Bad credit repair
 

Anyone know of a good trustworthy company for credit repair? Please Pm me.
I tried to buy a car and a house this week and can not get financed due to my bad decisions from years ago.

Re: Bad credit repair
 

Seriously-those "repair" companies can't do anything you can't do yourself. They just pray on those looking for quick fixes and there's no such thing when it comes to fixing your credit.

You can get a lot of information here and ask for advice for any problems you have. I used it in the past to get advice getting rid of old stuff. You just have to be persistent with the credit reporting agencies to get stuff deleted.

http://debt-consolidation-credit-rep...ce.com/forums/

Re: Bad credit repair
 

AMEN, I have been in the debt business for 7 years, you can do this yourself. I have running around to do but if you PM me questions, I'll try to help. You get the BOTL rate of $0.00 for the help so ask away.

Re: Bad credit repair
 

As the others have said, you can start rebuilding without outside help. Start small, a jewelry store loan on a watch or a department store credit card. You can also check with a local credit union. But its not going to happen overnight, it will take time to build your score. You can get a free report from one the major credit bureau's like Experian. Check with your bank or the credit union and ask if they can recommend a credit counselor. :2

Re: Bad credit repair
 

Did the free credit report dot com thing and now feel overwhelmed.

Re: Bad credit repair
 

First thing first, copy letters from that site to each of the creditors that show negatives on your report for validation. Otherwise, they have to remove them from your report. It'll probably take 60-90 days at least from the date letters go out to seeing some real progress in getting lines deleted.

In addition, keep good records of what you're doing as you can sue them for failing to perform as required under the fair credit reporting act I believe it is ($1k for each violation I believe).

Re: Bad credit repair
 

Not an expert on this but I believe it is critical to not only look at what you did in the past but also what is it you are doing now.

Reduce your debt to credit ratio.
If you owe over a certain amount of your total credit line, it very negatively impacts you.

Reduce the number of credit cards you have.
Close out as many as you can. The more cards you have, the less credit worthy you are and hence lowers your score.

Pay all your accounts on time, without any exceptions. Don't hit 30, 60, etc, lists.

My son's was a total mess due to stupidity. Took him a while to work on it in the above fashion and recently has just bought his own house, on his own, with no co-signer.

No magical fix overnight. These are the things folks get to sometimes live long enough to regret. You made mistakes, now pay for them slowly, as should be. Otherwise, where would the lesson learned be?
Good luck.

Re: Bad credit repair
 

Just have a question as I am far from a credit expert to say the least. If he closes out a lot of his credit cards at one time wouldn't that also reflect negatively on his credit report? Just asking as I have heard this in the past but never could understand how this would reflect badly on a person although a few years ago I paid off most of my debt and canceled most of my cards except for a couple. Just curious.

Re: Bad credit repair
 

From personal experience, I can't see that being accurate if what you are closing is accounts with $0 balance and if you are closing them voluntarily at your request.
I had an onslaught of cards I never used. They were just there. I closed out about 10 in one month and my credit score jumped up in only a couple of months from 740 to 780. Didn't affect me anyway but positive.

Re: Bad credit repair
 

I just talked to my financial advisor about this same question. I'm sure that every situation is different but he advised me to not close out my $0 balance cards. He said that by far the heaviest weighted item that affects your credit score is length of credit.

Re: Bad credit repair
 

I guess that makes sense.
In my case, all my cards are/were so old, for so many years, it didn't make a bit of different which ones I got rid of.

Re: Bad credit repair
 

That's probably true, if all your cards have a lot of history then it wouldn't really matter.

PS - Carlos there was an old guy joke in there somewhere, but I took the high road. ;)

Re: Bad credit repair
 

:r:r:r

Something I advised my son to do that I have been doing as well for a while now, post having closed all those accounts, is using a CC for everything in lieu of my ATM card or cash.
I then pay it all off at the end of every week.
Incredible what it does to your score and I have racked up almost enough points for a free cruise soon.

Re: Bad credit repair
 

That is exactly what we have been doing. Makes a lot of sense.

Re: Bad credit repair
 

True. Ideally, you won't exceed 25-30% of your balance/limit ratio in a typical month.

False. Closing accounts can negatively impact your score because you decrease your available credit. If you have $20k in available credit and you eliminate $10k in available credit, you DECREASE your score in that you have a much harder time lowering the balance/limit ratio if balances are any issue at all.

