What is the best way to repair your bad credit ?
My balance is not that high but it is in collection probably the most is 1500-2000 from olddd credit cards .. but how do i get the information to pay off these balances now ... i need help to repair my credit but those councelors are not much help either .. how can i do it myself ?
Public Comments
- Try to call the card companies and start trying to pay them back. A lot of time the will settle for smaller amounts and lower the rates.
- Go to the website below and read all of it! This site is still under developement, so get the RSS feed. This website is about doing just that! Helping you repair your credit! The first step would be to go to the credit monitoring service and sign up for 3 in 1 gold credit monitoring. It's only $10.95 a month for all 3 and it's well worth it! You need constant updates and access to your credit report and score!
- 1st put all your credit cards in a ziplock bag full of water and then put them in your freezer. This will stop you from using them in the future for impulse buys. Second, call the credit card company and offer them 50 cents on the dollar to settle your debt. If you do not have the money, ask them to set up a payment plan for three months. Do not spend any money on anything but necessities until you have paid off your debt. You must be disciplined and realize your needs and deny your wants. As for repairing your credit, you will have to pay a higher interest rate now because you made poor choices. However, it can be done. Wait a year, get a new credit card and make small purchases and PAY THEM OFF each month. This will help raise your credit score substantially/ It can be done, but you will have to pay for your past mistakes first.
- Well, first you want to gather all your credit reports from all 3 agencies. Truecredit is a good site to pull from all 3 agencies. You can do a free trial, and then it's $14.95 after that. I've gotten a tri-merged report, which is a report from all 3 bureaus, and I was able to get the information of who's holding the debt, but their telephone number and address. This way you can get recent reports and continue to monitor your credit at an affordable price. Once you're able to get the information you need about the debts, you should determine how old the debts are before you go and settle. If it's closer to 7½ years, you might as well wait and let the Fair Credit Reporting Act do its thing and they'll stop reporting, however if they're 5 years or less, then you may need to take action. And what I mean by that is to negotiatng a payment in exchange for getting them removed from your report alltogether. What you might want to know before you try to contact the collectors, is that credit card debt or Open accounts have a statute of limitations. What this means is that the collector has a set period of time according to the laws of the state that it was open to pursue the debt in court. So for example, if you live in California, the statute of limitations would be 4 years. After that a collector would not have any legal right to the debt even though they would still try to take you to court for this. The first link I posted lists all the states and the statute of limitations. Chances are, if these debts are old like you say they are, the statute may have expired and you may be able to settle for much less in exchange for getting them removed from your report. The next 4 links I'm posting gives you more detailed instructions on how to get this done. 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 There's a lot of information on here, but I'm confident that the links I posted will be more than helpful to you. Thanks for reading and good luck
- how old? past the statutes of limitations and they PURCHASED the debt old. creditinfocenter com buddhibbs com
- To Repair credit score Your credit score is based mostly on: 1. Length of credit history 2. Payment history. 3. Ratio of credit used to available credit. 4. Number of credit inquiries you authorized. If you cancel your card, you'll be hurting your credit ratio. (#3). You want to deliberately keep your oldest credit card open, even if you never use it. You want to always pay the minimums of each loan on time every month. You want to keep your available credit high, but actually only have balances equalinig 25% or less. You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans. You do these things and your credit score will quickly soar into the 700s. ------------------------------------------------- http://www.bestcreditrates.net
