How Do I Repair Credit After 7 Years of Delinquency? How Long Does It Take?

Question

I asked the question as part of my previous one, but I'm hoping ot get more responses please.

After 7 years of delinquency, the bad debt falls off my credit report, let's say I'm at a 400 credit score. How do I go about bettering my credit? How long would it take before I have a fairly decent one again?

I am really hoping to rebuild my life and begin to better myself. Thank you

Answer 1

Check your previous question for the correct answer.

O.B.T.W. utilities, cell phones, checking accounts, savings accounts, rent & gym memberships do not build credit since they are not reported to the credit bureaus because thay are not loans.

Answer 2

Information about criminal convictions may be reported without any time limitation. Bankruptcy information may be reported for 10 years. Information about a lawsuit or an unpaid judgement against you can be reported for seven years or until the statue of limitations runs out, whichever is longer. The Fair Credit Reporting Act is designed to protect the privacy of credit report information and to guarantee that information supplied by Credit Reporting Agencies is as accurate as possible. You can dispute accuracy of your credit report. If the completeness or accuracy of any item of information contained in your file at a Credit Reporting Agency is disputed by you and you notify the agency directly of such dispute, the agency shall reinvestigate free of charge and record the current status of the disputed information, or delete the item from the file. The Credit Reporting Agencies have 30 days from the beginning date on which the agency receives the notice of the dispute from you. This maybe extended for not more than 15 additional days if the Credit Reporting Agency receives information from you during that 30 day period that is relevant to the reinvestigation. Some people have more negative information on their credit reports than others, remember the Credit Reporting Agencies have 30 days to respond to each dispute. The only reason that the Credit Reporting Agency does not have to reinvestigate a disputed item is if they feel the dispute is frivolous or irrelevant. Because of this you should dispute certain items seperately over a period of time of several months as not to appear as frivolous. This process could take 6 months to a year if your score is 400.

Answer 3

You will have to do atleast a minimum amount of work to get the bad items off the report when the 7 years are up. Many times because the bureaus are behind, they dont remove bad items unless you ask. When you do ask, you will need to use proper letters to ensure it gets done right the first time. Check out this website: www.creditrepair101site.com
They can help.

Answer 4

Your credit rebuilds as you pay your current debts on time .
If your housing , utilities and those are on time ,
You could apply for a gas or store card .
Start small and pay every bill off in total Before the due date .
Never charge more than you have the cash to pay off .

Treat the charge cards as a convenience to document your spending & having all of it shown in one place . . .
Then pay off your month's activity in 1 check and Before it is due .

Use your employers credit union or apply for new jobs at places that have credit unions ( phone company , school districts , hospitals etc ) .

Good Luck

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Answer 5

Use a credit repair company like the one I used. They consulted with me and helped me repair my score from a 580 to 700 in a year. It may take longer for you, depending on how bad it is and how quickly they can get resolved and removed.

Check them out at http://www.idealhelpnow.com