True

Re: Bad credit repair
 

Not being judgmental, but isn't this the exact reason why our banks got in the financial mess to begin with?

Re: Bad credit repair
 

I should have been clear.
I meant close them as you pay off.
In my case, when I closed down those accounts, the only debt I had was my home and I had an open equity line of credit with a zero balance.
I kept two cards only with about $20K credit line with no debt.

Re: Bad credit repair
 

I would leave them open to boost my score if I was ACTIVELY working on improving my score. Once you hit a threshold you're comfortable with on your score, then I would close them if that's want you want to do.

Re: Bad credit repair
 

I understand what you meant, but I would leave them open because if someone has a high balance/limit ratio, closing out an account after you pay it still means you may have a high balance/limit ratio. For example:

Scenario A: $20k balances/$25k limits
Your balance/limit ratio is very high at 80%. Let's just say you pay $10k off the top and leave it open. You lower your balance/limit ratio to 40% which will boost your score.

Scenario B: $20k balances/$25k limits
Your balance/limit ratio is very high at 80%. Let's just say you pay $10k off the top and close out $10k in available credit. You lower your balance/limit ratio to 40% which will boost your score. Here, your balance/limit ratio drops to just 66% rather than 40%.

Word of advice: Do not drop any available credit unless you are going to be less than 30%.

Re: Bad credit repair
 

It's a spambot.

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Going to freecreditreport dot com was a mistake, the website is a scam. You'll now be hounded to join in in some monitoring service. Always use Annualcreditreport.com.

Consumerist.com just had an article on closing credit cards, and found that the impact was minimal if any. Besides, if your credit is already in the shitter, why worry about closing unwanted cards?

Re: Bad credit repair
 

lol

From someone who works in the online lead generation business, freecreditreport dot com, is a legitimate site but they do sign you up for their credit protection monitoring which is not cheap. I think you have 5 to 10 days to cancel before they start charging you (if you did indeed use their site). I believe a couple of months back after several complaints, they had to make it more clear what you are signing you up for when you get your "free" credit report.

Annualcreditreport.com - is in fact free with no obligations.

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Do you have any credit cards? One thing you might consider is calling up some of the companies and see if they can give you a credit line increase. This will decrease your debt to available credit ratio.

The only problem with this is that sometimes they need to pull your credit for a credit line increase. Inquiries to your credit score can negatively affect your rating as well. Sometimes they can give you a small increase without checking your credit. Just ask before they do it. If they need to pull the report, just tell them no thanks, you will call back later.

Also, if you have a card with no balance, start using it for small things. $10 - $15 dollars a month and pay it off at the end of each month. It often takes 6 months of this type of actively to improve your report.

Re: Bad credit repair
 

I am also in the process of fixing my credit, as I was an idiot years ago. I just got a new credit card from capital one with decent cash-back, I am using it for everything and paying it off every couple weeks because it has a low credit limit for the first few months.

to those with experience: how long did it take to get your score to come around? it has been about 2 years since I started being a responsible payee. I just got my free annual credit report and everything current looks great but I didn't opt to get the score (they wanted $14.99)

I am hoping to get a new (used) car after I graduate and not having to get a co-signer would be awesome

Re: Bad credit repair
 

Re: Bad credit repair
 

And we'll say goodbye now. -(P

Re: Bad credit repair
 

Dammit Tom, I texted that number and got no reply. Did you feed this guy to the pissheads or something?

Re: Bad credit repair
 

Come on man ... I mean they come right out and say they are a hacker so it has to be real! I mean sure the Nigerian prince I sent the money to never replied back or the Prime Minster of Oil in Kenya that was a friend of my Uncle Gus' during the great Numbuttu uprising, I never heard of Gus but I just have one of those families, and I'm sure the Prince is just really busy running the Ministry of Oil and Fishing Permits, but THIS GUY ADMITS he's a hacker!!

Wait was it Dick Hacker?

I just dialed 666-666-666 and I'm pretty sure it was my ex-wife that answered.

Re: Bad credit repair
 

I liked Helen

Re: Bad credit repair
 

While I am not above feeding spammers to the pissheads, in this case I merely forwarded all calls to Adam's ex-wife. I would have forwarded them to mine, but there are no phones in Hell.