I have screwed my credit a few years ago. I was going to college, my father died and I lost my job so my credit went downhill fast and is at 550. I would like to buy a house in a few years but not sure the best way to impove my credit. I only have one credit card and it has been charged off in jul of 06 but has a date reported on april of 07. Why is the date reported so late and is it going to be 7 years from that date in april? I also have 7 collection companys on my report a couple are paid is there any way to remove them or am i stuck for 6 more years? Also what date do they go by for the 7 year mark the date reported or the date assigned? Thanks for the help
2007-07-18 12:30:05 · 6 answers · asked by nhale24 1 in Business & Finance ➔ Credit
Don't worry about all that.What u have to do is pay that one credit card off and open a new credit card account try one for people with bad credit like the one they advertise on yahoo if u cant get one like that then get one that u have to give them 300.00 up front.make sure to pay it on time and only charge half the credit limit.just by paying that one credit card off your score will go up around 40pts.then by paying your new card on time it will soar.so forget about everything else and get on it.
2007-07-18 12:40:21 · answer #1 · answered by D.C. 2 · 0⤊ 0⤋
go to a CREDIBLE credit counseling agency. they will negotiate your interest rate and save you a ton of money. you'll make one big payment to them (along with a small fee or percentage of the payment) and they will distribute the individual payments for you. it's called a Debt Management Plan. BE CAREFUL though - after a couple months, contact all your creditors to verify that they are getting the payments and to see what the interest rate is on the accounts. my husband didn't check on his (we read the counselor's agreement wrong and thought we were never allowed to contact the creditors, so one of his creditors has been charging 28% interest, the balance got bigger, and his credit score is way lower than when we started - he might file bankruptcy so all that money that we were earnestly paying was wasted)
anyhow, my score was 504 (lowest is 500) when i started the Debt Management Plan and after about 15 months of payments, my score is now 660. (i still have a lot of debt and about 3 1/2 more years of payments to make.) i also have a charge off (which is prob about four or five years old), student loans and collections out the you-know-what. you better hurry though, before someone takes you to court. one of my creditors was trying to attach my wages, but i went to the counselor just before the court date and it doesn't show up on my credit score because counseling agency was able to stop the judgement in time. i got very lucky!
anyway, you have to watch the credit counseling agencies. i refused to do anything on the internet. i looked in the phone book and made an appointment face-to-face and i checked to make sure that old phone books had the same agency (i wanted to make sure they weren't fly-by-night and that they had a few years experience, too). they were very helpful and i am happy with my service. i got myself into a poor situation and they are helping me get out.
2007-07-18 19:52:17 · answer #2 · answered by nobody knows 2 · 0⤊ 0⤋
The best way to make your score go up is to pay off all the bad debt and then continue to pay all your bills on time every month.
Just because an item drops off your credit report doesn't mean the debt goes away. Even with the statute of limitations, they can attempt to collect forever if they so choose.
2007-07-18 19:35:45 · answer #3 · answered by mister_galager 5 · 0⤊ 1⤋
You can pay them but it will only be annotated as paid or satisfied and still remain on your report for 7 years, unless you can get it in writing from them that upon paying them off they will remove from your credit rating. In the mean time pay the bills on time and do not apply for any credit.
2007-07-18 19:41:55 · answer #4 · answered by Pengy 7 · 0⤊ 0⤋
Maybe you can try below website to get the information you need. It's about secured credit card to rebuild your credit articles for your second opinion.
2007-07-19 01:46:47 · answer #5 · answered by Anonymous · 0⤊ 1⤋
visit this site. It helped me temendously and I'm now on my way to building my life back.
www.thecreditbible.com
it has the answer to literally ANY credit question you might have... as well as legitimate ways to repair, if not eliminate, bad credit.
I hope that helps!
2007-07-18 19:40:32 · answer #6 · answered by LitaJai 2 · 0⤊ 1⤋