Credit Fix Repairs

Archive for the ‘credit repair credit cards’ Category

I don’t have a lot of bad debit and do not have any credit cards, but I need to repair my creidt and don’t even know where to start.
My bad credit is due to me not managing my money correctly. I had no credit and then I opened up a small loan for $300 with a small loan company and did not pay all of this back. That was more than 5 yrs ago. I also had a closed checking acct from when I was a teenager that I never paid off. I have several other small debits, but dont really know where to start. Should I contact each company and pay of the debit?

First, order your free credit reports from all three major credit bureau http://www.ftc.gov/opa/2004/11/freecredrpt.htm. Check for any negative or incorrect information, then you want to send a dispute letter (see sample dispute letter in this website)http://www.ftc.gov/bcp/conline/pubs/credit/repair.htm. To bring your FICO score (there is a cost for FICO score) up you need to get yourself a credit card, charge a small amount on it then pay it off when your bill come. You should check your credit reports at least once a year.

I check my FICO scores (when you order your FICO scores it comes with a complete credit history) every six months. Always order your FICO from the company.

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I have horrible credit, I think at 435 or so. I was a stupid 18 year old and got credit cards and never paid them. Now I am more responsible but I can’t be approved for any kind of loan (home loan) because of my awful credit from a year ago. I have trouble believing the things that I see online and wondering if anyone has first hand experience with someone they can recommend to me. Thanks.

Sorry but no one can "fix" your credit except you. Those so-called credit doctors will just charge you for something you can do for yourself. Save your money and do it yourself !

1 – If you haven’t already get current copies of your credit reports from the 3 major bureaus (Equifax, Experian and Transunion)

2 – Take a photocopy of each and put the originals in a binder

3 – Get a highlighter and highlight any account that is negative (collections, written off, older than 7 yrs, etc…)

4 – Any inactive account that is older than 7 yrs should not be deleted from your report. Download a dispute letter from the credit bureaus website(s) and fill in the details

5 – For collection/overdue items, if they are greater than 7 yrs dispute them as well

6- If there are still valid debts, you need to contact the creditor and negotiate a ‘pay for delete’ in addition to a payment plan if you cannot pay in full. If they start hounding you send them a ‘cease and dessist’ letter stating they may only contact you in writing.

7 – Do not apply for any credit while you are doing this or for the next year (ideally 2)

8 – If you currently have any credit card or loan balances, pay them off or at least pay them down to bring them current

9 – If you need a credit card, get a secured card from Capital One for $500 (or more if you can)….use it sparingly for like only $25-50 and pay in full and on time every other month or so to establish good re-payment history.

A little patience and 2-3 months, you’ll be on your way.

I had alot of health problems in late 1999 and it caused me to be unable to work for some time. As a result I was unable to keep my bills current. At the time I was only 19 years old. I didn’t have that many bills. I had 2 major credit cards – one a Providian & the other a Capitol One. The rest of the bills I had were credit from mail order catalogs that weren’t even reported to the 3 major credit bureaus so those don’t appear on my credit report. Basically, it’s the 2 major credit cards that are on there. They both, the Providian and Capital One accounts wound up going to collections. I was also paying off a car at the time but I was able to pay that off to the bank with the help of my parents. I’m now 29 years old & married & my husband & I are wanting to buy a house with a home loan but my credit is not too good, because of the above mentioned situation & my husband’s credit is pretty bad. I was advised to repair my credit before trying to get a home loan. How do I do that?

I’m sorry that happened to you. There’s some things that you need to know about your score.

1. What makes up your score:

35% Payment History
30% Debt to Available credit Ratio
15% Length of time establishing credit history
10% Types of credit established
10% Inquiries and New accounts

2. What’s hurting your score:

Providian & Captial One

3. What you can do to improve your score.

Ok, having said all that let’s look at the bad stuff first. Let me start off by saying that there’s what’s called a statute of limitations for debt. One for collecting debt which varies by state. And the other is the federal 7½ year statute of reporting debt called the Fair Credit Reporting Act(FCRA), which starts from the date the debt first went delinquent. The statue of limitations(SOL) for collecting debt is pretty much the time in which collectors can take you to court to make you pay what you owe. (Click this link to find out what the SOL for your state http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml)

What this means for you is that if the SOL is expired you’re legally not responsible for the debt anymore, however you still would have to present this as a defense if you were taken to court, and also you could use this as a powerful bargaining tool to deal with collectors.

