I have quite a few blemishes on my credit report.Most are due to come off within the next 2 years.I have nothing good on there now.If I can at least get up several up to date accounts with timely payments will it improve my credit score even though there will still be a couple of bad reports left on there even after the two years when most will be off?I'm on a two year plan to improve my credit though I know it still won't be perfect.It would at least be nice to start getting lower interest rates again.Possible mortgage within the next 3 years I am hoping.Suggestions as well as a direct answer to my question would be appreciated.
2007-07-11 17:10:15 · 9 answers · asked by drokk 2 in Business & Finance ➔ Credit
If these are Collection accounts, you won't be able to open up any decent credit with those on there. You might be able to get a secured card, but getting an unsecured card would be unlikely. You can try places like Orchard Bank to apply for a secured card.
Also, two tenths gave you a partial answer. Yes you are allowed(and should) to dispute any incorrect information on your report. If they do not verify the record within 30 days they have to remove it. However, if it comes back verified at a later date it can be put right back on there. The other thing you have to be careful about is that if you dispute everything and the credit agency determines the disputes to be frivolous. If this happens they then are no longer under any obligation to research your dispute under the same rules and time limits.
If you wait until they fall off, you will basically have no credit. You would still have to probably start off with a secured card, but you then also might qualify for some Department store credit cards that have lower qualification guidelines, but higher interest rates. You probably want to look at getting something like auto or personal loans as well as the credit cards to improve your report. For the mortgage, most lenders want to see at least 2 years of history, and a good mix of the loans and credit cards will help.
2007-07-11 18:05:24 · answer #1 · answered by OC1999 7 · 1⤊ 0⤋
You can improve your credit starting immediately. First, you should get a copy of your credit report from one bureau and look at it. See if there's anything wrong and if so dispute it. You can also get your credit score from one agency -- it's free for the first month, just remember to cancel the service before they start charging you. That will let you know where you stand. Yes, if you can get a credit card and make timely payments, it will improve your score within three months. However, you need to exercise good judgement and not go crazy with spending. Only spend what you can afford to pay each month. Search for a good card with a low APR if you're going to carry debt. Start reading about credit: I recommend googling Dave Peters credit and read some of his military column articles, which apply to anyone. Good luck!
2007-07-11 18:03:21 · answer #2 · answered by Katherine W 7 · 1⤊ 0⤋
Good idea to clean your credit.
I did the same, without any agency or loan, because in my situation.
But chances are that you'll need to pay back some old debts.
Find a copy of your crdit report, and look at things needed to be removed.
For the first months, do not pay old debts. Keep your lifestyle cheap, keep some money in savings and always pay your bills on time.
The important thing to catch : you need some money to make money and be able to pay for emergencies so you don't go back in a debt problem. So try to save on everything you can, it will let you accumulate more money.
Think about good settlements to make to pay these debts.
Order a credit report once a year and make sure that things needed to be removed will be.
One to two years is a good target for an improvement.
Good luck !
2007-07-12 15:37:50 · answer #3 · answered by Jimmy John 3 · 1⤊ 0⤋
I think you should dispute your all negative accounts... I mean.. are you sure they are yours? There are more errors in peoples credit report than you might think.. and not only that.. it is not immoral or illegal to dispute anything on your credit report.. and under the Federal Trade Regulations the Credit Bureaus must investigate the dispute and tell you in writing if it is verified or if they couldn't find anything... and if they dont tell you within 30 days.. they can be sued for not taking it off.
(do some research now - and find out what your rights are.. you will be surprised)
Go to this website.. look around and learn... you will probably also want to check out the forums... there is a ton of information and people who want to help!
http://www.creditinfocenter.com/repair/
(note - look at the sample letters)
2007-07-11 17:44:26 · answer #4 · answered by Two Tenths Of My Two Cents 3 · 1⤊ 0⤋
First of all there are alot of mistakes in the answer I've read. Fix your delinquent accts. first!!! First of all the don't
"come-off" as some people report. It depends on what credit reporting agency you're using. If they have filed a "charge-off" on you they can keep refiling after it's near to expiration. You will not get a new card with as many problems as you're hinting at. A secured card is worthless, and very expensive. pay off your mistakes and then go from there.
2007-07-11 19:56:26 · answer #5 · answered by Anonymous · 1⤊ 0⤋
right this is a element I found out: do no longer close an account that it paid off. some reason, they count quantity that against you. I had a mastercard I hadn't utilized in 4 years and that they ultimately closed it for me, although this is no longer counting against me. it is this variety of nutty deal. you are able to attempt to renegotiate the rates of pastime on credit enjoying cards, yet do no longer negotiate the whole as this could prepare as a write off against you. additionally, attempt very perplexing to no longer pay merely the minimum charge as which will take you continuously, whether you pay some money over the minimum it's going to make a significant difference in the tip.
2016-10-01 10:26:46 · answer #6 · answered by pollett 4 · 0⤊ 0⤋
You should start paying credit card bills on time and not paying the minimum amopunt pay twice the minimum and do it constantly once a month at the same dates. Also do not get more credit cards have no more than 3.
2007-07-11 17:37:12 · answer #7 · answered by JABS 1 · 0⤊ 0⤋
If you get your accounts current it will increase your credit score. You might also apply for some "generic" credit cards; IE Target and Wal Mart, if you buy something small and pay off the account each month your credit score will continue to rise. You might also want to call you creditors and try to "settle" your account, they will usually settle for far less than you owe.
2007-07-11 17:34:23 · answer #8 · answered by Amy 5 · 1⤊ 0⤋
http://creditcard.creditinspector.info has excellent info related to dealing with credit cards. Check it out!
2007-07-12 03:02:35 · answer #9 · answered by Anonymous · 0⤊ 0⤋