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Credit Repair Now
Frances Said:Is it now harder to repair credit in this economy?
We Answered:It is harder to obtain credit now. Banks are very strict in the guidelines that they follow when analyzing applications. Banks aren't lending much money to each other, which means they have less money to loan out to people.
What are you considering to do? Are you thinking about whether to pay the minimum monthly payments or to try and pay it off quickly? If so, the answer will never change regardless of the economy. If you can afford to pay it off quickly, you should do so so that you won't have to pay more interest than necessary.
However, if you're strapped for cash, leave the balances on your credit cards so that you can use the money elsewhere. Just be sure not to pay the absolute minimum since most of that money will just go into the interest. Instead, try to pay as much as you think you can afford to. You will want the balance to go away as fast as financially possible because the longer you have a balance, the more interest you'll pay.
Audrey Said:How do I repair my credit? Ive already paid off delinquent accounts and now only have 1 credit card. Help?
We Answered:For getting any kind of loan Credit History is much more important than credit score. Often, the lack of credit history is equated with bad credit. You should be aware that lenders will go through your credit report once you apply for loan for buying a house. Therefore you should polish your credit report. Anyway, in order to establish a good credit history and at the same time risen your credit score in a short time do following things:
1) Close all of your credit cards but one. It reflects in your credit report and it is a very good sign. For instance say that you have 5 credit cards with $1000 credit limit for each. Therefore you are responsible for $5000 of possible debt. But when you close 4 of them, now you are only responsible for $1000 of debt which lowers the level of risk of lending money to you.
2) If you have any loan, like car loan or any balance on your credit cards, try to pay more than your monthly payment for 6 months or something. I mean say your monthly due on your car loan is $150, try to pay $250 each month. Lenders can see these trends in your credit report and they see that youíre a responsible borrower.
If you donít have such loans, I suggest getting a $3000-$4000 loan and paying it off in full in 5-6 months. You might pay $200-$300 of interest but you will save thousands of dollars in your home mortgage and interest rates.
Also checkout http://www.howtoestablishgoodcredit.com/Ö
There are lots of articles there, related to your question, which you can find useful to boost your credit.
Doris Said:I have a credit score of about 500 and I am working on repairing my credit now. ?
We Answered:The only way to break your loan is to either sell the vehicle privately and payoff the bank OR to trade it in at a dealership for another car. Either way you choose, you will still be responsible for the difference between your loan balance and what you get from the sale/trade in of the car.
Be aware that if you get another loan, it will carry a high interest rate as well due to your low credit score. To make matters worse, if you can't pay off what you owe on the focus, it will be rolled over to your next car, thus making your payments that much more.
For your next car, I would NOT consider leases in your situation because leasing during the 2nd half of the year is usually more expensive. Leasing also requires excellent credit, otherwise, you will either not qualify or it will far more expensive than buying.
Edgar Said:I have got $10.000 debt... My credit is bad now. I want to repair it. How can I schedule my payments?
We Answered:You need to speak to your creditors and agree a repayment amount and once this is done you must meet each payment on time and this will strengthen your credit rating.
Vernon Said:I just paid off all my debt, What can I start to do now to repair my credit.?
We Answered:Pay everything on time. You need at least a 24 month consistent, on-time payment history to start improving your score.
Mildred Said:I paid a small law firm alot of $$$ to repair my credit - and now they are gone?
We Answered:That is simply fraud as it is ILLEGAL for anyone to even promise to remove info from your credit report except the agencies themselves. Report them to law enforcement so they can be an APB on the company.