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Credit Repair Secrets
Rebecca Said:I have paid off almost all of my debt but my credit is horrible. How can I repair it ASAP?
We Answered:good job! you only have to wait 7 years if you filed bankruptcy! so, as long as you keep the accounts open and don't use them or with the vs card put one thing on it a month and pay it completely off when you get the bill you're credit score should start getting better and in about 6 months or so should be repaired!
Kristin Said:Where can I get the BEST credit repair book? CREDIT SECRETS BIBLE or NOLO Law?
We Answered:I used nolo law, free cd with it.....
Albert Said:do you think i could repair my credit by january?
We Answered:Are those current credit cards or are they in default? If they are current, pay them off. It is silly to pay the high interest rate on those store credit cards.
Are you saying that you defaulted on the Mastercard and settled for less than full balance? Or is the balance still unpaid?
Even if you paid off every one of these debts in full, you will not raise your score enough by January. Damage done by derogatory items stay even if you pay in full. Credit scores simply don't go up that quickly.
You will need at least 24 months of consistent, on time payment history to even begin to improve your score. The longer the good payment history, the better your score.
Michelle Said:I have VERY bad credit with debt - can I qualify for ANY home loan?
We Answered:No way at this time. You need to improve your credit score to be at least 620 for an FHA loan. FHA has the lowest credit requirement for a buyer.
Talk to a good loan broker that is willing to work with you over a six month period to bring up your credit score. Normally I recommend that buyers should avoid loan brokers, but in your case their extra fee's are worth it because they often are willing to work with you and help your improve your FICO scores. It won't happen over night. Another word of advise.....pay your bills on time, 30 day late's on your credit report kill your credit score.
Colleen Said:I want to repair my credit!!!!?
We Answered:Your goals of being responsible and getting educated sound right on, very admirable! Proving yourself to a bank should only be a tool/tactic to reach your goals, it should not be your goal.
1.) Pay off outstanding debt. Call at the end of the month only, never ask how much you owe. The only question you should ever ask a collector is something like, "I want to pay you $, if you fax settlement $ offer I can pay you sooner. How quickly will you be able to fax the letter"? You can get the idea, since its outstanding if they will not accept/offer good settlement terms then hang up on them, call back and get someone else or wait another month. Its already as negative as it can get, one month more will not matter. Don't offer %, offer an exact amt that you have to pay now, like $133.80, do not round they know as well as you do that no one has just $150 in their acct. Never pay w/o an offer of settlement in writing. If we knew each other, i told you I have just paid my cell phone bill, car payment, bought groceries, paid my gym fee, now I only have a few $(133.80) left over till next month. You would believe me right off the bat, that's life I just told you about, it applies to you as well. That is the type of thing you must impart to the collector when they try to get more out of you, never make up excuses or tell the story that you typed out above. If you need to write down what you say before you call, then do it, if you get stuck then get off the phone. Any questions, ask me.
2.) This is tricky, think of it as a tool to reach you goals of being personally responsible and educated. The only way to have a good credit score is to have accounts in good standing with good payment history. If you are making payments -->you are carrying balances --> you are in debt :( When you pay off the revolving accounts that are in default then you will need to replace those with new accounts in good standing. never use more than 40% of your limit. in 6-12mo you will see a marked improvement, it will take years to get to 800 or above.
3.) Your school loan and auto loan are secured installment loans, not revolving like credit cards. It sounds like you have good history with installment loans. if you have been paying on your car for a year now, and if the interest rate is over 10% I would get it refinanced, that could free up some money to settle the outstanding debt sooner and then get the car paid faster. Your vehicle looses value every day, so you should make more than the standard payment to get it paid off. When you have no outstanding debt but do have good installment account history you should be able to get a student loan. Some form of income would certainly be helpful, lenders like to see that you have income with no debt, they see money to be made right?
Charlene Said:Is is possible to legally remove negative information from your credit report?
We Answered:The only way to remove correct information is through a pay for delete agreement which simply states that in return for your payment the creditor agrees to remove the account from your credit.
If they agree to this get it in writing before you pay them a dime.
Other then that there is no way to remove correct information except to wait for it to fall off in 7-years and 180-days per the Fair Credit Reporting Act.
Steve Said:Will the Credit Secrets Bible really improve my credit score?
We Answered:I haven't used the Credit Secrets Bible before, just heard about it a few weeks ago but I did use a company called Vision Credit Repair. www.visioncreditrepair.com that I found online. It's a ebook and it had a lot of information in it for the price.