what's the best why to fix very poor credit.?

Question

If you owe money and you pay it is it true it takes 7 years to be removed from your credit?

Answer 1

It can take up to seven years.

If you're going to settle a debt (pay it off), then before you do, call your creditor and see if, in exchange for payment, they'll give you a written promise to change your credit report to "current - paid as agreed."

If you've already paid, the creditor doesn't have any reason to do this for you, so it's important to ask BEFORE you pay.

Answer 2

It stays on your record for 7 years, that is correct. That's only if you pay, otherwise, it'll be continuously on there as long as it keeps getting transferred to different collection agencies.

Best way to fix poor credit, don't apply for loans or credit cards. Close out accounts that you don't use anymore. Let credit card companies come to you first. When you do get an offer in the mail for like a low credit line card, take it! Even if you pay the annual fee of like 30 bucks. Most places like Capital One monitor your payments and will increase the credit line if you keep making appropriate payments. The longer you keep making ontime payments, the higher your credit score will increase with time. But only get the credit card if you know you can manage it. Otherwise, things will get worse.

Answer 3

The best way is time. Pay off your debt, even if you have to negotiate with the credit card companies. If you already have paid and want to rebuild your credit, contact your local credit union. They tend to look at the person's whole situation and not just their credit report. They may be able to help you get a secured credit card or a car loan at a reasonable rate.

Answer 4

There's 2 SOL (statute of limitations) one for collecting, and one for reporting. The SOL for collecting varies by state, and yes the SOL of reporting credit is 7 years. It's tricky to negotiate with creditors about making good-faith payments in exchange to pretty up your credit score. Think about it: You've ducked them this long, do you think that they'd be willing to do anything for you even if you are willing to pay? I'm not saying that they wouldn't do it, but you have to watch those people. The best way to get back on track is to get a checking and savings account. (If you can) If you're not able to then you can still get a prepaid Visa or Mastercard (http://www.accountnow.net/# or https://secure1.galileoprocessing.com/acct4/loginResponse.php?ls=vwp) to name a couple. Another thing is to get a secured credit card. Now, keep in mind that you'll have to put some money up front (normally $200 or so) to back up the credit line. If you're able to get that. I wouldn't use it a lot, or max it out. Charge very little on it, so that you're able to pay it off every month. A good thing about it is that the money that you give up front for it, is placed in a savings account that racks up interest. So, if you pay your bill on time, after a while usually a year or so, they'll give you money back with interest. and you'll have an unsecured card. Another website that you check out is this http://prbc.com/consumers

This is a "reporting agency" that you can enroll in to report that you're paying on time. There's too much information for me to explain, I strongly urge you to check it out.

Answer 5

Step-by-Step Credit Repair Guide: Bad credit can frustrate your efforts at getting a credit. Hence ensure you keep your credit report clean. If there are any errors in the report, undertake credit repair to clear out any errors. This can be tiring and frustrating, but highly rewarding. Though law recognizes and protects your rights, it is your duty to remove any anomalies in

Answer 6

not if you are able to strike a deal with those you owe money to. this happened to me and i called each creditor and paid them a little bit of money every month till i paid them off one by one. you must remember that it takes a lot of sacrifice and don't miss a payment. also when tax time comes around put that money into those accounts. when you pay them off, write a letter to all 3 credit reporting agencies and explain why it happened and how you fixed it have it entered into your record.