Categories for Fixing Credit

Ways of fixing my credit after a foreclosure?

May 19, 2011 5:00 pm Published by

Question by gr8mom: Ways of fixing my credit after a foreclosure?
We just ended up getting foreclosed on. It’s a horried situation but one that could not be avoided and still be able to eat. My question is what are the best proven ways to fix your credit after a foreclosure? Cause to be honest now that the house is gone we are doing much much better. Please only commit if you can help. Thanks for your time.
Thanks so much! That helps out a lot and makes me feel better knowing that we are not the only one’s in this situation! Thanks again

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Best answer:

Answer by livnforJC23
We are also going through a foreclosure because we were relocated to a different state and the house hasn’t sold after being on the market for 18 monhs. We ahve consulted an attorney because we are not behind on anything but the house. They have told us to make perfect payments on all other credit lines for 24 months after the foreclosure and we will be able to buy again at that time. They also told us to make sure that all of our credit lines are either paid off or at least paid below 50% of the credit line before we buy. This increases your credit score. Also we have been informed to continue to charge on our credit cards for gas and groceries, but to pay off the balance every month. We had perfet credit before the foreclosure started and our score has dropped over 200 points in the last 5 months, but I am told with the economy and what is going on in the housing market that we will be able to own again soon. Good luck and keep your chin up. No one could have forseen what would happen with the market and I rest soundly at night knowing I did everything I could to prevent foreclosure, but I can’t fix the economy. We bought our home for $ 297,900 in June ’06 and it is currently appraising at $ 180,000 in mint condition. You just can’t fix that problem. We have had over 5 offers and the bank has refused them all, we offered to hand over the keys and the bank refused that as well. I reccomend you talk to a mortgage broker who can pull your individual credit and tell you what you will need to pay specific attention to before you can buy again. They will do it for free and it will allow you to focus on exactly what you need to instead of guessing. Good Luck and God Bless!

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Bury Your Bad Credit – Fix Your Bad Credit Score Once and For All

May 18, 2011 5:00 pm Published by

Bury Your Bad Credit – Fix Your Bad Credit Score Once and For All

To fix your bad credit score what you need to do first is get information on what effects your score. Some such factors you have to gain knowledge about include:

 

How these credit scores get calculated?
Are credit scores a time sensitive thing?
How DTI ratio is related to credit scores?
Do multiple newly opened credit accounts affect scores?

The amount of knowledge you are able to gain on above mentioned topics will decide how effectively you improve your scores. One of the easiest methods which is used for improving scores is of disputing errors.

 

According to federal laws any credit bureau has to investigate disputes that you raise and provide you a reply within a reasonable time frame. In this context what the bureau does is that it sends the complaint to the creditor to validate it. Most often a creditor does not reply within thirty days which he is required to. Thus the bureaus remove such entry from your credit report when a reply is not received from the creditor.

Another thing is to pay close attention to your collection accounts. With time as these accounts become older, they have lesser effect on your score. If you are thinking about repaying any such accounts then choose the recent ones. You need to be aware here that payment on a collection account resets the seven year clock for which such an account remains on your report.

To fix credit score, store cards are another very good option. You can develop excellent credit history using departmental store card, gas cards & store cards before contacting banks for credit cards. But one thing to take note of is that many such stores do not report credit history on an account to credit bureaus. So before getting such card you must inquire whether they report account history to the credit bureaus or not.

If you follow the above mentioned steps it will become much easier for you to fix your credit score once & for all.

 

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Fix your bad credit report once and for all. Try what works and see what doesn’t at http://www.fixbadcreditreport.net

Article from articlesbase.com



Fair Credit standing

May 11, 2011 4:31 pm Published by

It is significant so that you can understand your credit rating scale and understand what fair credit ratings is and the way important it truly is to understand your standing. When you are which has a bad record, then you definitely should improve your credit score to recover it.

