Anyone use/have success with Second Chance Financal Credit Repair?

Question

Southern California based company in La Verne, California. Commonly have Radio adds on Tom Lykis and Howard Stern shows. I was wondering how they would do against getting a stubborn Verizon Wireless charge off removed?

This is for a paid charge off. I am currently using Lexington Law but they have not been able to get rid of that one

Answer 1

The various 'credit repair' firms out there cannot force any credit bureau to remove something which is a valid entry. You can do the same thing they do, for NO charge. If you think the entry from Verizon is not valid, ask for verification that the item is valid. The credit bureaus have about a month to show validity of a challenged entry.

If they have proof of validity, NO credit repair service is going to get it removed. If they have no proof of validity of the entry, you have the right to ask that it be removed. My guess is that Verizon would be more than willing to provide the requisite verification.

Answer 2

For a paid charge off, time will be your best friend.

Your credit report exists to reflect other people's experiences with you. In the case of this Verizon Wireless charge off, you went delinquent, it was charged off, and then you paid it.

That's the facts associated with your history with them. If those facts are accurate, they can't and shouldn't be removed from your report.

If you have no other active delinquencies, your credit should improve over time. You had a bump in the road, and it will smooth out from here.

I'm not aware of anything that the credit repair company you mentioned can do to have the blemish removed from your report.

If it were me, I'd save the money and check my credit score every few months to watch my score climb again.

Answer 3

You need to check out this video on how to increase your credit score by using a 100% legal loophole. Here is the video URL: http://www.creditscoresecret.org

I was able to get to 595 from 489 in just one day and from 489 to 748 in just a few week; that's pretty fast in my book. Good luck!

Answer 4

I've never used them, but LowerMyBills has a good debt management program you might look into. They helped me.

Answer 5

Never heard of it. I have heard a lot about a company called CCRS. It's endorsed by a radio morning show. If you can't get things settled with them you can call the show (1-877-727-7746) and the host will call the company's owner. They don't want the bad publicity so they do work to resolve your problems.

Personally, I increased my credit score nearly 100 pts. over less than six months (credit repair companies take just as long) without the help of of credit repair company. I basically did the same type of thing that most of them do.

Examine your finances: How much money do you net? What are your monthly expenses? How much money do you have left over after all your expenses (utilities, car note, rent, gas, food, fun, etc.) are paid?

After you've done the math, write out a budget, and most importantly STICK TO IT! (Same thing the credit companies will tell you).

What worked for me? I have my paychecks direct deposited, I can also schedule payments in advance for all of my current credit cards and other bills. I schedule payments to be made for all of my bills on the same (or next day), straight out of my account. This way the money never touches my hands and it is usually removed from my account so quickly that I never "count" that money.

Take a good look at all of your credit. Are all of your interest rates as low as they could be? For all open accounts, make sure that you make all payments on time (hence the shedule payments tip above). After at least three months of on time payments, call your creditors and ask them to lower your interest rates, based on your good standing with their company (if you really are in good standing you can even use the threat of closing the account to get them to look a little harder for a lower rate). Sometimes it works sometimes it doesn't. The lower the rate, the faster you get it paid.

Next, if you have closed/collection accounts. Call the creditors to make attempts at lowering the total payoff amount (remember this stays on your credit 7-10 years, but it shows attempts on your part to pay). To back yourself up it's best to have 50-60% of the debt saved up- when they hear you can pay that today, they are more inclined to write-off the rest. If those don't work, try setting up a payment plan (only agree to it if it won't blow your budget).

For medical debt not yet in collections- many hospitals have charity funds. If you meet their income guidelines they will write off some or all of your debt.

Back to the budget: Let's say you find you have $300 left over after ALL your expenses are met. Check out all of your interest rates and balances. If realistically it will take you years to pay off the highest interest rate cards, but only months to pay off one with a lower interest. Pay off the lower interest one first. Do this by sending that "extra" $300/month to pay that card (this is in addition to the minimum balance).
This will immediately change your balance ratio, increasing your score. Continue to do this moving from the cards with the lowest balances to the highest.

Another thing credit repair companies offer is debt consolidation. Depending on your circumstances, you may be able to transfer all of your small, high interest balances to one larger, lower interest card. This brings you down to one monthly payment. Many credit companies offer low to zero balance transfers, IF you can pay off the amount in a set amount of time (usually 3-18 months). Only do this is if you can pay it off and it won't break your budget. This is the least of my favorite options- things almost always pop up, you can't pay it off in time, and you are stuck with a higher interest rate than before.

The advice worked for me, best part it was all free! I am paying on my last high balance, high interest card now. Since my score increased drastically I am not paying as much as I could (all of my extra). Instead, that extra money is being saved. This way I can pay in cash or even better, use my paid off credit cards and immediately pay them off (before interest is accrued).

Hope this helps!!!!!!!!

Addendum: Didn't realize it was a charge off. There are times you can make deals with the company that the charge off is through, but you have to do that prior to payment.

It won't disappear BUT you can diminish its affects. Try to get an "easily" approved line of credit. A score of about 500 can get financing for items, i.e. I bought a computer with a low score. After paying the computer company off my score increased dramatically. I was then able to establish other lines of credit and eventually get a platinum card. You just have to be careful not to blow it again once you build your score up. It anywhere from 1-2 years to make it to the 700 club from the 500's because I had no good established credit just one big charge off from college. If you have other "good" credit, it won't take as long to bounce back.