Justin Smith asked:




Raising your credit score can be a fairly simple and straightforward process unless you have derogatory marks that need to be disputed (which will be explained below).

The reasons for bad credit can be as follows, high balances, bankruptcies, late payments, and many others. The most significant thing you can do to raise your score is to change your financial habits. Chances are that if you have a bad credit score, you did something to make it that way. Here are some of the best ways to quickly raise your credit score:

1. The most obvious: pay off your debt! This doesn’t include a home mortgage, but revolving balances such as credit card debt, a car loan, etc.

2. Make every payment on time. This is the most important factor in your credit score rating. If you have had late payments in the past, it will take some time to see real results from your on-time payments, but keep it up, sooner or later the credit bureau will notice the change in your payment habits. Develop the mentality that no late payment is acceptable!

3. If possible, pay over your minimum amount. This is especially important with credit card balances, and will reflect a slight boost in your score.

4. If you have paid off all your debt, and your credit score seems to be at a stand still, you might want to make small purchases each month with your credit card and pay them off immediately. Often times the credit bureaus like to see at least some kind of activity. Otherwise, they have no way to gauge how you are doing financially.

5. Be patient! Sometimes repairing credit can be a long and arduous process. Especially if you have had a bankruptcy. It can often take the better part of a year or more to see any significant raises in your score.

Clearing a derogatory mark on your credit report:

This is probably the most difficult in regards to credit repair. If you have requested a copy of your credit report, and notice a problem (an example would be a late payment mark), that shouldn’t be there, you need to take action to get the derogatory mark cleared as soon as possible. It is extremely important to get your credit score cleared before you attempt to get prequalified for mortgage.

Here are the steps you should take:

First of all, if you are in contact with a loan officer, you may want to describe the problem you are having to them. They can be very helpful when it comes to credit repair, and should know exactly what to do if you have a bad mark on your credit that is a mistake. In some cases, they may even call the creditor for you to address the situation.

Second, you should call your creditor and each credit bureau to find out which course of action you should take. In most cases, writing a letter will do. Here is an example letter:

Date 00/00/00

Dear Big Credit Bureau,

This letter is a complaint that you are reporting inaccurate and/or incomplete credit information on my credit report.
I am displeased that you have included the below information in my credit profile that includes the following errors. Credit reporting laws ensure that bureaus report 100% accurate credit information.

The following information concerning my credit report needs to be re-investigated. I respectfully request to be provided proof of this alleged item on my credit report. If this cannot be provided, the item must be deleted from my report as soon as possible:

CREDITOR AGENCY, acct. 123-34567-ABC

The listed item is inaccurate and/or incomplete, and is a serious error in reporting. Please delete this information, and supply a corrected credit profile to all creditors who have received a copy within the last 6 months, or the last 2 years for employment purposes. Also, please provide the name, address, and telephone number of each credit grantor or other subscriber.

Under federal law, you have 30 days to complete your re- investigation. Be advised that the description of the procedure used to determine the accuracy and completeness of the information is hereby requested as well, to be provided within 15 days of the completion of your re-investigation.

Sincerely,

your signature

Your Name

SSN# 123-45-6789

Unfortunately, you will need to write 3 separate letters to each of the 3 major credit bureaus. Here are the contact addresses for each:

Trans Union

P.O. Box 1000

Chester, PA 19022

1-800-888-4213

Equifax

P.O. Box 740241

Atlanta, GA 30374-0241

1-800-997-2493

Experian

P.O. Box 2104

Allen, TX 75013-2104

1-888-397-3742

Mitchell

werepaircredit asked:

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Justin Fox asked:




Do you know how much damage a poor credit score can do?

Hi I’m Justin Fox and I found out the hard way, my credit score got below 620, let me tell you it’s hard to get a loan at that mark. But I got it over 720, and I’ll Show you how.

But I did my homework and worked out how to repair my Credit Score, let me share with you what I learned.

I trawled the internet visiting over one hundred of the best sites on the net relating to repairing your credit score, some things I tried and they did not work, other things worked so well that I now have my score above 700 and I got the loan i wanted – this saved my 150,000 over the term of my loan.

I’ve made up a list of the how to get a great credit score and have left out the tips that don’t work.

