I need to fix.......Horrible Horrible Credit?

Question

I have a collections a few judgements and I have lates blah blah I have a 540 score how do I got about repairing my credit. Will paying off the collections help.....and what about judgements?

Answer 1

This is too long an answer to post here.
Here are links to explain all of this to you and it's free.

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm#improve
Building a better credit report.

http://www.ftc.gov/gettingcredit/
What you need to know about your credit.

http://www.ftc.gov/bcp/conline/pubs/credit/crdright.shtm
Credit and your consumer rights.

Answer 2

How To Fix Horrible Credit

Answer 3

Get a copy of all 3 credit reports and analyze each one carefully. If there are items on your credit report that you can dispute by all means dispute them. The creditor has to be able to prove without a doubt that you owe them, if they can't the reporting agencies have to Delete it. Nothing is better than a delete. Don't worry too much about the late payments only try and catch up and pay on time or before time each month. If you have very old collections or any negative information I wouldn't advise paying it.If you do pay it that is like throwing away money. If it will delete in 7 years and you have 1year or so left leave it alone. My credit score was 456 in Jan. By disputing and paying off the recent collections and obtaining 2 secured credit cards my score is now 643. Also please please do not get too many inquiries.

Answer 4

finding on your earnings i'm confident there are possibilities available for you. I even have considered this 1000 circumstances. you have an incredible down charge so your probability is plenty extra helpful. right this is my in basic terms little bit of suggestion... do no longer purchase a sixteen,000 vehicle. you're pastime value is going to be for the period of the roof regardless of what you purchase so why no longer pay that extra quantity on much less money while you rebuild your credit? My suggestion would be to purchase something realiable for 10k-11k and placed much less money down. a minimum of that way you will have the skill to pay the motor vehicle off faster (40 8 month very own loan-vs- 60 month very own loan). You wont be finding on the motor vehicle of your objectives, yet you will desire numerous time for that later after your credit is nice. once you're achieved determining to purchase this vehicle (and clearing up the rest on your report interior the technique) you will have the liberty to get something plenty nicer.

Answer 5

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 6

Paying off your debts will always improve your credit score. . . .and your overall financial status. Shred the cards, pay cash for everything, and move on in life.

Answer 7

stop overspending.

then pay off the amounts you owe.

after a few years of clean living your score will improve and you'll be able to get an auto loan again. [just don't get a new car with one -- used cars are two hundred plus a month cheaper after you figure in the insurance.]


GL

Answer 8

holy macerole, some of the people on here wrote a lot, if it were me I WOULD NOT PAY THE COLLECTIONS, use my permanent bad credit removal service here instead: http://www.credit-report-repair.us and just let them handle it all, they provide a full year of service and it really works! the older the stuff is the quicker my service takes it off,

Answer 9

Try undergoing a credit restoration. Contrary to popular myth, there are legitimate credit repair companies out there. Please read the following article I wrote some time ago about how to tell the difference.

This topic is a really hot one right now. People are falling victim to so many scam artists out there who are taking people's money and offering false hope.

What is credit restoration? It is a means by which one can have negative information removed from one's credit file by using the more than 300 different laws contained in the Fair Credit Reporting Act (FCRA). If you know how to use and manipulate those laws, you can successfully remove any information from your credit report, even if it is legitimate. This is possible because of many factors, but chief amongst these is that there is no law in any jurisdiction in the United States which REQUIRES information about you be reported for seven minutes, much less seven years. The truth is that anyone can write to the credit bureaus to have negative information removed from their file. But, like fixing your car's engine, it is usually better to have a professional do it for you. If you don't know what you are doing, you can end up doing more harm than good.

That is easier said than done. Currently in the United States, there are ONLY A FEW legitimate credit restoration companies. Each has their strengths and their flaws, but they are professionals with many years of experience backing them up. Unfortunately, this cannot be said about most people in the country who are performing credit repair. What has happened in many cases that I have investigated is a person bought a do-it-yourself kit over the internet and had some success with their own credit file. Problem is, now they think they can repair anyone's credit. This is what worries me most. An untrained, unlicensed, un-bonded and uninsured person handling other people's credit files. There is absolutely NO accountability if, or rather, when this person screws things up.

