rebuilding credit

[vert_this]

nothing but time can do anything for charge offs and repo's. When you get in that state it seems the only people willing to extend you credit are those companies that don't report unless you default on the loan (rental companies, buy here pay here lots) . I used to work at a large bank/lender for many yrs and I know first hand repo's, defaulted school loans are some of the worst notations you can get aside from a foreclosure. You have to clear those outstanding debts up/payoff first before any attempts are made to get more opportunities for credit. In most cases you can settle for less with past due/charged off loans but again it will negatively note "debt settled for less" than total amount owed.

The charge offs are noted in the same way as a bankruptcy (r9 or I9 status r is for revolving debt I is for installment loan) however in my eyes they are worse because you still owe the debt. When I say charge off this is when a creditor is through dealing with you and they simply sell your acct to an outside debt/agency collector.

Some creditors will charge you off as quick as three months some wait for 6 to 7 months it just depends on there company guidelines.

If a creditor hasn't charged you off the best repair is to get loan current/up to date and make at least the minimum requirement each and every month. This is better than paying it off (again if they have not charged you off). The reason its better than a payoff is the credit bureau shows 24 months of your latest pay history (non charge offs only)as you make the payment each month the oldest month drops off so as time goes on you will eliminate the ability to see the derogatory information. If you just pay the account off yeah you payed it off but the past due pay history is locked in and unless they agree to continue to let you charge on that acct you have no way of eliminating this poor pay history. They in no way are required to remove this because you decide to send a letter. If they did do this it would make it impossible to make fair assessments on credit worthy clients. GL

you can get your three CBR's here free once a year:

https://www.annualcreditreport.com/cra/index.jsp

[mcskibadee1]

Lexington law is a great start to getting the negative items of your credit. They are about 45 dollars a month but have helped me out as well as many people I have referred. Having a couple new cards with revolving credit is a great start but won't help much when you show 8 negative items. Lexington law will get the negative items off even if they are your negative items. Trust me, do this ASAP. You will need to send them copies of your credit report from all 3 Bureaus and they start getting them off.

[funcrew]

In addition to the above, get your credit report from the 3 agencies. Dispute absolutely every negative item in the report. A good portion of them will drop off permanently. However, it's a lot of work, so if somebody else will do it for $45, that's a pretty good deal.

[Kershaw]

step 1. get off r3v.

[aadamx]

For those who have a bad credit score and are trying to find means through which rebuilding credit is possible, the truth is that it will not be clean or easy. Loans and standard credit cards won't be a choice, but secured charge cards might. Regardless of high interest rates and the need for collateral, they can help you repair credit slowly - so long are you are willing to offer collateral up front and pay hefty charges for the privilege of banks reporting your made payments to the credit reporting agencies.

[JeffRR]

Check out Dave Ramsey and fix the problem for good. Not an easy path, but it works and will change your life for the better.

I speak from personal experience.

Me too, good advice. 10 months left of paying stupid tax.

[AndrewBird]

IIRC 800 is the highest.

FICO score is 300-850. National average is 689.

[ebox86]

Lexington law is a great start to getting the negative items of your credit. They are about 45 dollars a month but have helped me out as well as many people I have referred. Having a couple new cards with revolving credit is a great start but won't help much when you show 8 negative items. Lexington law will get the negative items off even if they are your negative items. Trust me, do this ASAP. You will need to send them copies of your credit report from all 3 Bureaus and they start getting them off.

This is great advice, I've heard of these guys helping people as well, its worth it because sometimes dealing with the bureau themselves can be very difficult

step 1. get off r3v.

lol, this