Question : How can I succesfully repair my own credit ?
Do credit repair companies work? I want to build or buy a house for my family .This is no joke , I have seven kids . So it's very important that I get a good P.M.I. and a good interest rate or I'll never be able to afford it. I make about 60k a year , but one of kids had to have 5 brain surgeries right after she was born and this ruined my wife and my credit . Any suggestions would be appreciated. Please , serious stuff only.
- asked by Madeline B
All Answers:
Answer #1
Pay your debts, thats the best way to repair yourcredit
- answered by shaun
Answer #2
Most of the information that I have heard aboutcredit repair companies is not good. I've heardthat some companies recommend you do things thatare unethical or in some cases, illegal.Most ofwhat is legal for you to do, you can do withoutthem.... look over your credit report for anywrong information and contest that information,add information about why you had problem (ieinform them about the medical problems you raninto).Next, pay your bills and credit bills ontime...the longer you do, the better your FICOscore will be. Check with a reputable financialexpert, like Suze Orman, for more ideas on how youcan improve your credit rating.
- answered by Denise
Answer #3
No credit repair companies are scams. Get yourcredit reports and remove all old addresses andincorrect information. Once you receive theupdated reports then ask the CRA to "verify" allof your negative accounts. When the new reportscome back then go back through what is left of thenegative accounts and look for errors....even thetiniest error would make the entry wrong thereforeit is law that it be removed. And when you gothrough all the negative accounts have thecreditors of the accounts "validate" the accounts. Keep all communication in writing as you need thepaper trail. Stay off the phone! Keep allverifications and validations (dont mix them up)very simple. For example Dear TransUnion I do notrecognize account #xxx with company XYZ pleaseVERIFY.Dear Collection agency I do not recallhaving an account with your please VALIDATEaccount #xxxx.Don't give them any more info thanthat. It is their job to prove the accounts areyours. Do not sign anything....print your name(signatures tend to show up mysteriouslysometimes). Hand write your requests on coloredpaper so as to get a human to review it. And allnight I've been forgetting to tell people whensending the letters to the creditors you reallyshould send them registered mail with a returnreceipt required. This helps build the papertrail and proves they received your letter.
- answered by EMT13
Answer #4
Do not use credit repair companies when you can doit your self my brother use them and he told meeverything they told him he could have got thesame information from this site. If you want us tohelp you you need to give us more information?Youneed to first get your credit report and creditscore.Did you file bankruptcy ?Do you have past dobills?You need a score of 700 to get the good lowrates.Be "sure" to do your home work here = Learnabout credit scores =
http://www.myfico.com/CreditEducation/CreditScores.aspx?fire=5
- answered by remixx
Answer #5
Pay your bills on time.
- answered by Steve R
Answer #6
To Repair credit scoreYour credit score is basedmostly on:1. Length of credit history2. Paymenthistory.3. Ratio of credit used to availablecredit.4. Number of credit inquiries youauthorized.If you cancel your card, you'll behurting your credit ratio. (#3).You want todeliberately keep your oldest credit card open,even if you never use it.You want to always paythe minimums of each loan on time every month.Youwant to keep your available credit high, butactually only have balances equalinig 25% orless.You want to keep your credit inquiries to aminimum. Try for no more than 3 or 4 per year forany type of loans.You do these things and yourcredit score will quickly soar into the 700s.-------------------------------------------------http://www.bestcreditrates.net
- answered by shhbanvar
Answer #7
I am a loan originator and deal with people whohave bad credit on a daily basis. I would suggestgetting a copy of your credit report. Then makingsure that there are no duplicates or closedaccounts affecting your score. If there are youcan call those places that have been dawdling intaking them off your credit report. Pay things ontime and try to get rid of as much revolving debtas possible. If your credit is bad now you mayneed to wait a couple months until you can correctall of the above problems and bring your creditscore up to where it should be. I hope I helpedto answer your question if you have any moreconcerning your credit scores feel free to contactme through my yahoo email. P.S. A credit repaircompany can raise your scores but you most likelywon't see the results until the process is over,they can really affect your score negatively whilethe repair process is taking place. Just putyourself in the lenders position. Would you lendmoney to someone going through a "credit repair"? I suggest trying to do it on your own first.I'vebookmarked thissite...
http://debt.123thebest.info/credit_card.htmlAll the best to you.
- answered by Jenna B
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