Credit Repair?
I have pulled a credit report and it's not out of the question to pay everything off and take care of that, but then what can I do to help repair my credit? Everything on my report is correct and I have nothing in my name besides 2 small ($300 & $100) loans from local loan companies. After everything is paid off will it still take a few years before I can get anything in my name?
Public Comments
- Go to http://www.creditboards.com and learn how to get fixed up faster than a couple of years. This is a DIY free messageboard you can do this yourself faster than any company out there and cheaper too. Credit Repair Companies are a rip off. Don't sign up for the scam.
- u c the good thing is try to pay good those small accts u have as far the bad debt that have...u might do somthing to improve it u c once u have sont chargeoff acct that start duplicating.. making the credit report worst ..i am in the credit repair business we have done a lot of improvement on reports..some companies are good but most of them theyre fraud...there r some laws out there so u can take off some accts statue of limitations etc...also need to c ur report if its worth it to pay ths companies... i wish i can help ..u know what which state r u from..? maybe i can help u for free...there always something u can do...
- Well, your situation isn't as bad as you may think it is. order to repair your credit, you must know what makes up your credit. 1.Payment history-35% 2.Total debt owed vs. available credit-30% 3. Length of time establishing credit-15% 4. Types of credit established-10% 5. Inquiries and New accounts-10% The first thing you should do is equip yourself with a checking and savings account with a bank if you haven't done that already. This way you can build a banking relationship which as an accountholder can make it easier to get access to credit cards, car loans, home mortgages, etc. The next step is to take care of those 2 loans. The 4 links I posted below shows how to not only pay off debts, but to also negotiate getting them removed from your report altogether. http://www.creditinfocenter.com/debt/settle_debts.shtml http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml If you're successful in getting them paid off and hopefully removed from your report, then you'll need to establish some positive credit to start raising your score again. The easiest way of doing this is by getting a secured credit card. Some banks and credit unions offer these. The reason that they're easier to get from regular credit cards is that a deposit is placed upfront as collateral to establish a credit line the same as the deposit. The desposit's also usually tied to a savings account or time deposit (CD) account that also gains interest while you're building credit. Keep in mind that whenever you apply for credit, whether you're approved or not, a hard inquiry is created which drops your score some. So, it's important that you get approved for something fairly easy to start building credit. Another advantage is that you can increase the credit limit by adding to the security deposit. A good rule on how to use the card would be to treat it as if it only had a $50 limit at any given time and that you're only going to use $20 and pay it off every month. This way, you're building credit without having to go into severe debt doing it. As long as you pay on time and keep the balance low, or better yet 0, the card converts to a regular card or a better card's offered, and most importantly the deposit is no longer needed and is given back. Then if you want you could repeat the process with another card, or you could try your luck with a regular card. Just keep in mind that it's important to make sure that you pay on time.
- A small loan consolidation with low interest is the best I found interesting information about your answer & options here. http://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.html
- Why would you be looking at credit repair. (there is no such thing by the way) You have two small loans that you say would be easy to pay off. You can find more info here: http://debt.knowledged.info/credit_card.html All the best to you
