how does one fix their credit report after it has gone bad.?

Question

Ok i have paid all bills. I had an jerk for a boyfriend that went and used all my credit cards didn't help with rent or any bills. Thats why my credit is so bad. All i wanted to know is how to raise it. I didn't need someone to put me down for it. You know there are never stupid Questions just stupid answers!!!

Answer 1

Hey! All you have to do is stay on top of your current bills, if you have a cell phone make sure you pay it on time...and I suggest keeping a credit card open...a small one. Charge as much as you could afford to pay a month and pay it all off monthly...it will show that you are no longer "delinquent" Also i recommend going to bankofamerica.com. There is a credit report they offer for 5.99 it will show you all the credit you've ever had, and what you can do to make it better. It will also help secure your personal info. Good luck!

Answer 2

You always wreck things faster than you can repair them. Repairing and improving your score will take time and patience. You will need to reestablish your good standing with your credit finances. Use one or two cards (assuming you have two cards). Do not go over the credit limit. Keep a balance of less than 25% the credit limit. Make the payments on time. Every 4-6 months call customer service and negotiate a lower rate. Be aware, most credit companies will pull you credit when reviewing your account.

If your credit company does not give you a better rate when your credit improves, move on to another company. Sometimes it is easier to start over with a new credit company. When I first opened a Wells Fargo bank account (15-years ago), I was paying $35 per overdraft transaction. I could not negotiate lowering that fee even after I became more financially responsible. In the end, I went to a Federal Credit Union and have not looked back since.

A word of advice, you should never share your finances with anyone unless they are your spouse. I see too many boyfriend/girlfriend relationships that share financial responsibilities with credit cards, car loans, and heaven forbid mortgages. Just because the relationship ends does not mean the financial responsibility ends.

Answer 3

There's no way to "fix" your credit report, once it's gone bad, even though there are a lot of companies out there promising to do just that.

The best thing you can do it try to pay off any debts that are still listed as outstanding on the report, so that they can be reported as "paid". If the bills are paid late, this would still result in your having a stain on your report, but it looks better to have paid the account off, however late, than to have the balance charged off. On a positive note, the negative reports drop off of your report after seven years.

If you obtain any new credit, make sure that you stay on top of things and never pay late, and, if possible, pay more than the minimums due, so that you'll also have good credit references on your report as well.

When creditors look at your report, they are checking for negative reports, as well as how long you've had an account, high balances, current balances, and they also take the good reports into consideration, but the negative ones will bring your score down a bit, until they fall off of the record.

It takes time to rebuild good credit once it's been tarnished, but it can be done, just chip away at it a little at a time, and ensure that you don't add any more negative reports to it, and eventually, you'll bring up your credit score.

I hope this helps.

Answer 4

I would suggest against a debt consolidation or repair group, many do not see the results they were thinking they would get. I would go and buy a book about repairing your own credit or going to the library and borrowing a book. (There are many good books on the market.) Listed below is a link that I have found very helpful. Before you try and repair your credit yourself, do read up on it. You don't want to do more damage by lengthening the statute of limitations for your debt or paying a debt that is on your report, but has already expired past your state's statute of limitations. The site below also has sample letters to send to your creditors and what fines the credit companies face if they report your debts illegally. Good luck! Just remember that you are not the only one that has ever had this problem.

Answer 5

3 Important Key Factors:

1. Pay off or settle your debts.


2. Remove negative items on all 3 credit reports with Experian Equifax and TransUnion.


3. Open new credit accounts that REPORT TO THE CREDIT BUREAUS.




Ok, that sounds logical. How do I do it?



*** Paying off debt and NOT incurring ANY new unneccesary debt is critical and self explanatory and can be have multiple answers depending on your debt situation.




*** Removing negative items from your credit reports can be done by disputing the negative items on your credit reports in a systematic and persistant way. You can either do it yourself using this free credit repair kit http://www.expert-credit-advice.com/free_credit_repair.htm ** Or you can pay someone to do it for you. But be careful because many of them charge too much and dont perform. I recommend this company: http://www.expert-credit-advice.com/credit_repair_service.htm if you are looking for a realistic approach to improving your credit.

*** Building new credit can be done 3 ways.

1. Only open accounts you will be approved for.. secured cards, secured loans, financing etc...

2. Adding a joint account holder or a cosigner to get the credit card, financing or loan.

3. Piggybacking someone elses credit.

Here is a great article on the same website:http://www.expert-credit-advice.com/building_credit.htm ** It is about building credit techniques, opening secured credit cards and loans, seasoning credit and piggybacking techniques



If you follow these steps you will succeed.

If you already did one, skip it and do the other two.

If you have done two, skip both and do the last.

If you have done all three, you have good credit and would not be asking this everso complicated question......







Good luck

Answer 6

Get a copy of your credit report and dispute the charges and if they don't respond in 60 days the credit bureau will take it off or you could hire an financial adviser to do this for you. It's usually $100 for every charge they get off. Also you could get a prepaid secured credit card and charge a couple of small things on it here and there and pay them. You need up to 6 months of payments on it though. Get a cell phone. You will have to pay a BIG deposit if your credit really bites but it will pay off in the long run and make sure that ou pay on time every on month!!! These are a few things that you can do that will help. Good Luck!!!

Answer 7

Very slowly. Have you taken credit counseling? Depending on how your credit went awry in the beginning Consumer Credit Counseling would be the first place to begin. They help you sort out your creditors, and set a budget. They will also help you get interest either reduced or stopped all together. Nothing but time either way repairs a poor credit report. Once you begin to manage your finances properly and manage your credit cards and score well, you'll find it can be resolved over 3-7 years.
Good luck.

Answer 8

Pay off all your credit cards, do not close them, but do not continue using them. You may want to cut the cards but not close the accounts if you suffer from a shopping compulstion. Start paying all of your bills on time or early. Eventually your credit will clear. You may want to also contact a debt consultant as they can sometimes contact companies to clear credit faster (for a fee). If you do this, contact a person found in a directory, not a commercial. If a debt consultant is running a commercial it is very possible that they are also running a scam.

Answer 9

Any bad mark on your credit stays there 7 years (bankruptcy chapter 7 stays on 10). So you need to, if possible, start paying on time to how a good payment history. I know that's hard with job loss or medical problems.

If you have had hard circumstances, you can add a statement to the bottom of your credit report explaining what happened, ie divorce, medical problems, etc. It goes a long way with lenders if you do this. To add a statement like this, gt a copy of your credit report and on the forms they send you will be an area to have an explanaton added, or just contact them for more info.

Answer 10

the credit agencies have electronic disputes you can file. Or if they do not you can send them a letter of dispute. It is really important to send corrected information if there is something wrong with your report. Then when you are looking at purchasing a car for example, the information you sent will also show up on the report.

Make sure you send it to all three credit agencies.