Question: Credit repair?
I want to repair my credit I know this will take some time however, I have come into some money and want to pay everything offf thats on my credit if I do so what will happen?
will be removed?
will my score get higher?
I'm so clueless as to what will happen after I pay them all off and its kind of embrassing Im only in debt by 3000.00 how sad
Answer: So you've come into a bunch of money...time to repair your credit.
First thing I would do is get a copy of your credit reports and find out what you need to settle. Secondly, don't deal with the collection agencies unless the original creditor absolutely won't talk to you.
I would recommend paying off your open credit cards first. Then tuck them away and don't use them. This will take care of the "%available credit" part of your credit score"
The next part is cleaning up your delinquint accounts. Call your creditors and see if they will settle for 50% or less of your delinquent balance.
Demand that you get a copy of the settlement in writing BEFORE you send them a check. Make sure that any settlement agreement you reach includes what they will do with your credit report...you can see if they will take it off of your report, but if they won't at least demand that they put the phrase "pays as agrees" or "paid in full" on there. The ideal is that they remove the item from your report entirely.
If the creditor sent an item to collections, call the collection agency and demand that they remove the collections item from your report. (This will improve your score).
Start with the lowest delinquent balance first and work your way up...the more line items you can remove from your credit file the better.
Question: Is there any way for a credit repair company to set up an account to pull credit for its clients?
I am trying to start a credit repair company but I have not found a company to go through to pull credit. All the companies seem to only work with mortgage companies. HELP!
Answer: i agree with the poster above, why not have the clients pull their own accounts (they can do this for free three times a year).
Be ware however, that credit repair is a hard market to serve....most often they want YOU and your company to be magicians....
Is there another kind of business that you can run on the side...I really think that this business will be more trouble than it is worth.
With that said, I was of the impression that anyone can pull anyone's credit with the subject's permission. Work with a lawyer and have them create a consent form for you. I just checked my credit report and it was pulled LITERALLY 12 times in the past 7 months. 9 of these pulls were 'soft pulls' meaning that I did not initiate any of them.
Saying that to say that there is a way. I just dont know what it is
Question: Is there a way to repair my credit rating quickly after having a debt company?
I am now debt free but have been told that I will now NOT have a credit rating for 6 years as my accounts were defaulted after taking assistance from a debt management company but then paid off by my family?
1) Is this true?
2) Can anything be done to improve my credit rating?
3) What about these credit repair companies?
Dare I ask about a mortgage??
Answer: First of all, everyone who has credit has some sort of credit rating. If your accounts were paid off, it should actually raise your score, but not knowing the facts I can't really say. As to not having credit rating for 6 years, I understand that bad credit stays on for 7 years.
You can try myfico.com to get a credit rating. They give you 30 days free. For instance if your credit report does not show much activity or if you are just starting out, myfico.com requires that you have at least six months of paying a few credit cards in order to get a credit score. It looks like you may need to re-establish new credit if your credit report was wiped clean or if your credit score is low.
I suggest you open secured credit cards to re-establish credit (Wells Fargo, Orchard, Bank of America) are just some examples. Once you make payments for six months, you should have a credit score if you don't have one OR if you have a low score, it should raise your credit score. However, that depends on establishing good habits of paying on time. Secured credit cards are great because once you prove to them you are a good customer after one year, they convert your credit cards to regular credit cards and any balance from the secured credit cards are returned to you, plus they report to all credit bureaus you're great paying abilities on a monthly basis thus raising your credit score, which is the ultimate financial goal for those trying to reestablish credit. It IS doable. I did it! Now, I am enjoying Club 700 and all its perks but it took time, diligence and lots of patience.
P.S. I agree STAY AWAY from credit repair agencies. They charge a lot for things you can do yourself and many times they don't help (see links below) Get copies of all your credit reports and use a monitoring system like myfico.com to help you stay on track.
P.P.S. Get your financial life back on track and raise your credit score before you think of a mortgage. Having a low score will get you the HIGHEST interest rates, so have patience and RE-ESTABLISH your credit before making such a big decision.
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.
Answer: I am a loan originator and deal with people who have bad credit on a daily basis. I would suggest getting a copy of your credit report. Then making sure that there are no duplicates or closed accounts affecting your score. If there are you can call those places that have been dawdling in taking them off your credit report. Pay things on time and try to get rid of as much revolving debt as possible. If your credit is bad now you may need to wait a couple months until you can correct all of the above problems and bring your credit score up to where it should be. I hope I helped to answer your question if you have any more concerning your credit scores feel free to contact me through my yahoo email. P.S. A credit repair company can raise your scores but you most likely won't see the results until the process is over, they can really affect your score negatively while the repair process is taking place. Just put yourself in the lenders position. Would you lend money to someone going through a "credit repair"? I suggest trying to do it on your own first.
Question: Where can I find a trustworthy credit repair expert?
I am trying to repair my credit by sending debt settlement letters to the collections agencies listed on my credit report, but they are not being cooperative. Most are saying they CANNOT settle the debt nor are they willing to delete the listing from my credit report after the debt had been paid. I don't trust any of these non profit credit counselors, but I need some guidance. I am begining to lose hope that this is even worth the trouble. Any advise?