It’s a good chance that the SOL for reporting the debt may soon be expiring, so it could be used to your advantage to possibly wait it out. If you do decide to try to negotiate with the collectors, your goal is to neogtiate what’s called a "deletion payment" which is making a payment in return for having it removed from your report. I posted another link that explains a little more about how to settle old debts( http://www.creditinfocenter.com/debt/settle_debts.shtml) but also keep in mind, you may not have to especially if the Federal statute may soon be expiring.

Let’s say that you’re fortunate and successful in getting those items removed, it could possibly hurt your score at first because you don’t have any open lines of credit to compensate for the bad that you do have. The easiest way to do this would be by opening up a secured credit card. You would have to put a deposit upfront to get the same in a line of credit, but think of this as building credit with a savings account. This works especially well if you already have money saved up in a savings account that you’re not touching for a while. Like for example, you mentioned in another question that you had money saved up for a down payment on a house. That could be used for the deposit, and you could get a credit line in the same amount. Make small purchases that can be easily paid off on time every month and usually after a year, you not only get the deposit/down payment money back with a little interest added, but also you’ve ilt credit to where the secured card will either convert to a regular one or a better card will be offered altogether. If you’re going to save up for a down payment, you might as well make that down payment work for you. Oh, and I also forgot, while you’re building credit add to the deposit/down payment money to increase your credit line. The higher the credit line, the better it will look on your report. Also you may want to try Orchard Bank as a 2nd major revolving account. They offer cards for people starting out and starting over, when it comes to credit. Then to round out your open revolving accounts, I’d try for a department store card, one that you’ll use, but not overuse, for example home depot, lowe’s, sears, etc. Since you’ve paid off a car already, that will help the installment credit portion of rebuilding your score.

Also, if you’ve been paying rent, utlities, phone, cellphone, and insurance you should enroll with PRBC to have it reported as alternative credit. The bills I just mentioned do not show on your regular credit reports, yet every month you pay, and some of those payments are more important than credit card bills! PRBC is a new credit bureau that feels these payments should be just as important. They score these reported payments in a report which can be used along with your regular credit reports as a supplement. These reports can even be useful in getting a mortgage (hint hint). I posted links to their website, which I strongly suggest you check out. I’m confident that they will help you. I also posted those links to help you deal with the current debt that you have.

I hope that this helps,

Good Luck!

I am trying to raise my credit score quickly. Right now I am at 593-around 650 depending on agency. So, by paying off the 5 credit cards that I currently have(some with amounts ranging from 1,500-2,500), should that raise my credit score a great deal? If not, will a credit repair company help or are they just a scam?

if you are looking for the best credit repair site, check out this site

http://best-credit-repair-service.com/

Here you can improve your credit score rating and reduce your debt with the help of an expert.

I have pretty bad credit, actually more like really really bad credit and I’m coming into to some money and I’m going to use it to pay off my bills. Now, I already know about keeping a card open, but all my credit cards will be paid off and I will have still outstanding my car loan and a student loan. How long before my credit starts to get better?

Well, it depends. If you have had Charge off’s (write off’s) they stay on your credit reports for 7 to 10 years. If you had general lateness, it stays on for 2 years. Bankruptcy is 7-10 yrs as well.

We’ve been working on our credit for a home loan. My husbands score started at a 560. We settled with a collection agency and i have paid down 2 of his credit cards to $50. The collection agency so far has only reported the difference of our settlement. Supposedly sometime this week, they are supposed to report the full balance as paid in full (because of some kind of waiting, process time) Anyway, we also started working with a credit repair agency a few weeks ago. And supposedly, they have already removed 13 inquiries. Score is now at a 591. That 31 points! We need to be at a 620. So at least another 29 points. We are also thinking of doing a rapid rescore because of the collection agency. With credit repair and rapid rescore working for us, do you think we can get the score to a 620, and how much longer do you think it’ll take????

It possible, but there’s some things that you should be aware of. Removing the inquiries and settling the collection didn’t raise the score, getting the the balances of the credit cards down to $50 is what really did it. If the collection is older than 2 years, by settling as paid, you just created new activity when the balance is reported as paid in full. That doesn’t help your score. The account still remains which has already damaged your score to begin with. Paying it at this point will only make the report look cosmetically better, not improve your score. The only way to have done that with the collection would’ve been to negotiate a "pay for delete", which is a payment in exchange for removing it from the report. Also, inquiries that are closer to 2 years old, aren’t hurting your score anymore than they are now, so if they remove the inquiries, that’s cosmetic as well.

