Does anyone have any advice on how to repair a credit rating?

5 Comments

1. kerry k says:

   February 7, 2012 at 3:42 pm

   First, every offer for credit that comes to your mailbox, shred it. Next, tell the credit companies that you want a 5 year freeze put on your information. While you will still get offers, eventually the flow will stop. This protects you since any request for a credit check will mean that the requester has to identify themselves. If it isn’t ‘you’, it doesn’t happen. Seek no additional credit, except for a major item, such as a car, for now. If you can, even though the interest rate may be high, do buy something on credit, and be absolutely sure that the payment is at least on time, early would be better. This does help to establish credit. Finally, contact Lexington Law and ask them for help in fixing your credit. They know how to do things, legally, that all of us only wish we knew. Given enough time, probably 6 months to a year, you should be in a lot better shape. Do NOT over extend yourself with credit. Do not buy more than what you can afford that does not exceed 50-60% of your monthly income.
2. MBATXguy says:

   February 7, 2012 at 4:15 pm

   1 – Pull your credit reports for free from http://www.annualcreditreport.com

   2 – Check to see what accounts you have that are in collection and/or charged off

   3 – For the accounts which you know you owe, call up the original creditor and make an offer in settlement (provided the debt is not past the statute of limitations on collection of the debt)… In this offer for settlement, make sure they put in writing they will delete the entry off your credit report OR make it a positive item with no negative history…

   4 – If the company will not work with you and it has been referred out to a collection agency, then give them a call and do the same thing..

   5 – You can begin by seeking financing from a place which does in-house financing.. Of course, do not go crazy, but finance maybe a TV or some other sort of appliance for your place of residence.. You may have to put 50% down as a down payment, but at least the remaining amount will be able to go on your credit as a positive reference

   6 – Finally, consider a secured card (one which charges no fees), if any only if, you can use it responsibly.. charge a tank of gas on there and then when the bill comes, pay it off.. This will also build solid credit..

   The primary thing to remember is to take care of past debt.. Do not go for the paid reference on the credit file.. This will not really help your score any.. Remember, simply having a negative entry removed from your file after you pay it in full could result in an increase of up to 50 points..

   Hope that helps..

   One other point.. Do not use these credit repair companies.. Most are scammers who do nothing for you.. The others do what I have advised you above..
3. James S says:

   February 7, 2012 at 4:42 pm

   The website below is full of information on how to understand your personal credit and the ways that it can be improved.
4. diana a says:

   February 7, 2012 at 5:05 pm

   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
5. Courtney B says:

   February 7, 2012 at 5:54 pm

   Pay all your outstanding debts off as soon as possible by making payments above the minimum. Once they’re down to zero, use one of your credit cards to make purchase, but them off as soon as the bill arrives. Don’t wait for the payment due date. Yes, this takes a while unless you have access to funds that don’t need to be repaid, ever, which you can use to pay off the outstanding debts and start right away on the second phase.

   I’ve bookmarked this site…

   http://debt.123thebest.info/credit_card.html

   Good Luck.