1. Be sure to get all 3 copies of your Report

2. Essential – Avoid Bankruptcy

3. Make sure you resist closing old accounts

4. You must pay Your Bills On Time Every Time

5. Try and Pay Off Debt

6. Improve your Payment History

7. Make sure you Don’t Apply for too many loans

8. Try and Eliminate local finance company loans

9. Keep well Away from “credit repair” companies

10. Don’t open credit accounts you don’t intend to use

11. Check your credit report often

12. Find Resources and people who can help you repair your credit score

SO HOW DO I TAKE ACTION?
Step One – Get all 3 copies of your credit report. It’s essential you start with getting an accurate picture of where you stand financially so you know exactly what to fix. The three Credit Report Bureaus are: Experian (formally know as TRW), then Equifax, and TransUnion.

Unfortunately they all have different information about you and are not consistent,this is due to only some of your past creditors reporting to only one of the bureaus and not the others.

You need to get all 3 copies of your report form the three main credit report bureaus, the good news is that Under US law they have to provide you with a free copy of your credit report You can request for one only once every 12 months.

Once you have your report go through it and identify areas you can improve, read the 12 top rated secrets above and concentrate on the following areas more then others as these will have the biggest impact.

Payment History is the greatest Area You Need To Concentrate On:

Payment History 35% Amount Owed 30% Length of Credit History 15% New Credit 10% Types of Credit Used 10% Take my advice above and do it the right way.

For more advice and information on Credit Score and Credit Reports click on [http://www.credit-reporter.net]

Franklin

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Tyrone

Paul Sarwana asked:




Every day more and more people find themselves suffering with bad credit. Having bad credit makes it nearly impossible to make any major purchases such as purchasing a car, getting a credit card, renting a car an even buying a home. Below are some easy tips for bad credit repair. These tips will help you to repair your credit status bringing your total credit score up enough to where you’re able to do things again.

Many people do not realize just how low their credit score actually is until they go apply for credit somewhere. They sit down at the table awaiting to get their brand-new car only to find out that there had to be stuck with high interest rates due to their low credit score. Well there are ways to boost your credit score. Bad credit repair is easier than you think. By using the right credit repair methods for your situation you can help to reduce your level of debt over a period of time while at the same time increasing your credit.

One of the first things you will want to do is get a copy of your credit report. Then there are three major credit reporting agencies, all of which offer a free credit report once a year. You can obtain these reports from either calling them directly, going on the Internet and requesting a copy or you can write to them requesting a copy of your free credit report. Once you get your copies of your credit reports, you’ll want to look them over thoroughly.

What you are looking for are double entries on your report’s as they will lower your credit score. With all the discrepancies that you find in your credit reports, you will want to contact the credit reporting agency directly to have them removed from your credit report. You do this in writing and you can find on each of their website the forms to fill out to dispute anything on your credit report. They make it really simple for you to work with your credit score.

There are many lenders out there today that will help people with bad credit. While you may pay a higher interest rate at first, as long as you make your payments on time over a period of time, they will increase your credit and lower your interest rate. This helps to boost your credit score after showing you can make on-time payments to a credit agency. There are many lenders that focus on bad credit repair and that is the majority of their clients.

When you apply for credit the lender is looking for your debt to income ratio and what your scores on your credit reports are. A bad credit lender will help you consolidate your debt by paying off the current debt you have and giving you just one small monthly payment that you make to them. This helps increase your credit quickly and effectively as your debt is now paid off your own just one person.

By following the bad credit repair tips above you will see that you can increase your credit score and start living the life that you want to live. Keep in mind financial freedom is not what the tips above will give you but they will however help get you going in the right direction.

Melissa

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Steven Parsons asked:




In the past many people have hired lawyers or debt settlement companies to negotiate their credit card payoffs for them. This is still an option, but you need to be careful before you decide to use them. Many times when you use debt settlement companies to handle your negotiations, you will end up with marks on your credit report that are as bad as bankruptcy.

Another thing to keep in mind if you are thinking about hiring a professional to do this for you is the cost. Many will charge you an initial set up fee, then either several hundred dollars or a monthly fee. One thing to keep in mind is these companies are also paid a percentage of what they negotiate your payoff amount to. This percentage is paid by the credit card company. So it’s in their best interest to negotiate a higher payoff amount than you want.

