How do you fix a bad credit and how long does it take to fix it.??

Question

I have recently requested my credit report and noticed that I have made one late payment to the credit card I currently have. How do I make this go away?. The credit report said, it will go remain in my credit report until 2013. How can I remove it fast. thank you

I have recently requested my credit report and noticed that I have made one late payment to the credit card I currently own. How do I make this go away?. The credit report said, it will remain in my credit report until 2013. How can I remove it sooner? Thank you

Answer 1

You can't make it go away but it may go away on it's own - just continue to make payments on time and your credit score will continue to rise. A late payment or two is nothing to get excited about. Future creditors will only look at the last couple of years to see how you are handling matters lately.

Answer 2

You have a chance to improve your credit rating and therefore brighten up your financial future by being patient, a conscious effort, and a personal debt repayment to improve your credit report. The most practical and effective way to truly improve credit is through a number of practical steps designed to help you not only improve your credit rating but also to maintain a decent credit rating once it has improved. No matter how bad your credit is, taking following steps will make it better.

STEP 1: Dispute Inaccurate Information or Frauds in Your Credit Report
STEP 2: Pay all of your bills on time
STEP 3: Reduce the number of credit cards you carry
STEP 4: Avoid bankruptcies, tax liens and collections
STEP 5: Request for Lower Credit Limits
STEP 6: Get a Small Loan or Credit Card with Co-Signer
STEP 7: Get a Secured Credit Card
STEP 8: Periodically Get a Copy of Your Credit Report

Find complete explanation for each step at:
http://www.howtoestablishgoodcredit.com/Credit_Articles/index.php

Answer 3

One of the main criteria for a derogatory (late or negative) trade to effect your credit less is TIME! The older the derog the less negative effect it has on your credit. Since it seems as though you are in a hurry to see your credit score go up I would suggest that you contest the late payment yourself and see what happens. You never know, they may just remove the late on your credit. If that fails you can always use a credit repair company--please do not confuse this with credit counseling. Credit Repair companies know the absolute rules in reporting to the credit bureaus and they exploit this with the creditors. Since creditors have a certain number of days to respond to your inquiry the derog can sometimes be removed if they respond slowly (not within the law). And believe me...they are busy with many other tasks and it is very common to remove negative items even if they do belong!

Depending on the number of derogs you have the process can take from 45 days to 1 year.

Answer 4

Well to answer your question about the late payment. IF you didn't pay on time, then chances are it's going to stay on there. You can't get rid of the truth. Sometimes you have to bite the bullet with the understanding that you have to be more careful and make sure that you're payments get there on time. Now there a remote possibility that you could contact the credit card company and see whether they could "re-age" your payment history and remove the late payment as goodwill. It's RARE that it happens, as usually it takes extenuating circumstances for them to reverse a late once it gets on your report. Now if you were on time and you can prove it, then you might be able to dispute it with the credit bureaus as inaccurate information. But if it's only one payment, it won't kill your score that much.

Answer 5

Hi there,
The key to fixing bad credit is to take a disciplined approach to your spending. It starts by spending less then you make and making sure to put some aside in savings.

Fixing bad credit should start by first obtaining your credit report in order to see if there are any errors on it. If not, then you can analyze which bills you should pay off first in order to eliminate your debt.

You could also seek out help from credit counselors or credit repair services but many are scams. I've seen firsthand how the bad companies can screw people over because they trapped a few of my friends when they were going through bad times (this is what prompted me to make a website on credit repair and offer free credit reports for those that need them).

You could also fix your credit by using a debt consolidation loan. That's a bit beyond the scope of this answer but I do have an article that covers that topic located at this url - http://www.free-online-instant-credit-report.info/article-1-credit-repair-through-debt-consolid.html

Hope this helps a bit.

Thanks,
Tim

Answer 6

Once you make a late payment on a credit card-as long as it's still active and there is only 1 late payment-it should go away 18-24 months after you made it. Unfortunately if you go voer your limit-that will always show up in your High Balance column.

Answer 7

Pay everything you owe off as fast as you can, and work on making on-time payments to all your creditors that you're current with. Keep it up for a few years, and you'll see a noticeable and useful difference in your score... mathematically speaking you will never *fully* recover... but after 5 or 7 years the impact should be pretty small

Answer 8

The Credit Repair System consists of methods that provide relief to various debtors. It consists of number of steps that help you get over your debt, while reestablishing your financial situation. If you have bad credit, you may be aware of the denigrating looks given by the people, making it embarrassing for you. But the truth is everybody experiences bad times, but few are able to overcome the problems faster than the others. Many people, including rich have applied for bankruptcy. So remember you are not unique. Use the steps outlined below to get out of your financial mess.

Answer 9

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is a straight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 10

Try getting a secured credit card and most of all try to make a deal with those that you owe money to. Keep up the payments according to the new contract, and remember to ask them to make sure that they fix it with the credit bureaus.