Comments on: How soon can I improve my credit score.? http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm Sat, 19 May 2012 13:38:43 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Smoovy Loco http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm/comment-page-1#comment-2372 Smoovy Loco Fri, 16 Apr 2010 08:57:37 +0000 http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm#comment-2372 I know that hindsight's 20/20, but what would've helped you when you settled and paid those charge-offs and write offs would be to have negotiated a pay-to-delete, which is a payment in exchange for removing it from your report altogether. It's will take time for them to naturally stop reporting and fall off your report, however you still may be able to do that with that phone bill. Keep in mind that it takes positive credit in order to build credit. The easiest way to do that would be to open a couple of secured credit cards. Secured credit cards are easier to get than regular cards becuase a deposit is placed upfront as collateral to establish a credit line. As long as you pay on time and keep the balances low, the card either converts to a regular card or a better card is offered. I posted links to some secured cards that can help you. I hope that helps Good luck! I know that hindsight’s 20/20, but what would’ve helped you when you settled and paid those charge-offs and write offs would be to have negotiated a pay-to-delete, which is a payment in exchange for removing it from your report altogether. It’s will take time for them to naturally stop reporting and fall off your report, however you still may be able to do that with that phone bill. Keep in mind that it takes positive credit in order to build credit. The easiest way to do that would be to open a couple of secured credit cards. Secured credit cards are easier to get than regular cards becuase a deposit is placed upfront as collateral to establish a credit line. As long as you pay on time and keep the balances low, the card either converts to a regular card or a better card is offered. I posted links to some secured cards that can help you.

I hope that helps

Good luck!

]]> By: heyteach http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm/comment-page-1#comment-2373 heyteach Fri, 16 Apr 2010 08:57:37 +0000 http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm#comment-2373 "Delinquencies (30 – 180 days): Can remain seven years from the date of the initial missed payment. Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report. Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account. " http://www.experian.com/ask_max/deleting_information.html Sounds like you're getting close to catching a break on at least some of the negatives. You may want to rethink the idea of two huge expenses car and house at the same time. Not many people have the credit or funds for that. You could benefit from some one-on-one review with a pro like someone from Consumer Credit Counseling. You'll have to pay that phone bill off ASAP and you really should try to save money. Consider a used car. You can get something called a "program car" in many cases which is relatively new and was owned by the company and taken care of by them so it should have excellent maintenance. They need to have their people in late-model cars so they'll sell them off fairly quickly. Might even be able to get an after-market extended warranty for reassurance that expenses will be low. If you get an expensive vehicle, new or not, that debt will weigh against you for a home. Remember your FICO will determine what rate you'll pay, so you want to be patient or you could easily pay tens of thousands over the life of your mortgage for not being properly prepared. The site l quoted from has lots of info on credit because it's one of the three big bureaus. Good luck. "Delinquencies (30 – 180 days): Can remain seven years from the date of the initial missed payment.

Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account. "
http://www.experian.com/ask_max/deleting_information.html

Sounds like you’re getting close to catching a break on at least some of the negatives.

You may want to rethink the idea of two huge expenses car and house at the same time. Not many people have the credit or funds for that.

You could benefit from some one-on-one review with a pro like someone from Consumer Credit Counseling. You’ll have to pay that phone bill off ASAP and you really should try to save money.

Consider a used car. You can get something called a "program car" in many cases which is relatively new and was owned by the company and taken care of by them so it should have excellent maintenance. They need to have their people in late-model cars so they’ll sell them off fairly quickly. Might even be able to get an after-market extended warranty for reassurance that expenses will be low.

If you get an expensive vehicle, new or not, that debt will weigh against you for a home. Remember your FICO will determine what rate you’ll pay, so you want to be patient or you could easily pay tens of thousands over the life of your mortgage for not being properly prepared.

The site l quoted from has lots of info on credit because it’s one of the three big bureaus.

Good luck.

]]> By: KitKat http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm/comment-page-1#comment-2374 KitKat Fri, 16 Apr 2010 08:57:37 +0000 http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm#comment-2374 You could ask the companies directly. Otherwise..it takes about 7 years for them to drop off your report. To improve your credit...you need to get credit and pay on time every time for 6 months and keep the ratio low between your limit and your balance. You could ask the companies directly. Otherwise..it takes about 7 years for them to drop off your report. To improve your credit…you need to get credit and pay on time every time for 6 months and keep the ratio low between your limit and your balance.

]]> By: sassy_contradiction http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm/comment-page-1#comment-2375 sassy_contradiction Fri, 16 Apr 2010 08:57:37 +0000 http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm#comment-2375 I wish there was a fast answer for you, but unfortunately there is not. The way the system works, it can take 3-6 months to get any positive changes to your credit through all the various credit companies and who knows which one your bank will use for your loan. There are some companies that offer 'fast' credit score repair and will charge you a lot for it, but they can't do anything faster than you can. Best way, is to first Pay everything you owe off! Next, if you have any credit cards left, use them and pay them off early EVERY TIME and keep the balances LOW. (Ex. if you have a 1K credit card, buy 200 dollars on it every month (if you can afford that) and pay it all off in full right away. Also ensure you pay all your utilities in full each time. Then work through each bad mark on your score, one by one. Either work with those companies directly or work with the credit scoring companies (some of them offer programs to help you learn to better your score) and go to each company and either see if they will remove the bad statements about you in the credit report or find out how much longer they will stay until they are gone. Once you know this, then you will know how long it will take you to rebuild. I feel your pain, was there myself once. Its painful, but it can be done and once done. Do your utmost to keep it clean. Basically pay all bills on time, no lates, and if you are going to be late, work with that company so you make arrangements so they don't report the lateness on your score. Best of luck! I wish there was a fast answer for you, but unfortunately there is not. The way the system works, it can take 3-6 months to get any positive changes to your credit through all the various credit companies and who knows which one your bank will use for your loan.

There are some companies that offer ‘fast’ credit score repair and will charge you a lot for it, but they can’t do anything faster than you can.

Best way, is to first Pay everything you owe off! Next, if you have any credit cards left, use them and pay them off early EVERY TIME and keep the balances LOW. (Ex. if you have a 1K credit card, buy 200 dollars on it every month (if you can afford that) and pay it all off in full right away. Also ensure you pay all your utilities in full each time.

Then work through each bad mark on your score, one by one. Either work with those companies directly or work with the credit scoring companies (some of them offer programs to help you learn to better your score) and go to each company and either see if they will remove the bad statements about you in the credit report or find out how much longer they will stay until they are gone.

Once you know this, then you will know how long it will take you to rebuild. I feel your pain, was there myself once. Its painful, but it can be done and once done. Do your utmost to keep it clean. Basically pay all bills on time, no lates, and if you are going to be late, work with that company so you make arrangements so they don’t report the lateness on your score.

Best of luck!

]]> By: Steve R http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm/comment-page-1#comment-2376 Steve R Fri, 16 Apr 2010 08:57:37 +0000 http://smallbusinessmerchantaccounts.org/how-soon-can-i-improve-my-credit-score.htm#comment-2376 Get a second job to pay off the cards. Get a second job to pay off the cards.

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