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| *Ostroff, Fair and Company>>>Credit |
Fix my Credit? |
My credit is horrible. I have a lot of charge offs and closed accounts on my credit report. I would like to fix it and at least help my score a little more. Can anyone tell me what I need to do or where I need to start? Here are the basic steps to credit repair: First, make sure all the information on your credit report is accurate. Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly. Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line. Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card. Repairing your credit and improving your credit score is a slow process that takes time. Source(s): http://www.consumerbadcreditguide.com/re... Check your credit reports and look for ANY inaccuracies in the tradelines that are being reported. Dispute those inaccuracies with the credit bureaus and some of those negative tradelines will be deleted. Accounts that are in collections should NOT be paid off blindly. THIS IS INCORRECT INFORMATION. FICO does not care whether your collection is paid or unpaid. That has no influence on your score. A collection, whether paid or unpaid counts negatively in your score the same. Therefore, any collections that are unpaid need to be negotiated with a 'pay for delete.' Let the collection agency know IN WRITING (don't talk to them on the phone... EVER) that you are not ackowledging any debt, but you want it off your report and will pay the amount owed (or propose a percentage) in exchange for full deletion from your credit reports. THEY MUST send this to you IN WRITING before you pay. Lastly, go to www.creditboards.com/forums. They are a free online forum that will provide you with sample letters to send to your creditors, as well as a lot of tips and tricks to getting your credit in tip top shape. 1 year ago, I had a 480 FICO score and had 2 credit cards, 1 with a $250 credit limit and 1 with a $300 credit limit. My student loans were in default, I had numerous charged off credit cards, and more collections than I can count. Now, my FICOs are around 680, and I have over $25,000 in unsecured credit, including credit cards with good credit lines ($6000 from Citibank, for example). All of my student loans are showing as paid as agreed, with NO LATES. 2 of my credit report are showing NO CHARGEOFFS and only 1 small medical collection. It takes time and persistence, but it can be done. GL! . Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters鈥攖his is the key鈥?.people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact. www.creditrepair101site.com |
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