List Price: $ 18.95 Price: $ 18.95Repairing Your Credit Freeway Guide (Freeway Guides: Practical Audio for People on the Go)
Question by Saint: Im working on repairing my credit. I got a copy of my credit report and managed to pay off most of my debts.? Fast Credit Repair Answer by lookingfor1227 Know better? Leave your own answer in the comments!
After this last payment I will only have one negative thing on my report. I heard that applying for a secured credit card is the way to go? How long does it take for my score to improve after paying the debts off? Should I wait to apply for a card? Or does anyone know an easier way to improving my score after paying my debts? My credit score is around 550. Any advice is greatly appreciated…
Best answer:
You can go to these places that give you like 6 month or year loans and take one out. Don’t use the money put it a way in the bank or somewhere. Make two or three months of payments on it. Then go get another loan at a diffrent place for a little more this time. Take that money and pay off the other loan and put the rest in the bank. Pay this one for a month or so and do the samething. Get the thrid loan for a little more than the second and pay off the second one. Then turn around and pay that last loan off when the first payment comes do. I know a guy and he said this brought his score up pretty fast. Just don’t take the money out and spend it and end up with all thesse bills again. With a score of 550 it shouldn’t be to hard to bring it up pretty fast. I think it takes 30 days to show as paid after you pay it off if you have something on your credit. All so make sure they take it off. I paid something one time off on my credit then like 2 years later I go to get something and they still showed unpaid. So I had to call them again. Good luck.
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Question by mcook1610: In repairing credit: Should I pay off charge off items or will this even help my score.? Fast Credit Repair Answer by Slimick You could be stirring up a hornet’s nest by renewing contact with debt collectors over old, charged-off debt. You could trigger very aggressive collection activity against yourself….Making a payment on charged-off debt can reset the statute of limitations in most states…this would enable the collectors to take legal action against you for the debt. I personally do not think that a slight increase in your credit rating is worth the risk of a lawsuit/judgement. If you’re going to pay off old-charged-off debt anyway, then you might as well negotiate the lowest settlement you can possibly get, being that the negative charge-off notation is going to stay for 7 years on your credit report anyway. You don’t have to hire anyone to do this for you. You have to be VERY careful in this effort…Mail them a vaguely worded statement like: I am willing to settle this matter for 25% of the original amount. This is in no way an admission of this debt, but rather an attempt to settle this matter. Your firm must send me a written agreement on your company’s letterhead that you will accept this amount as “payment in full” and that is issue will be settled. Upon receipt of this agreement, I will mail you a money order for this amount. Know better? Leave your own answer in the comments!
Should i called these companies myself and work out a deal to try to pay half of my balance, or should i hire a service.
Best answer:
Don’t make the mistake of simply cutting a check to whatever collection agency has the debt for the charge-off and assume that your credit rating will be magically restored…Doing so will not remove it from your credit reports. It will simply be updated to a “Paid Charge-Off,” which, while slightly better, is still a seriously derogatory item. Per the Fair Credit Reporting Act, a charge-off, whether paid or not, can remain on a consumer’s credit reports for up to seven years.
Question by Melandi: Which credit card company would be the best to go with for repairing my credit? Fast Credit Repair Answer by hi91977 Add your own answer in the comments!
Best answer:
any creditor that send you an offer is good. the important thing is to pay it in full at the end of the month when you get your statement. on time payments & length of account will improve your credit score.