I hate to say it but it was a waste of money using the credit repair service and settling for the collection.

The truth about "free" Credit Reports

We put the record straight so that will not happen. How many text we have sought to nothing that is offered for "free"? not me? Of course I have. On this day in age when gas prices are classified as "arms" and "leg", which provides health insurance for your family costs more than some mortgage payments and the cost of education Children like a hockey stick pasted on a chart, you bet I look offers to save money.

This that are the problem. It seems that the vast majority of American consumers desperate to reduce costs, costs, and will jump too quickly to offers promising to do so. Sometimes when you combine lower costs with the mentality of the importance of credit not only to purchase ticket items important to us, but more than simply survive in this economy, desperation happens. Unfortunately, marketers know it. Thus, without a little education anyone can become confused and the likelihood of being taken advantage of increases significantly. The good news is that just a little education will save you a lot.

Take, for example, the term "free credit report". It now ranks at the top with the ubiquitous, "new" and "improved". "Free Credit Report" has become a part of glossary of buzzwords that advertising is absolutely no sense to me. But for many, there is much confusion on this term. Why? I think mainly because it was announced that the federal law dictates we are all entitled to a free credit report on the first page of every newspaper.

We know everyone wants a credit report, which is why we started our site. People naturally want something that is mandated by law to be toll is front page news and is so important for all of us, if we want to buy anything. We know that people want their free credit report and because most all of us work so hard for our money, we believe that people deserve to hear the truth on the subject. That is why we even put a section on our page titled "The Truth About Free Credit Reports".

So, is it right? Yes, it is true, it's just that the devil is in the details and the resulting confusion has been a boon for those who seek to profit confusion. In fact, each of us in the good old U.S. of A. entitled to one free credit report. But how do you succeed? Where do you get it? Who is he giving you? Why is it free? And above all, who can not offer you free?

Who can not offer a credit report for free? Let's start with the last first, because it shines much light on the remaining issues. Any company, website or service that has been in business for a profit and is not named Experian, Equifax or Trans Union is unable to provide anyone at any time with any anything remotely resembling a credit report for free. Period. End of story. Included? In addition, there is a unique place on the Web to obtain free copies of credit reports free of charge and it is: www.annualcreditreport.com. We will discuss this site a little later, but other wise reserve emptor, the buyer beware.

How, then these offers have been made? Look, the "Free" report is usually offered initially upon signing for a service that charges your credit card each month for credit check. If you cancel the service just at the right time, before the charge is on your card, you will have no charge. What a hassle! And the bet is, you wake up at least one if not two or more months later more charges to your card. You think these guys make fools paris?!

Then, what caused credit report will be offered on the first page of newspapers, which is providing them, how and where can I get one? Because the importance of history consumer credit, identity theft and complaints from consumer rights groups of having to buy a credit report to acquire knowledge about the content on individual consumer reports, even if it was wrongly reported, a change has been mandated.

The fair and accurate consumer Trade Act (FACTA), a revision of the Fair Credit Reporting Act, provided for a report free credit reference agencies (Experian, Equifax and Trans Union) every twelve months, if and only if you have not received a credit report during the previous twelve months. The consumer, or by sending a written request to the three major credit reporting agencies or from to www.annualcreditreport.com you can get the report for free if they meet the criteria. This program has been established and is gradually items U.S. by credit agencies from the western United States, with the northern states at the time of this writing yet to come.

However, Pamela Yip of The Dallas Morning News writes that even this has not been without its problems.

"The Federal Trade Commission said Experian Information Solutions Inc., one of the three major credit bureaus, settled complaints that it "deceptively marketed credit reports free "by failing to disclose that consumers would be automatically enrolled in a credit monitoring service and charged $ 79.95 if do not cancel within 30 days … . With the help of the Federal Trade Commission, www.annualcreditreport.com offices established as the only authorized source online consumers to get a free report under federal law.

While many consumers have not had any problems for their reports, others say they were hit with sales pitches for products and services to credit bureaus or have were diverted to imposter sites. The FTC said the company led consumers to its www.freecredit report.com and www.consumer info.com Web sites. Radio, television, e-mail and Web ads promised free reports and "a bonus – free trials of a credit-monitoring service."

