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Credit Repairs

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Laura Said:

do credit repairs firms really work? Is it best for me to do it myself and save the $?

We Answered:

I used the credit repair company 7 years ago to "repair" my credit and gave them $400 to do it. Later I find out all they do is dispute what you have on your file which you can do on your own. Then I did some research and they charge you for all the work you can do yourself. There is nothing fancy they do. All they do is prepare letters of dispute for you and mail them to credit agencies. The agencies think you are disputing so they write to you since their name is never mentioned. You get the responses and you send it to the credit repair agencies. Then they dispute on your behalf and the cycle continues.

I was too naive to know it then as well as lazy to read. Since then, not only has my credit spotless but I have helped repair credit for 3 friends of mine and all I charged them was beer!

All they do is write dispute letters on your behalf! Save that money and pay it towards your bad debt.

Agnes Said:

Can I trade my car in with the repairs on a credit card.?

We Answered:

If you want to, it means you'd owe the credit card company, not anything for the car itself.

Kevin Said:

Credit Repairs?

We Answered:

fixing your credit is difficult but there are ways around it. The 1st thing to do would be to check your report to make sure it is consistent with your actual history.

Sometimes you will find errors on it from agencies that can actually be repaired by calling the debtor and explaining your situation. Or disputing errors by filing a claim with experian

Guy Said:

Should I ask for a refund or ask to have a credit towards my car repairs?

We Answered:

Most likely you have a bad oxygen sensor, on board computer won't be able to make proper air/fuel mixture adjustment, you can smell unburnt gas from exhaust pipe, your cat should be fine, bad cat doesn't stall your car, bad oxygen sensor can in some cases..

I don't think you can get a refund/credit but you can try, it won't hurt anything. But I won't recommend to have you car fix at the same garage.

Herman Said:

What are the pros and cons of borrowing on a credit card to pay for auto repairs? What are some alternatives?

We Answered:

If you put the repairs on a credit card, you'll pay interest on the repair costs and the total cost will be way higher than the actual cost of the repairs. If you have the money to pay off the card in the same month (thus avoiding interest charges), then you might as well pay cash since you have the money.

Its a good idea to have an emergency fund for things like unexpected car repairs. That way you don't have to go into debt every time life happens.

For regular routine car maintenance, you should be saving up and including it in your budget anyway. You know your car needs oil changes, tune ups, and new tires, so those aren't emergencies, they are events that you know about and can (and should) plan for. The emergency fund should only be for things you could not have predicted, like if the alternator breaks and you had no idea it was going to happen.

Debra Said:

My credit score is so bad, and I want to fix it, should I trust those web sites that promises credit repairs?

We Answered:

No. Most of those websites are scams. They take your money and do nothing for you. The reality is that noone can fix your bad credit except you.

The few websites that do help with this still have you do the work, they just provide you with the info. Below is some info on how you can fix it yourself.

First off, request your credit report (you can do it for free on the link below).

Once you go through your report, highlight those accounts that are bad. Do any of those not belong to you? Contact the credit report company and ask them to remove it from your credit as it does not belong to you. Those that belong to you should be isolated into two categories: Those you can pay off, and those you can't. Contact those you can pay off and let them know that you will pay them off. Ask them who to send the payment to, and ask that they remove the negative report since you will be paying them off. Tell them you will not pay them unless they agree to remove the negative report. They will.

Now comes the hard part. Contact each and everyone of the bad reports that you can't pay off and negotiate with them to see if they would be willing to take a partial payment for the whole sum. Let them know that things have been difficult and that you are considering bankrupcy, but that you would like to settle your debts with them before that happens. As before, ask them to remove the bad report as a condition of paying them. Most companies will take a partial payment over no payment. This takes finesse and persuasion. Always ask for a supervisor when you call as they have the authority to negotiate an account.

Lastly, guard your credit. Get a secured credit card through your bank and make a very small purchase each month and pay it off each month. A history of purchases and timely payments will improve your credit over time. There are no quick fixes, so beware those who offer them.

Best of luck.

Miriam Said:

When purchasing a foreclosed house, Do banks give credit if the property needs major repairs?

We Answered:

Are you sure you want to buy a home that needs the roof replaced?! A roof replacement is kind of a big deal and crazy expensive.

If the owners neglected the home this much, I wonder what other problems could be lurking in this house. Your Ad Here

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