But there is hope. Everything they do for you, you can do yourself for a fraction of the cost. The way these services work is they submit dispute letters on your behalf, and charge you hundreds of dollars to do it, with no guarantee of success. They send the same letters you can for the cost of a stamp and a little bit of time.

Sit down before you start calling them and determine how much you can afford to pay them. Write down whatever that amount is so you know that you can not go over that amount in your negotiations. Also figure out how long it will take you to pay off the amount you agree on. Use several different amounts to get a rough timeline so you know about how long it will take no matter where you end up in negotiations.

The easiest cards to settle are going to be those that you are behind in payments on already. If you are not behind, it will be harder to negotiate a payoff because there is no indication that you are having trouble paying the bill.

Now when you sit down to make the call, document everything. The name of the person you talk to, date and time of the conversation, what you agree to, and anything else that strikes you as important.

I recommend that you start out with an offer to pay off 25% of the total debt. Don’t worry that its too low, they are going to counter with something close to 100%. If you have several cards that are behind in payments, it will be easier to get them to settle lower. Be prepared to settle at around 50% or a little higher.

You need for them to believe that a settlement that high is going to be very difficult for you. Then you can make the stipulation that if you settle that high, they need to remove all late payment notations on the account, and show a notice that the account was “Paid as agreed.” If they don’t agree with those tell them you will not pay anything then and will stop paying them all together.

After that they will become much more likely to give you what you want in negotiation. Before you pay a penny toward the negotiated amount, tell them they need to send you a letter spelling out and agreeing to the terms negotiated on the phone. If they don’t include everything agreed to on the phone, call them back and tell them about the discrepancy. Let them know that if everything agreed to on the phone is not in the letter you will not pay anything.

Start this process with the card with the lowest balance. This will be the quickest to pay off, and then free up the money from that payment to put toward other cards. After you pay that card off, move to the next card with the lowest balance and repeat the process.

Theodore

Sherry Frewerd asked:




Our credit scores determine much about how we live our lives. We buy practically everything on credit. When applying for a loan, our good credit scores help us receive reasonable interest rates. In fact, from landlords, to insurance companies, to utilities, everyone looks at our credit scores, as they are a reflection of our financial health. A healthy credit score may determine what various agencies will charge for their services. Today, even employers check personal credit scores before offering a job.

Knowing more about our credit scores and the factors affecting them may help us build a positive credit history. But first, let’s look at how they are maintained by the various credit reporting agencies.

Three major credit bureaus – Equifax, Experian, and TransUnion – calculate credit scores. Though they use the same methods and formula to calculate scores, they sometimes come up with a different rating for various reasons. One agency may have more updated information about an individual. A creditor may have shared information with one agency only, but not with the others. Creditors, while checking on our scores, take the average of the three scores from these three agencies.

Credit scores range between 300 and 850. A score of 680 and above is excellent for obtaining mortgage financing at low interest rates. A credit score of 621 to 679 is an average score and you would have to pay a slightly higher rate of interest. A credit score of below 600 makes us potentially unreliable and harder to obtain credit. When a credit score falls below 600, credit repair steps should be taken immediately.

The following are factors affecting credit scores and basic steps to take to maintain an accurate credit score rating with the credit bureaus:

1. Routinely check payment history and the current credit debt held.

2. Credit history length is a determining score factor. Naturally, the longer a ‘good’ credit history, the better.

3. Do not close old or paid off accounts. These show the credit history length and contribute to higher credit scores.

4. Pay off debts to improve credit scores.

5. On-time payments. Delayed payments appear on credit reports and adversely affect it.

6. An individual’s race, sex, age, level of education, or marital status has no bearing on a credit score, nor does the fact that an application for credit was previously turned down.

Taking care to maintain a high credit rating enables us to receive credit and loans at good rates. Our credit score is a reflection of how we manage our finances and a determining factor for many aspects of our lives. Knowing early on how to have a healthy credit history is the best way to avoid bad credit and limited loan options in the future.

Nellie

MiCasaMiDinero asked:

Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with an agency that will help you reduce your debt, contact a company member of “CONSUMER CREDIT COUNSELING SERVICES” (CCCS) More info at: sccrealestateuncensored.com/2008/repair-credit-legally-remove-negative-accounts/ micasamidinero.com/2008/reparo-credito-eliminando-legalmente-cuentas-negativas/

Melanie