Answer: Many people will say "Why pay someone to do something you can do for yourself?" Yes, it's true, you can do this yourself....if you have the patience to wait, the time to write a bunch of letters, and the time and money it takes to send certified letters all day. We ended up going with a credit repair agency and let them do the dirty work for us. They told us we could do it all on our own, but my husband works full time, I work two jobs from home, and take care of three kids, who has the time to do it!? Most of the credit repair companies let you cancel at any time. For us it was worth it to find out if they can help us, and so far (about four months), they've helped us a lot.
Question: Are there any credit repair companies that are legit?
I want to fix my credit fast, because my husband and I want to buy a new house in about 6 months. There a lost of credit repair companies out there. They say that they can remove bad hits on your credit report.
Has this worked for anyone? If so, which company? How much did you have to pay them? How much did your credit score increase? How long did it take?
Thanks a bunch!
Answer: You can get a copy of your credit report at AnnualCreditReport.com and dispute any errors with the credit bureaus. If there are legitimate negative items, you will just have to wait the 7-1/2 years for them to fall off your credit report.
Companies that promise to repair your credit will only take their fees up front and do very little for you. There is no magic way to remove legit bad marks.
You can improve your score yourself by paying off credit card balances. A big part of your score is the ratio of revolving debt to available limit. Any balance over 30% of your limit hurts your score.
If you have negatives on your credit report, contact the creditors, newest one first and work backwards. Negotiate settlement. The older the debt, the more likely you can settle for less than the balance. Lump sum gets the best offers. Any payment plan should be short term. Get any settlement offer in writing and don't give them access to your bank account.
If you plan on buying a house, the mortgage company will insist that all negatives be settled. You may need longer than 6 months to clean up your credit. You also will need a nice downpayment.
Question: Can I bring legal action to an attorney that promised to help me with credit repair, and has bounced?
I paid $300 to an attorney that works with a real estate firm specializing in credit repair, by disputing and of such nature. He hasn't done anything, he is now unable to be reached? Took my money and left but still around. Can I bring legal action to him? (His company states that he's doing it on his own). I need a good attorney to help me out, what kind of attorney could help me in this case? Please help me.
Answer: Report him to the bar association. They will do a full investigation into his misconduct and discipline him. It shouldn't cost you anything. Google the bar association in your state to find the info you need. Good luck!
Question: Can anyone recommend a strong credit repair guy?
I need to repair my credit and need someone who is experienced and knows what he is doing. Im in southern California, can anyone recommend someone?
Answer: Pick up a copy of "Financial Peace" by Dave Ramsey at the book store or visit his website. He's the best. There is no need to pay somebody money you don't have to fix the problems you have because of no money. You can do it on your own.
Question: Is getting credit repair a good idea if planning on buying a house?
how does credit repair work? is it a good idea if you have bad credit and want to buy a house.
Answer: You should repair your own credit. Credit repairing is a good idea, but you do not need to pay a company for what you can do on your own.
Try visiting this website, it has good tips on what you can do and some companies that can help: http://credit.com
When you go to buy a home, lenders look at everything-and I mean everything.(I knew a person who was denied for a $15 phone bill in kansas) You need to pay off your debts, and keep your credit cards and other revolving accounts in good standing.
Credit repair companies charge stupid fees for their services and sometimes do not work and you can go into debt over them. Get your credit report from all 3 agencies. Dispute anything if necessary, and start making paymenst through the mail and the mail ONLY to your collectors. Also ask for a letter of deletion (have it removed from your credit altogether)once you have paid it off. Your credit score will slump that is why you need it deleted when you pay it-otherwise activity on an old account is bad.
Good luck, there are all kinds of deals for first time home owners and folks with bad credit. Problem is, they are stuck with variable interest rates and that is the reason for the forclosure's now. Mortgages have doubled or trippled over a course of 2-4 years, that is a lot of $$. Try to go for a fixed rate, that way you will know what your payments will be no matter what.
Question: Where is the best place to find help with credit repair?
Trying to repair my credit,I do not want to pay someone to do this. What is the best way to do this, and where do I start?
Answer: You might start by doing as much reading as you can on some of the sites listed in my profile.
Reading and understanding the FDCPA, FCRA, etc. can be a bit hard at first, especially the FCRA, but it does get easier.
Kudo's to you for wanting to repair your credit yourself instead of paying someone else to do it.
There are a few great "free" do it yourself credit repair sites on the web that have many active members. Many members on those sites have been there and done that. (I prefer the one listed in my profile the most)
Never pay a site for information you can find for free.
Question: Those of you who have used Lexington Law credit repair services, how did it work out?
I'd like to know of anyone who has actually used Lexington Law credit repair and of their experience. I've gotten mixed reviews on the company, so I'd like to hear from some actual users. Was it successful? How long did it take? Any problems? How was their communication/customer service? Do you get to talk to a real lawyer ever?
Answer: i used this company. i was with them about six months. to tell you the truth i did not see any different on my credit report. i spoke with a worker in the office when i signed up. i did not recieve any information in the mail , and i wasnt called to let me know if ther were any changes on my credit report. you have to have a checking accout so that they can take it out of your acccount every month. no coummuication at all with this company. i would not use this company again.
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