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I Repair My Credit
Marjorie Said:How to repair credit to purchase a home in the near future?
We Answered:The more negatives you pay off the better. You really need a 2 year consistent on time payment history.
The reason the scores don't match is that you get the consumer version. I understand there's a mortgage version, and a car loan version. Also, are you sure Triple Advantage was giving you your FICO. It's the only score that counts.
Another piece of advice, don't buy more house than you can really afford. Your house payment shouldn't be more than 25% of your monthly income. Waiting another 6 months may work out better as far as finding more house for a cheaper price.
Lester Said:I am currently 14weeks pregnant and I am looking to move out of my parent's house. I am 22yrs old and have?
We Answered:Yes, most landlords will want to run a credit check on you. If you have abysmal credit, then, yes, it can have an impact on their decision to rent to you.
Only way to get around this is to rent from a landlord who doesn't do credit checks or have enough money saved, that you can offer 3 to 6 mos rent up front.
Darryl Said:How long does it take to repair credit?
We Answered:Here's how your score is broken down
35%- payment history
30%- how much debt you have
15%- length of time
10%- types of credit
10%- inquiries and new accounts
With the delinquencies and the derogatory items that you had on your report, it affects 65-80% of your score. When you settled your collection accounts, did you request a "payment for deletion"? That's when you settle with the collection agency to have the item completely removed from your report. If not, although you paid it, it still can negatively affect your score because of the payment history.
What you can do to help yourself is if you have a close friend or family member with excellent credit, ask them if they would add you to their credit cards as an authorized user. You wouldn't need the card as it would be for reporting purposes only. Once you're added, their payment history would be reported on your credit history as well. Another thing would be to report the on-time monthly payments you are making to this agency called PRBC. PRBC is a consumer reporting agency that reports monthly recurring payments and scores it in a report that can be used in conjunciton with your tradtional credit reports. The Bill Payment Score, or BPS give a more accurate description on what you really pay, and when you pay it.
Becky Said:How can I build/repair credit score in a reasonable way?
We Answered:You can use credit repair agency, for example this one - http://creditreport.undonet.com
They will clean lots of such bad stuff from your credit report - and do it much faster than yourself, so your credit will go up.
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