It is up to you to do the research. You should ask a lot of questions and perform your due dilligence. If you can't do the bare minimum to protect yourself, then don't come crying to me if you are taken for all of your money. But, to help you determine the scams from the legits, I have compiled 10 tips on how to tell the difference:

1: If they advertise that they will repair your credit in anything less than 18 months, you are not dealing with a legal company. The LAW requires that any credit restoration agency cannot advertise or represent that they can restore or repair your credit in less than 18 months. (Remember this number, it is going to come up again later.)

2: Check on how long the company has been in business. If they have been around for more than 10 years, you are probably dealing with a reputable company.

3: Do your due dilligence. Check with the BBB. The BBB will provide an unbiased report of how many complaints have been filed against the company in the previous three years. There are two things that you want to consider here. First, if there are more than a dozen complaints over the previous three year period, then this company has serious issues and you should be concerned. Also, if the BBB has no file at all on the business, just walk away from the business. Anyone who is hiding from the BBB should be looked upon with suspicion.

4: Ask for pricing when talking to one of their reps. If they hem and haw about what they charge, or say that it depends on how much they have to remove from your report, they are hiding something from you. A good rule of thumb, if the rep is unwilling to answer any question of yours up front and with honesty, you are not dealing with a legitimate company. This does not mean that if the rep states that they will answer the question in a moment, that they are hiding something. It just means that they are getting there and just need to lay a little groundwork first. Remember, reps are all salespersons. They are there to sell you their service. This is good, believe it or not. This encourages competition in the business and keeps costs down. (Which reminds me: DON'T PAY MORE THAN $1200 PER PERSON FOR THE SERVICE.)

5: Ask if the company is licensed, bonded and insurred. Ask for proof. If they will not provide you with their bond information, (which they MUST have in order to obtain their license and insurance) this should raise alarm bells.

6: Ask for examples of successes the company has had. A legitimate company will have copies of investigation results (with personal information blacked out of course) that will show you how successful they can be.

7: How long are they going to work for you? Yes, that's right, remember that these companies work FOR you. If they are just going to maintain a business relationship with you for the length of time it takes to repair your credit, beware. What often happens in these cases is that after the company has cleared negative information from your credit report they sever their relationship with you and a couple of months later the information returns to your credit report. Now what are you going to do? Your options are to leave the negative information and suffer for 7-10 years or hire someone, again, to remove the information, again. A reputable company will stay with you for the FULL 18 months (I told you this number would come up again). This allows them to continuously monitor your credit reports and remove any negative information that may re-insert itself after the initial sanitizing.

8: What other services do they offer? If they are a legitimate company, they will have rescources that will help you to re-establish yourself in the financial world. Things like the ability to help obtain a debit card even if you can't open a checking or savings account. (Yes, believe it or not, it can be done!) Can you call their credit advisors any time for advice? Is legal representation available if you have to go to court against the credit reporting agencies? ASK! If the company is letgitimate, they will have a team of lawyers that will handle these kinds of legal matters for the duration of your contract.

9: Does their contract advise you of your rights? If not, why? Because they don't know the laws! And if they don't know the laws that are designed to protect you, how can you expect them to know the complexities of the Fair Credit Reporting Act which has over 300 laws?

10: Is there a money back guarantee? In this business refunds are usually prorated. In other words, if you have 50 negative things on your reports and they can only have 30 removed, you are refunded 40% of your money since they were able to get 60% of the information removed. If there is no money back offer, run away! A company that has faith in their services will offer to refund the money if they can't do the work.

I hope this information helps people out there who are confused about credit restoration programs. In a future article I will discuss who should and should not use credit restoration.


If you have any further questions, you may feel free to contact me at [e-mail]

Answer 10

Yes, paying off will help. Time will also help.