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Credit History Repair Report

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Phillip Said:

Best way to repair credit?

We Answered:

530 is about as low as it gets before they simply score it 0. Pay the charge off account as soon as you can. Try to deal directly with the lending institution if you can as they are not a rough as third party collectors. If it is already with an agency DO NOT PIF. The agency bought the debt for anywhere from 70% to 30% and will try to get you to pay as much as they can to increase profit. If you settle with the lender they will report as settled while an agency most likely will report just paid. Make sure you are clear as to who you are dealing with when paying off the debt.

As for the credit you have, do not pay it off right away. You need to show the ability to handle a revolving account and you already have a big derogitory account. Pay your revolving debt down, but not off. If you have 5k available in credit cards, revolve no more than 1k. Most importantly, pay on time. If you miss a due date by a day or 2 you will get a late fee, but proably not reported as late. It is usually the second late payment that gets reported.

If you continue to pay on time you should be fine in 9-12 months and could get into the 700s in a year or two.

couple of tips
Do not have a lot of inquires on your file - it can drive down the score - be careful if you go car shopping as the sometimes pull credit on you

pay on time

do not have more than 25% of you income as revolving debt

do not use more than 25% of the revolving credit available to you

you can tell how you are doing by the offers you get in the mail. As you score improves, so wil the offers

Elmer Said:

Credit Repair?

We Answered:

Typically 7 years.
Here is a good article to explain how long certain negative marks on your credit report stay on your credit report.
http://www.creditscorequick.com/2008/03/…

Brett Said:

What Secured Credit Card Does Not Report as a Secured Credit Card?

We Answered:

Here's what you're looking for. It's a secured credit card that reports to all three credit bureaus as a regular credit card. You also choose the credit limit because it's equal to your deposit up to $5,000. Fixed 9.9% APR!

https://onlineacceptance.appliedbank.com…

Kathleen Said:

what are prospective employers looking at on my credit report?

We Answered:

First, don't give up. Your past is your past and unfortunately has a way of haunting you for some time.

14 years ago I got a DUI. That dogged me for a long time. Finally a friend told me to quit getting so down on myself and take pride in who I am now, not then. It's sound advice.

Your credit report will tell an employer if you're a flake or not. If your recent activity is positive, it's a sign that you follow through, if you have a lot of negative current crap on it, it's a bad sign. Be upfront with the interviewer if they ask for a credit report. Make sure they understand you're getting on your feet and are resolved to be a great employee.

An unstable work history will also not be in your favor. A person that lists way too many jobs on an application is not "stable" or seemingly employable for long stretches. If you seem to be flaky or flighty an employer will not invest the time and money to train you for a job you intend to leave in short order. Show some longevity, some roots. This give an employer the feeling of permanence.

Good luck

Leroy Said:

anyone know if companies that claim to improve your credit by adding credit lines to your credit work???

We Answered:

Yes, I have seen it firsthand. A relative had a credit card that told her what her credit score was each month. After being added to a Bank of America card as an authorized user, her score jumped 51 points and has remained there. The other poster was actually referring to instantcreditbuilders.com and they are still in business. My mother used www.totaldebtsolutionsllc.com and their free evaluation form. What you need to know however, is that it is accomplished in 30-60 days, not years. Some call it a questionable process but there is currently nothing illegal about it. Just the facts.

Ron Said:

Credit Repair Attorneys?

We Answered:

Go to Clark Howard . com and he has an area on HOW to deal with credit companies.. it works... Your Ad Here

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