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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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Post subject: |
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Hi Blue,
This is a great topic to discuss. People often require knowing about the ways to go for a credit repair. I am sure that many will get benefited from these suggested steps.
But Now-a-days it involves a lot of scam charging borrowers against false promise. To know about the different scam on credit repair go through the article "Common Credit Repair Scams Affecting Debtors" written by Jessica.
God bless you.
Thanks,
Samantha |
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anonymous73
Guest
0.10 Dollars($)
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Post subject: credit repairing companies |
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| Some of my friends are suggesting that I should consult the credit repairing companies while others are saying that it may not help? What I should do? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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Post subject: RE: |
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Hi,
It is always better to go for bad credit repair on your own rather than contact the credit repairing companies. This is because credit repairing companies often make false statements and try to take advantage of you.
If you want to go for credit repair services, then look for the past records of companies offering these services and try to select the firm that has a very good track record. You should be well aware that often these firms make false promises for an easy repair to your credit. In most of the cases they take the money from you without doing much to improve your credit profile.
It is a fact that none can erase or manipulate a credit report if the information contained in it is correct. If you have a poor credit report due to some genuine mistakes on your part, then you can rectify it yourself without taking the help of the repairing firms and paying them unnecessarily.
So, I would suggest you to go for credit repair yourself.
God bless you.
For MortgageFit,
Samantha |
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Leeann
Guest
0.10 Dollars($)
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Post subject: Reparing Credit |
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I am divorced and have recently refinanced my house to lower my monthly payments. In the past, I have been late (but within the month) on paying my mortgage. I am going to pay biweekly on the new loan, having it deducted which should improve my credit. Is there any way to improve my credit score quickly, or will it take a while(and if so, how long?)?
Thanks |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1519
Location: florida
281.04 Dollars($)
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Post subject: RE: |
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Hi Leeann,
It will take some time before your credit score gets improved. Since you have not been too late on making payments, so it may affect your credit profile but not to that extent.
Reparing credit is not easy therefore you should continue with your bi-weekly payments as and when required.
You can also go through the steps for credit repair from the post given above.
Thanks,
Caron. |
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anonymous5
Guest
0.10 Dollars($)
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Post subject: Getting Credit Score Up? |
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Hi---
If my score is very low now, mostly because of student loans, how long would it take for me to get the score back up to 650 or better? Approximately 6 months or 1 year, or longer? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: RE |
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Hi,
The 1st thing to do is check the report for any possible errors such as accounts that aren't yours, late payments that were actually paid on time, debts you paid off that are shown as outstanding, or old debts that shouldn't be reported any longer.
Once this is done then comes the actual task i.e. improvement of credit score in a faster way.
The fastest way to a better score is paying down balances on credit cards. Through this there is a possibility of improving the score by 20points in 60 days.
Hope this will give you a start. |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: RE |
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One million dollar suggestion, dont close you unused a/c for improving your credit score as i have seen majority of the people doing the same but let me tell you it not going to put any impact on the score rather it can be harmfull.
Thanks |
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SandyMSN5
Joined: 17 Feb 2006
Posts: 1
0.06 Dollars($)
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Post subject: |
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| really? it could be harmful? oops? so should I simply go ahead and cancel the unused credit cards? |
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Zeal_Deal
Guest
0.10 Dollars($)
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Post subject: |
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If you want to repair your credit score then it is not necessary that you cancel your credit cards but just make sure that you pay off their debts in time.
And if in near future you are planning to take a mortgage then dont think of canceling your credit cards in your dreams also.
Zeal_Deal |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2615
Location: MICHIGAN
415.19 Dollars($)
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Post subject: RE: |
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Hi,
There are several peoples who used to cancel their credit cards just to increase there current credit score. But remember, that doing so won’t increase your credit score. That is it is not a good idea to cancel your unused credit cards just as a short term strategy to increase your credit rating.
That is, make yourself clear why are trying to get rid of a credit card. The next step is to check whether there is any balance to be paid for the credit card you are about to cancel. Don’t try to cancel your credit card while you are paying the balance. Cancel the credit card after you have completely paid the balance amounts.
Thanks,
Jerry |
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Cliff
Moderator
Joined: 04 Oct 2005
Posts: 46
Location: Arizona
4.20 Dollars($)
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Post subject: |
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It would depend on how many open good tradelines you currently have. If you have one or two then I would suggest you keep the unused credit cards open and charge maybe gas or something small on it and keep paying them. If you have no activity on the credit cards the credit bureaus cannot measure it and therefore you will not have an increase in fico score.
If you are trying to get a mortgage it is important that you have these tradelines open and in good standing. That is what lenders look for.
As for credit repairing companies, my personal opinion is they are not worth getting involved with. The reason why I say this is because a lot of them are strictly in it to make money off of you. I would attempt fixing credit by doing what Blue states by doing it yourself. It does take time but the end result is worth it.
_________________
Cliff and Sandra
Loan Officers
Conventional & Sub Prime Specialists
Loans done in 50 states |
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chevaunne
Guest
0.10 Dollars($)
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Post subject: Raising credit score |
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| I had several charge off accounts on my credit report. I just recently paid all of them off. How long will it take for my credit score to increase and by how many points? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1609
Location: MASSACHUSETTS
150.97 Dollars($)
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Post subject: |
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Hi Chevaunne,
Welcome to MortgageFit Forums.
After making the payments, it will be reported as "paid charged-off" which is slightly better than a "charged-off".
This reflects consumer's willingness to pay his bills so future creditors might like "paid charged-off" in comparison to "charged-off".
After it gets reported with the bureau, the credit score gets updated accordingly. The reporting is done by the creditors receiving payment from you. However you may check the score after six months from the date of payment for a possible change.
Since the bureaus use specific credit scoring model which is kept secret, it is quite difficult to assume on how much the credit score will increase.
But it will always help you to raise your score with the payments made.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet
Last edited by Samantha on Wed Feb 22, 2006 1:47 pm |
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