Liberty Credit Repair

I saw an add where you can pay a company to remove negative things off your credit report to increase your credit score. Is this just a scam or is it the real thing?

Those companies will consolidate your bad debts and set you up with a payment plan, one lump sum to pay each month and then distribute the money to all the collectors on your credit report. It won’t really raise your credit score right away, it will pay your debts and maybe allow you to build up credit so you can increase your score. It’s a slow process if you have a lot of bad debt.

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I’m trying to increase my fico score so that I could lease a car in three months. I’ve been working on repairing my credit. I purchased another car with my husband over a year ago which has helped boost up my fico from 513-605 in 1 year! I’ve heard that piggybacking on someone else’s credit card works very well. My mom has a card with a $500 limit with a $118 balance but has only been opened for 9 months. A mortgage broker told me that the card had to be opened for 2 yrs in order for the piggyback to affect my score for the better. But I’m not so sure about that. My fico went up almost 100 pts in a year when I purchased the truck. I’ve also read about the future changes of piggyback and am aware that this will no longer be doable as of September. What I’m most concerned with for now is, will having myself added to a 9 month old account with good payment history work? Any suggestions or input is greatly appreciated.

To really improve your score, you would need to piggyback on a card with a much higher limit, a much lower balance (as a percent of credit limit) and a much longer history.

The balance on the credit card that your Mom has is 23.6% of the limit. This isn’t really high, but to get the best score, the balance should be less than 10% of the limit.

At $500, this is a very low limit card. Cards with limits of less than about $5,000 don’t improve your score much, and may even decrease it.

A 9 month history is very short – it could actually decrease your score if you have other accounts on your credit history that are longer, by lowering the average age of your accounts. The reason that the truck loan raised your score in less than a year is because it is a different kind of credit – it is an installment loan, which has a fixed payback period. A credit card never has to be fully repaid as long as the minimum payments are made, so they affect your score differently.

If you really want to try to raise your score for the next 3 – 9 months by piggybacking, find someone with an account that is at least 7 years old, with a perfect payment history for that 7 years, a credit limit of at least $10,000 and an average balance of less than $1,000.

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I am working on increasing my credit score. I just paid off one card and am now working on paying off another within the next 6 months. If I close the account while I pay it off, will that increase my credit score any? Thanks!

Destroy the credit card so you are not tempted to use it (and it can’t get stolen) and then DO NOT close the account.

You get better credit by leaving the accounts open.

While in college in 2006 I was broke, missed some credit card payments and had one item in collection.

Now I keep zero balance in my three credit cards and my car and house payments are less than 30% of my income before taxes, but my score seems to stay just below 700, going up and down a bit every month.

Any way to increase my credit score without having to wait 7 years for my record to clean up?

Well, take a look at these things.

1. What percentage of your credit are you using?
Divide the total balances of your credit cards by the total credit lines. You want that number to be very low, like under 20%. If you have a credit line of $10,000 and you’re using $5,000 that’s 50% usage. If your credit line totals $100,000 and you’re using $10,000 that’s only 10% although you owe twice as much. The lower the percentage the better.

2. Who holds the accounts?
Are your accounts with from Wells Fargo and Bank of America or from a finance company. If you bought furniture at Joe’s Home Furnishings using their credit plan, that could be pulling your score down. Likewise if you bought a car anywhere except a dealer using their financing.

3. Pay on time.
This is the single most important thing you can do to help yourself. Never ever make the payment late. Try to mail it the day the bill comes. Most companies don’t report until you’re more than 30 days late, but it adds $29 or $39 or whatever to you balance which uses us more of your creditline.

I recently pulled my scores because I want to refinance. I was pretty pleased and surprised. The first one was quite a bit higher than the last time, and it turned out to be the very low one. The difference between the high and the low was 88 points, so be sure you’re looking at all 3. I get credit reports at annualcreditreport.com. You get a free report from each of the bureaus once a year, but you pay for the scores. One was $5.95 and the other two were each $7.95. Worth the money.

I have about 30 or so inquiries on each credit bureau and have maxed out my credit cards. I am needing to increase my score to buy a house and not sure which would have a bigger impact. Removing inquiries or paying credit cards down to below 30%

You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com

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Looking for a legal, very non expensive way to increase my credit score before the end of the year.

i do not know how much your score can be rasied but this will defeinitely help you out. i went to http://offur.com/fixcredit , a totally free service that helps you raise your credit and create a plan to keep it up. its pretty helpful.

I had a 30 day late payment on 2 separate credit cards in Feb 2008. Since then I have paid of the cards (the creditors closed them) and had no late payments on anything since. It is now March 2010 (more than 2 years) and my credit score did not increase. Why?
Since then I have added a mortgage and two credit cards. Both with a solid payment history.

Because you have not added anything positive to your credit. Prompt payments on closed accounts are not positives.