I have never owned a credit card and i am in debt. I want to make my credit score better. I have heard things fall off your credit after 7 years is this true? How can I change what is showing on my credit report?
2006-07-26 04:22:57 · 19 answers · asked by jj&jslt 2 in Business & Finance ➔ Credit
There may be a few things that you can do but, I do not know none of them, but all jokes aside first thing you can try is to talk to an accountant, that you can trust, and ask them what are the things you need to start doing to get your credit out of debt.
I know that my husband & I both have bad credit and what we have started doing is, getting checking account and a saving account and we have direct deposit for our job checks, that way we can pay all of our bills through the debit/visa card or by checks so that we can make a paper trail, showing that we are paying all of our bills, and if you do have bills that are way over due what you can do is start paying off that bill, even if it is just $5.00-$10.00 every pay period, that way it shows that you are trying to pay it off.As I said I am not a pro but, I am in debt also and we are trying to get there, I hope that some of these things are helpful for you and good luck okay....
2006-07-26 04:33:36 · answer #1 · answered by Lil Angel 68 5 · 1⤊ 0⤋
Jeez I just love all of this "pay your bills" advice.
Folks, why is it so hard for you to understand that if he could pay his bills, he wouldn't be in debt and wouldn't be asking how to fix his credit report.
By they way, he asked how to fix his credit report, not how to get out of debt.
Yes, negative information comes off your credit report after 7 years, beginning on the day of the delinquency.
But here is your real problem. If your debt isn't credit cards, then it must be a house/car loan. That means you have a written contract, and the statute of limitations on those is usually a lot longer. You need to be more worried about a judgement being filed against you then fixing your report.
To fix your credit report, you need to get the negative information deleted from your report. There are only two ways to do that. Either the creditor has to remove it, or they fail to respond to a dispute investigation deleted from the credit bureau. This basically involves some letter writing and phone calls.
See the link below if you want to give this a try. Good luck.
2006-07-26 04:42:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It has been said that bad credit is better than no credit at all. You should try getting a credit card, and being very careful with it. Go to college, get a student loan. You won't have to repay it until 6 mos out of school, use the extra you will get to pay off other loan, your score will improve just from that. You must show your ability to deal with credit in order to get a better score. Things do not automatically fall off in 7 years necessarily. Sometimes, you have to request that it be taken off through the bureau. If it's older than 7 years, they have to remove negative items. To improve your credit, get a loan, get a credit card, get old stuff taken off, if it is bad and true, contest the stuff anyway. Worst case senario, it will stay on your report. I have had several true things removed simply because I said it wasn't mine and the creditor never responded. Therefore, the stuff was taken off. You can contest anything! Credit is the path to good credit. Things can always improve.
2006-07-26 09:25:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Their are several ways to get out of debt that are attainable. The best one is to attempt to get a loan and use the money from it to pay your outstanding bills up. Then all your outstanding bills are on one consolidated monthly loan payment.
As for credit issues that generally spawn from behind bills and debt, you should look into getting a credit card and buying something fairly cheep every month that you can pay off easily. Your credit report will react positively to that.
You can't just change what is on your credit report, but you can improve it. We all have been young at one point or another and thus, getting out of debt and getting good credit is possible, but will take time. Make sure you pay all your bills on time, and look into that credit card (But do NOT go overboard with it.)
2006-07-26 04:31:36 · answer #4 · answered by Slipshade 3 · 0⤊ 0⤋
Most things leave your credit report after 7 years. Are you in debt because of loans?? You said you didn't have any credit cards. You should try to consolidate and get a lower interest rate. Your credit score increases based on low debt and high income. If there are errors on your credit report, you need to contact the credit agency you are going through (experian, etc). To correct these.
2006-07-26 04:27:43 · answer #5 · answered by lt 3 · 0⤊ 0⤋
Go to the National Consumer Law Center Website at http://www.consumerlaw.org/. There you will find a lot of information on the consumer page under Free Consumer Information. Even the information for Seniors is helpful for anyone. Also, you can order an excellent book called Surviving Debt from the National Consumer Law Center. This book is a great guide for dealing with and getting out of debt.
2006-07-26 04:28:52 · answer #6 · answered by jeannieunderwood2003 2 · 0⤊ 0⤋
Contact each place you owe. Arrange with them to make payments - do not just make minimum payments because the interest will eat you up. You may wish to contact a debt payment agency - many are free and supplied by the state you live in. Make payments on time. It may cause you to tighten your blet for a time but will be of benefit in the longer run. Almost anyone will grant you a credit card after you demonstrate your ability AND willingness to pay your bills.
2006-07-26 04:42:22 · answer #7 · answered by Richard L 1 · 0⤊ 0⤋
Pay off your debts to your creditors, that will have a positive effect on your credit score. Also make payments on time and don't incurr ant more debt unless you have a significant increase in income and are able to make scheduled payments. Basically, you need to demonstrate that you are credit worthy. A bankruptcy filing will eventually not be counted against you, but it will always remain in your credit history.
2006-07-26 04:31:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Pay your debts. Make arrangements with your creditors and then stick to the arrangement. Most places will be happy to help you find a way to pay them back, they just want you to pay. Don't run away from debts because yes they will disappear in 7 years but you will just keep making the same mistakes and keep adding to the debts.
Make a budget and designate so much to paying your debt down every pay and then stick to it. If you can not do this your self, see a financial planner the cost of doing so will be well worth it.
2006-07-26 04:28:40 · answer #9 · answered by nellie 3 · 0⤊ 0⤋
Things don't fall off in 7 years - at least not in Canada. You need to get out of debt, and then you need spend only as much money as you make. Then your score will improve. There are no 'tricks' to bringing it up.
2006-07-26 04:25:18 · answer #10 · answered by jsprplc2006 4 · 0⤊ 0⤋