Shows them you have a history. So dont go cancelling older cards… that would erase some of your history , actually damaging your score.

10% = New accounts and inquires on your credit.
Obviously more inquiries lowers your score.

10% A good mix or balance on the types of loans and credit you have. ( RE: Home , car, credit, departmant store)

I know it will take a while. But immediate things you can do to START fixing your credit.

As soon as your bankruptcy is discharged, you will start to recieve, if you have not already, TONS of offers for credit cards and loans. These will be from companies that are usually high-fee/low limit cards and higher interest rates. They do this because they know that you can not file for bankruptcy again for several years.

You should probably stay away from those and go for a secured card. Here you put a deposit of about $300, and they give you a credit card limit to match. The difference between the Secured Card and the cards that charge the fees is that on the cards that charge the fees that money is gone directly to them. A good company for a secured card is Orchard Bank.

When you get the card be sure to never go over 30% of your limit, and pay your bill In Full and on-time every month. After about 6-12 months of a good history you will start to qualify for better cards and loans.

Also, about a month after your bankruptcy is discharged you need to pull your credit report and verify that all your debts that were included in the bankruptcy are correct. If they are not you need to dispute that with the credit reporting companies.

i need to fix my credit score fast but dont know how

Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – buildcredit.ifastnet.com

I find it intresting that if our idenity is "stolen" we have to pay thousands of dollars to fix it. Then we have to wait for 3 companys, that had noone to enforce them, come up with a number that defines our lives. Now, WE have to pay and are responsible for the accuracy of the credit score number we have no control over? Does anyone else find this disturbing?
who pays the data reporting companies?

The credit reporting agencies do simply that – report. They don’t "ruin" people’s credit – the people themselves, those who stole their identity, or creditors do that.