Tony Banks asked:




Fixing your credit is possible despite the fact that most people don’t know believe this. No two reports are identical so the approach to fix each report is different but all are broken into two main strategies to repair credit.

Defensive Repair- The first strategy would be considered as defensive, with this part of the repair strategy you will work to improve your credit score by not allowing any more negative factors impact your report.

You will have to catch up on any late accounts, negotiate collection accounts to be deleted if a settlement is reached, and obtain new accounts if possible to start showing good entries on your report. You should do anything you can to stop any more negatives from reaching your rating.

Offensive Repair- With an offensive strategy you will work hard to have accounts that are negative deleted from your account. Negative accounts that are very old should be disputed so they can be removed, accounts that have reached their mature date need to be deleted according to the credit laws and wrong information needs to be corrected.

The only way the offensive strategy will work is by understanding the laws that govern your credit, the credit reporting agencies must abide by these laws but it is important that you know how to challenge them when working on your credit rating.

A good credit repair kit will teach you everything you need to know about the laws that can help you fix your credit rating and increasing.

Cory

Cris Rendall asked:




Ignoring the problems that bad credit creates can be easy at times. Day-to-day most people don’t need to worry about their credit scores. Unfortunately the time will come when you need to face the issue head-on. I came to this point about a year ago and decided that I needed to fix my credit rating.

How Bad Credit Hurts You

A low credit rating will cause a whole range of problems when it comes time to get a loan. Depending on your score you may not be able to get a loan. If you are able chances are your interest rate will be very high. While a 1% or 2% difference doesn’t seem like much it can cost you thousands of dollars over the life of loan.

How I Fixed My Credit Rating

The first step I took as I started to fix my credit rating was to order copies of my credit reports. This can be done once a year for free from the AnnualCreditReport website. This will give you your reports but you’ll still need to order your credit scores. Save yourself some money and just order your scores from one of the credit bureaus. While they will very bit between the bureaus they should be about the same.
I’m sure you’ve heard the term credit repair before. The whole process revolves around getting inaccurate, negative items removed. Once you have your reports you look over them closely and identify any inaccurate information.

You have the right to an accurate credit report. What you need to do is file a dispute with the credit bureau that his reporting inaccurate information. If they cannot prove that the item is true it must be removed from your credit report. As I began to fix my credit rating I noticed that each time a negative item was removed I saw a jump in my credit score.

There are two basic ways to go about the credit repair process. The first is to handle it yourself. If you choose to go this route be sure that you stick with it. This can be a lengthy and involved process but you will get results if you see it through. The other option is to pay a credit repair service to do it for you. This can save you time but it will cost you some money. Keep in mind that a credit repair company cannot do anything you could not do for yourself.

The bottom line is whichever way you choose you need to get started. You don’t want to be stuck in the same place down the road wishing you had addressed the problem. When I decided to fix my credit rating I had no idea just how beneficial it would be.

Javier

Shayne Sherman asked:




Keep a close eye on your three C’s. Creditors review your three C’s every time you fill out a credit application. The three C’s are Capacity, Collateral and Character. Using this information creditors are able to create a “risk score” to determine if it is worth their while to extend you a line of credit.

Capacity

Capacity is the amount of debt you can reasonably handle with your current income. Creditors take different things into account to determine your capacity such as: how long you have been with your employer, how stable of a market you are in, the likeliness of a raise in the near future. They also take into account how long you have lived at your current residence, how long you have owned your vehicles, whether your payments are early, on time or late. Another factor they consider is your available balances on your credit cards. Basically they determine the odds of you digging yourself into a hole and how easily you could get out of it if things go wrong.

How do I fix my credit rating using this information? Stick with your employer, climb the ladder, don’t move around, make all your payments early or on time and never, ever max out your credit cards. Do everything you can to make yourself appear to be stable on paper.

Collateral

Some people get a little scared when they hear the word collateral, because this is the stuff that can be taken away if you mess up. If you do not stretch yourself too thin though, this is something you will never have to worry about.

When creditors examine your credit rating and report they take into account everything you own that is worth a significant amount of money. The way they determine the value of items is the estimated price that item will get at auction. For example you may own a $7,000 sewing machine, but it will not garner that much on an auction block. A classic car that has been restored however may only blue book at $3,000 but at auction it could go for at least $10,000. So the items creditors view as collateral are houses, cars, furniture, electronics and anything that can be sold quickly for a high amount.

How do I fix my credit rating using this information? If you want to have credit extended to you, you need to own some things of value. Purchasing a house, car, large TV and living room furniture reflects nicely on your credit rating, so long as you make all your payments on time.

Character

Unfortunately, creditors do not determine your character by the firmness of your handshake, the way you always insist on paying the ticket at a restaurant and they will never take your word on anything. The character they look at is what comes through on the credit report. In the world of today the only way you can appear to be a “nice guy or gal” to a creditor is by owning a house, cars, making payments on time, and staying in contact with any good news that they can add to the report.

How do I fix my credit rating using this information? Always work on your credit character, pay all bills on time and let the credit bureaus know about any accounts that you are in good-standing with and have them add that information to your credit report.

Cody

Tony Banks asked:




A lot of people are unaware of the fact that they can fix their credit rating themselves and the truth of matter is that no one shares the information openly. The reason is that there are to many people making money from the situation but I will show you how you can get your credit on track by doing it yourself.

The key to getting your credit rating on track is understanding the different negatives on your credit report and how to approach each one. You may have collection accounts on your report, which simply means that the original creditor sold the account to a third party, this company now has the right to try and collect payment from you.

These third party collectors purchase the debt for a fraction of what you owe and try and collect as much as of the original amount as possible. By law, collection accounts can stay on your report for only seven years after which time they need to come off.

If you have collection accounts on your report and they have not reached the seven year mark, then you can try negotiating with the collection company a lesser amount in exchange for them deleting it from your report.

This is a great way to clean up collection accounts on your report. Another way to start improving your credit rating is to begin to rebuild new credit. The formula used to calculate good credit includes new accounts that are in good standing. You need a couple of these accounts on your report to show that you are a good credit risk.

The best way to do this even if you have bad credit is to start with a secure credit card as well as cards that are designed to help you rebuild your credit. There are a number of these cards out there and I can show you how to get approved for them.

Willie

scheeljason asked:


I don’t have poor credit but my wife’s is good. We are wanting to buy a house at the end of the year. We are have been slowly trying to fix my credit but it takes time. Will we be able to get a home lone? What can we do to ensure that we get good rates on a home lone even though only one of us has good credit?

Duane

marks girl asked:


Looking for credit repair company in my area. I live in Indiana (highland) and need to get a car like NOW and i cant get approved. Has anyone tried waltoncreditrepair.com or lexingtonlaw.com. I looked up both on the bbb and both have a satisfactory rate. I did notice that Lexington had lots of complaints. Please if anyone has tried these company’s email me.

Sincerely
Fix my credit

Martin

djust941 asked:


I am 21 and have a 550 credit score. I am buying a new truck in a week or two. I got an interest rate on 24000 of 23% I have had my credit reprt for about a month. I have about 10000 in debt some of it is medical bills, and about half I have no Idea what they are or I know they are not mine. One has my mothers social on it. I have ones I know are not mine in dispute but still have not heard anything. What can I do So in 6 mos or a year I can refi and get my interest low. How do I fix my credit.
there is not a drastic depriciation on the truck the msrp is 32,000 and blue book value for it with 15,000 miles on it is 20,400 or so. I am paying 24,000 before interst of course.

Kathleen