what do you did if you have bad credit?

Question

How do you get i t better? How long does it take to repair? When could you get a mortgage?

Answer 1

You need to get a credit check done. Contact companies like experian to see what debts you owe. Once found out, start paying them off at an affordable rate. Once paid you will slowly but surely get good credit. But like all means of credit control.

To get credit, you need credit!

Answer 2

There are a lot of things that would cause you to have bad credit. I think the main things are late payments and having too many credit cards. The best thing to do is to make an extra effort to pay bills on time if it's possible, and close some credit card accounts if you feel you have too many. Realistically we only need 1 or 2 credit cards max, they see the extra credit cards as potential debt and they factor that in to your credit score. If you have a foreclosure/bankruptcy on your credit, that can stay on there for at least 7 years, and it will be pretty much impossible to get a loan or a mortgage during that time. Hope that helps.

Answer 3

My MIL ruined my husband's credit when he was younger. To those who are wondering how, he was a minor when he got a job and had to have her on the sig. card and she wrote bad checks, etc...

Anyways, some companies will remove the debt from your report if you pay it off, or at least report that you are making payments on the debt.

There really isn't anyway that I know of to "repair" your credit report. You can call the companies and ask them to do what I mentioned above and just keep the bills that you currently have paid up-to-date. Generally, it takes 7 years for the debts to be removed from your credit report.

Gradually, you can start building it again by opening a bank account and keeping it out of the red. You can open a credit card and occasionally put charge small amounts and pay them off- but, keep the card. I'm not sure about the mortgage.

And always visit annualcreditreport.com at least once a year and get your free copy of your credit report from each of the 3 major credit reporting agencies to keep an eye on it.

Answer 4

You can always get a mortgage if you have a sizable deposit. You will probably have to pay a higher interest rate though.

If you want to improve your credit score, make sure you are on the voters roll this counts for 25% of your score.

Also try to get a credit card, do not spend much on it but make sure what you do spend you prove you are a good payer and make the payments in full and on time

Answer 5

There are mortgages available for just about everybody no matter what you credit report says.. however, your credit report is going to determine how much you are going to pay in interest to get the loan.

Check out about.com’s articles on credit and repair.

Answer 6

run a credit report on yourself. It is free at www.annualcreditreport.com. Then call who u are in dept with and make sure the balance is correct and see if you can get on a pymt plan. Then start paying. Once pd off keep your receipts and turn them in to every credit bureau. There are 3 major ones. When you go in to apply for your mortgage take your receipts with you to prove you had paid your depts. Some companies work with you. Good Luck.

Answer 7

You can get a mortgage with bad credit - their called credit repair mortgages. e-mail if you want to know more.

Answer 8

DONT spend any more. Cut up any credit/store cards u have. Get in touch with creditors, explain you are unable to meet the required repayments and ask if they will help you arrange a more affordable repayment plan. Make sure you dont fall back on the repayments as they will come down hard on you.
You can go to the C.A.B who will help set up repayments within your means with creditors and get your finances back on track.
As for mortgages...cant help you on that.
Good luck

Answer 9

every month it can get better by paying up. If you have any active accounts, make sure they are never late again and save to pay off accounts in collections. stay away from credit counselors-you can do it yourself. I owed $500 to altel for breaking a contract. when i saved up $300, i called them and asked if they would settle today for a reduced amount. They settled with me for $233 because that was the cost of my bill when the phone was shut off. i have worked two and three jobs to accumulate enough cash to get out of the hole. when you do get out, NEVER get back in!!!

Answer 10

To make it better you HAVE to pay your bills on time!!!!!Things stay on your credit report 7-10 years so every good item you get on there helps offset the bad.