Many of the banks and also other lenders even the creditors strictly follows helpful information about credit history ratings. It’s used as basis to understand when a loan applicant or simply a customer has credit history. Being credit worthiness makes perfect for banks and loan companies being at ease with the clientele. It’s like seeking work. To your credit rating record will serve since your resume. If it’s not appealing, there is no way you might impress the employers.

To your credit rating is a variety of information containing ratings of this credit, credit ranking and certain credit history. These couple of details are the true secret ingredient to formulate and figure out a person’s credit reputation. Credit file bureaus are following a mathematical formula to look for the core. Plus the most common system used will be the FICO score system. FICO means Fair Isaac Corporation. It can be consisted of five significant elements. They’re key factors to formulate to your credit rating and figure out the place you will land inside the credit history scale. 35% than it is focused on your payment history. These are typically specifics about your past payments and transactions.

If you have been paying responsibly with time, then you definitely don’t ought to concern with finding a lower rating. Another the main credit standing scale could be the quantity of the money use that’s 30%. This shows the number you owed around this very day. For those who have opened plenty than the usual volume of accounts, then expect that the score would decrease. And if you were closing accounts you have neglected, that should sure harm your scores even more. The 15% on the score will be the length of the reputation your credit. The longer you have addressed your accounts, the more effective results it may possibly share with your scores. 10% with the score is includes new borrowings. The final part would be the 10% that determines all the sorts of credits used.

The FICO credit ratings scale rates from 600 to 850 points. 600 points is a lowest and 850 may be the highest point. If you have a score of 700 higher, it indicates you stand inside the highest scale and would mean that you might be excellent or possess a a good credit rating. Banks can provide great rates and also discounts you deserve. The reason being they’re virtually certain you happen to be good risk for investment so you have proven that you’ve got credit worthiness. Good rating is the place where there is a score of 680 to 699. It is possible to still get those loans approved nevertheless get good terms. 620 to 679 is fair enough. You may still earn that loan. When you’ve got 580 to 619, you may sure have less-than-perfect credit. Why don’t you consider 500 to 579? That’s even worst. So start fixing it now.

Understand in case your credit score is fair and only for you personally, just click here – Credit rating Range or Fair Credit



How do i go about fixing this credit problem?

May 9, 2011 5:00 pm Published by

Question by AnnieL0pez: How do i go about fixing this credit problem?
I have not once been able to ever check my credit report. Having a very similar name to my sisters has always been the issue, everytime i put my information down, her credit history and report always shows up. I really dont know who to contact about this. What i dont understand is that even though i put my social security number down, it still shows her information. Please help!

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Best answer:

Answer by Mabuz Luciferi
You could try changing your name.

You could try using your full name, like any middle names.

It depends if this is a bad thing for you, since if her credit report is good and the credit card companies are using her record to judge you by then you could piggyback on her record, it is not your problem, the credit people are the one screwing up. On the otherhand, if her credit records is bad then you will suffer too. If you do piggyback then don’t sabotage her record by destructive action.

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I need to start fixing my credit?

May 8, 2011 5:00 am Published by

Question by atlantaboi3: I need to start fixing my credit?
I have ignored my credit problems for years. I don’t want that life anymore. I don’t want to be treated like a third rate citizen anymore. I want a house, a new car etc…

I don’t know what the best route is though. It is mostly all credit cards. There are couple other little things. I would 60% of the negative on my credit report is six years old. The rest is about 1 year old.

I know when you pay collections off it drops your score. I am ok with that if it will get better afterwards. Do I pay off all of them? After seven years all negative reports have to removed right?

I have two credit cards that are current and active. I know that will help boost my score too.

What is the best to start to repair your credit? I am overwhelmed and don’t know where to start. Thank you!
Also should I try to negotiate with the collection agencies? Do I need everything in writing from them?

Maybe yall know of some good books I could read?

Fast Credit Repair
Best answer:

Answer by starfairy181
Go to the forum section of http://creditboards.com and READ READ READ

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