For the past couple of years, I have screw up my credit very badly. So today, I want to put myself together and get it repaired as much as I could. So at this point, I am looking for a company or some credit expert that would help me in repairing my credit. so I could get on with my life.
Okay for my situation, I have about 10 accounts open for collection and they are 8 accounts with debts from $100 - $600. Also one account from Toyota Auto Finance with over 6 late payments, then I have already sold the car and paid off my entire loan. Last account which is very tough, it is from Audi Financial, which I have a Repo on! I can pay off all my debts, but would that help? I need to have a clean and strong credit to be built. Someone please advise or help. I can give you advice.
First, it would help to know what makes up your score. Here's a breakdown.
Payment history 35%
Amount of debt that's owed 30%
Length of time that credit's been established 15%
Types of credit 10%
Inquiries and New accounts 10%
Now, the biggest killer of a credit score is paying late and having a lot of debt. What you may need to do is to get a copy of your credit report and http://www.annualcreditreport.com... to see what and how much you owe.
Once you get your reports look and see how much you owe. The easiest way would be to find the smallest amounts and the ones that are the most recent first. Contact the collectors and negotiate a "payoff for deletion". That's a payoff amount that will clear the debt off your credit report. If you're able to get them to agree to this, it is necessary to get something in writing on their company letterhead before you send them a dime.
After you've cleared all of your delinquent debt, then review your report to make sure that there isn't any inaccurate information. If it is, then you should immediately dispute that with the bureaus.
If you have a close friend or family member with excellent credit, ask them if they can add you as an authorized user on their credit cards. You do NOT need a card as this would only be for reporting purposes only. Their payment history would be included on your credit report if you're able to be added.
Another thing would be to open ONE credit card. The easiest one to get would be a secured credit card. You would have to put a deposit upfront to secure the same amount in a line of credit, but at least this way you wouldn't be declined and depending on how much you put in the security deposit, YOU control the credit line, instead of the credit card company telling you how much THEY think you should have. The key is simple: make small purchases that can be paid off in full, on time every month. And you may want to increase your credit line by adding to the security deposit every 2 months or so. That way after a year of perfect payment history, you'll get the deposit back with possible interest, and the card will convert into an unsecured one, not to mention with a credit line that you will be happy with.
I have another option that also helps but it takes time. If you're able to get a secured credit card and get up to at least a $1000 credit line, then you're in good shape to do the next option which is open up a certificate of deposit and then take out a collateral loan against it for the same amount. I'll give you an example: Let's say that I opened up a secured card got the deposit up to $2500 before it went unsecured. Well, I'm going to get that deposit back becuase I don't need in anymore. From there, I would open up a certificate of deposit where I do my banking and then take out a signature loan using the certificate of deposit as collateral, kind of the same way that I did with the credit card. Now I would take the proceeds from the loan and put THAT into a savings account to get interest off of that. Then I would pay the monthly payment every month for at least 9 months for it to show on my credit then I would pay it off. Not only have I boosted my score by showing positive payment history on a loan, but I'm still saving money in the process with the Certificate of deposit!
Finally, another thing you can do is to report montly payments like rent, utlilites, insurance, wireless phone, and other bills that don't show up on your credit reports to a reporting agency called PRBC. It helps people build credit by reporting payments to monthly bills that don't show up on credit reports, to give a more accurate picture of your payment history. Current and previous history up to 3 years back can be reported and scored in a report that can be used with your traditional credit reports.
Hopefully, with these steps you can be well on your way to getting your credit back on the right track! Cyprian Associates (Credit repair co.)
We can assist you and repair your credit in a 6 month period, email cyprianassociates@yahoo.com if you are interested.
Thanks Report It
contact credit agency discuss the possiblities for repair such as checking all entries are correct as any can be from uncedible sources and many are just guesses through similar names as yours, get a hold of the score and go through it.
www.all-about-britain.com If you can do so, then pay off the ones that have the highest debt. If you can't, then offer to another company to pay them off for you, it doesn't hurt your credit score.
I would pay off the monthly ones that cost the most, but that is just me. I manage our bills so please hopefully you listen to a woman's advice....?
Pay off the ones that are the highest on your monthly bill schedule. If you can't do that, then find a company that can consolidate for you and you just have to pay them one time every month. They will automatically pay off the ones you should be paying off, at the same intrest rates you are paying. You should talk with someone who does this professionally. Try http://www.creditrepairattorney.net. You should be able to get some free info from the web site to get you started. Everything you need to repair your credit is at....
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