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Military Credit Repair

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Tyrone Said:

Will my bad credit and debt get my fiance's security clearance revoked when we get married? He's in the Army.?

We Answered:

No. remember that your credit will change once married and it won't be so bad. I wouldn't worry about it.

Stanley Said:

credit help! PPPPLLLEAASSEE!?

We Answered:

look take all of this paper work to you first sgt and ask him to help you set up automatic payments from you check!!! last thing you need is letter of indebtedness hitting your commander's desk!!!

Beverly Said:

How to repair my credit?

We Answered:

First off, your credit score is largely dependent on utilization of credit lines (35% of total score). With your $1,000 card limit and almost maxing it out monthly, the brings util up to near 100%. The bureaus do not like to see anything above 30%. Ideally, you should have it between 1-9% of util every month. Even with paying it off in full each month, the balance amount that still gets reported to the bureaus is whatever the statement balance is at cut-off time, which will probably be the maxed amount. That is significantly hurting your score right there.

By not paying that card for 2 years, you have either major derog remarks on your report or a collections which the bureaus hate. They will stay on there for 7-7.5 years, but will generally lose some of their effect on your score after 4 years from DOLA.

With your limited accounts, you may also have a low average age of accounts and credit history which is also reducing your score. I would work on your credit (regular, on-time payments) for 1-2 years and then look at purchasing a car.

I promise your scores will be much higher and you will have more options available to you.

Good luck.

Sidney Said:

Repairing credit!?

We Answered:

I am not a credit expert, so you should visit credit boards for TONS of useful info.

I went there and my score has increased 120 points in a year from following their advice.

Best of luck!

Nicholas Said:

My credit score is 600 due to many inquiries in last 2 years. All my accounts are always on time and neverlate

We Answered:

A high number of inquiries flags an profile for possible fraud. Since the bank turned you down, you have the right to get free credit reports. On those reports, they should show all of your accounts and you who's been doing the inquiries. If you haven't applied for credit with these institutions, or there are active accounts you don't know about, then someone may have stolen your identity and has been obtaining credit in your name.

Nina Said:

how do i repair bad credit that happened while in the military?

We Answered:

Hey CJ-- well good on you for attempting to clean up your report (some folks never bother yanno) Anway you'll need pen, paper and about 1-2 months to get things moving in your favor. Here's a few tipe and good luck!

1. Order your credit reports from the 3 bureaus
www.equifax.com
www.experian.com
www.transunion.com
If you're ordering for the first time, get your score (for a fee) from Equifax as their scoring matters most.

2. Make copies of your report and put the originals in a binder. On the photocopied reports use a highlighter and check for any incorrect, outdate, false, etc...info

3. Download a dispute letter(s) from the credit bureaus website and list anything that is wrong. Mail them to their office(s). They have 30 days to reply.

4. If they will not remove something that is not yours or too old (> 7 years) as them for a debt validation. This may take an additional 30 days.

5. Once the 'baddies' come off, take care not to let any of your other accounts fall into that predicament.

6. If you haven't already make sure your existing accounts are current and paid on time ALWAYS.

7. Get a secured credit card with www.capitalone.com or www.mastercard.com for like $500-1000 or more if you can and use it sparingly. Charge like $50 on the card each month and pay it in FULL and on TIME. Make sure you do this for a minimum of 6 months so that you estabish a positive repayment history.

8. Problem with just letting them (collections) 'fall off' is that they may never. You may get sued before that...that's where you suddenly get a summons to appear in court and a judgment for collection against you.

For collection items...pay them but get a 'pay for delete' from the collection agency in WRITING...they'll delete it after you pay and it will help your credit score

Wayne Said:

question about credit repair?

We Answered:

You CAN'T have credit card payments taken directly out of you paycheck. That is not an option in ANY job. You CAN have the payments directly debited from you bank account, but I don't recommend it for at least 2 reasons. First, you WILL forget about the charge and overdraft your account. Second, you will NEVER actually pay of the card.

You mother THINKS she is helping by offering to cosign. In reality, she is signing up to RUIN her credit. The BEST advice is to live on LESS than you earn and DON'T rebuilt your credit. The 'dirty little secret' of the credit industry is your credit score is ONLY useful for getting yourself in DEBT. Ask anyone that has become wealthy and they will tell you DEBT and WEALTH are incompatible. Your Ad Here

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