I want to start cleaning my credit report. I have a history of paying my car payment late. It is no more than thirty days late, but I know that it has been reported. I am trying to get back on track and it is hard but starting this month with my new job I am going to be on time. What else can I do to better my credit score? How far back do most creditors look when considering a credit application? Any advice that you can give me would be greatly appreciated!
2007-02-26 05:48:26 · 9 answers · asked by Newlywed 1 in Business & Finance ➔ Credit
To be honest with you, the times you've been reported late's already a dead issue at this point, if you were late you were late. What's done is done. Hey people make mistakes, that's why pencils are made with a piece of rubber at the end. Let's move forward. The main thing is not to accumulate anymore debt than you already have. If you have been paying for things on time like rent, utilities, phone, insurance, etc., you have the right under the FCRA to have that reported and considered in the future when you apply for credit. Click on this link at check out this website ( http://www.prbc.com/consumers ) This agency (PRBC) is a reporting agency that consumers like you and me can enroll in and have up to 3 years historical payment history reported. All that information is comprised into a Bill Payment Score (BPS). This can be used along with your standard credit reports whenever you apply for credit in the future. When your credit is evaluated, lenders don't always see the "big picture", and tend to have a preconcieved notion that you were irresponsible, or just a flat out dead beat, instead of "here and the now". 35% of your traditional credit report is comprised up of payment history, yet it doesn't always give an accurate picture. The BPS does that. If you're able to report that you're paying your rent and utlities on time that would at least let it be known that you're making an attempt to handle your business. There's a lot of information on the website, I strongly urge you to check it out. I did, and it's worked wonders for me.
2007-02-26 06:26:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Make the following positive changes.
1. Pay each and every bill at least 5 days ahead of time.
2. When you have a problem in the future, call the company and ask for help - either lower payments and/or lower interest rate.
3. Make a list of all of your payments that are due each month, and when they are due.
4. If you cannot pay all of them, make sure you make the minimum payments on each - at least 5 days ahead of time.
5. Try to use your credit cards - only for needed items for the next 6 months.
6. Take a positive outlook and take back control of your credit.
Credit is forever. They can see your complete history from the beginning of time up until the current time.
If you have further questions, you can send a question - c/o this site.
GOD bless us always.
CPA-retired
MBA-Boston Univ.
2007-02-26 06:02:19 · answer #2 · answered by May I help You? 6 · 0⤊ 0⤋
Pay your bills on time every month. Most creditors look for at least 12-months of payments as agreed, some as little as 6 but 12 is most common.
2007-02-26 05:55:24 · answer #3 · answered by ? 7 · 0⤊ 0⤋
All those late payments are going to show up on your credit report for 7 years.
However, if you start paying on time, every single month, it will show up as on time and once you have a history of on time payments, the older late payments are not going to hurt you as much. It's going to take probably 12 months of consistent on time payments for it to really start looking better.
ALWAYS pay on time. Late payments kill your credit score. The one good thing you have going for you is that you are not in default though so keep making the payments and make them on time.
2007-02-26 05:54:36 · answer #4 · answered by Faye H 6 · 1⤊ 0⤋
How to Clean Up Credit Report
Before approving your loan, your lender contacts the credit bureaus to get your credit report. Bad credit report will severely restrict your credit. In some cases, you may not even get the credit. So it is vital to get your credit report cleaned. To enable you to achieve that you have to alter your financial habits
2007-02-26 21:32:39 · answer #5 · answered by hendy h 2 · 0⤊ 0⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-02-26 13:10:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Change the way you live and behave. Change the way you look at money. RESPECT money. Learn how to acquire it. Learn how to save it. Learn how to spend it smartly. Do not just go out and buy things, especially things you do not need.
2007-02-26 05:53:20 · answer #7 · answered by devil dogs 4 · 1⤊ 0⤋
All you can do is start paying your bills on time every time.
2007-02-26 06:09:03 · answer #8 · answered by KathyS 7 · 0⤊ 0⤋
Go to http://www.newmillcredit.com, they have some good info there.
2007-02-26 08:14:43 · answer #9 · answered by cpaige517 2 · 0⤊ 0⤋