The FTC said consumers "were assured that" your card will not be charged during the trial period free. However, information valid credit card is required to establish your account. "

What Web sites do not adequately disclose that consumers would be subject to an annual fee of $ 79.95 if they did not cancel within 30 days, the FTC said.

"The charged ConsumerInfo credit cards he said consumers were "required only to establish your account, and, in some cases, automatically renewed memberships by rebilling consumers without notice, "the agency.

Under the transaction, the FTC must ConsumerInfo.com, a group company Experian, to "give up $ 950,000 in ill-gotten gains."

Experian has also agreed to reimburse consumers who have purchased products Credit monitoring and ordered a free credit report from 1 November 2000 and September 15, 2003.

"It is unfair and misleading to promise consumers something for free, then encourage them to pay for products they do not want in the first place, "said Lydia Parnes, Director of the FTC Bureau of Consumer Protection.

"It was not an attempt to mislead at all," said Peg Smith, executive vice president of Experian. "We absolutely deny any wrongdoing." She does acknowledge that consumers may have been confused.

"In fact our product offering has caused this confusion, we certainly regret that," said Mrs. Smith. "We encourage consumers to read the language in any disclosure on a Web site, including ours. "

The FTC also requires ConsumerInfo.com indicate clearly that its free credit offer is not related to the federal program. "Http://nl.newsbank.com/nl-search/we/Archives?p_action=list&p_topdoc=21

The reality is that no credit report or a combination of three credit reports and by themselves sufficient to form on the spot where you stand as a consumer in the eyes of a lender. Imagine a high speed boat racing zoom on a lake at full speed without a steering wheel. Where he goes is a mystery, but one thing is certain, it will crash and crash quickly unless you control. True, you. Because that without your credit score and knowledge about what they mean, how they were calculated or how a lender views you are led to an accident.

No bank issuer of credit cards, mortgage company, a retail store or any other credit provider will grant you any item, service or product without looking almost exclusively at your credit score and the average person has no idea that their results are, and even if they did, the more numerous, if not, would not know what they mean.

For example, Most people do not even know that repeated "Taking" of your credit reports by lenders potential decrease your scores as four points per "pull". You start "shopping" to get the best rate on a credit card by allowing each credit issuer to execute a credit report about you and your score will take a dive. The difference between a score of 700,699 and represents thousands and thousands of dollars in interest.

Often, credit issuers do not perfectly clear that your credit history is available when you reply to their offer a new card by phone. The call center sales representative did not explain clearly that you and your credit history displays an "official" inquiry that counts against your scores whether you are accepted or rejected.

Most people do not know that a map maxed credit reduces their results, even if they pay on time every month. Many do not know until too late one late payment on a credit card interest rate will be applied to skyrocket not only on this card, but cards have a balance! Most also do not know that his credit card balance showing less than thirty percent of the available balance improves the score. Most do not know that in calculating credit scores, your payment history is considered as 35% of the score, amounts owed count 30% of the score, the duration of your history credit growth rate of 15% of the score, new credit is 10% of the note and the types of credit in circulation is 10%.

What is the truth on credit reports for free? The truth is that consumers need to read the fine print very, very carefully and get educated. The truth about credit reports in general is that only part of the story is told by one. The truth is that knowledge is power, and without it your money is going with you, your purchasing power and therefore your future is dictated to you rather than you and that the cost everything, including insurance is based on your scores.

If asked my opinion for the average consumer? Do not worry about making a "free" and report more on the actual cost of being ignorant regarding credit. Worry more about the immediate costs and long-term not to control what appears on your credit report both the correct and incorrect. Gain some knowledge of credit. It is easy to do and will literally save you a fortune. One thing is absolutely certain, your money and future and the future of your children will greatly influenced by your credit. How is yours.

About the Author

Brown Heys is the Managing Partner for http://www.tradenote.net, a web site providing online shopping, reviews of and links to some of the top web based credit reporting sites. A statement regarding the truth about free credit reports is found there as well as the link to http://www.tradeleads.at.

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Should I file bankruptcy ? I would like to buy a home .

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About six months ago I was unable to pay my credit cards so I was not paying my balances two of my credit cards were sent to collections but i settled both of them for a lower amount and paid them all off. As of now I am up to date with my credit cards, I only owe the most $200.00. I wanted to know how long would it take for my credit to start rising to the low 700′s again its in the 500′s now.

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