Liberty Credit Repair

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Continue reading What’s My Credit Score and How Do I Raise It?…

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I have had a small claims judgment on my file from 7/2009. I just paid it a week ago. When it gets updated to "paid" or "settled" how many points will that raise my score?!

It probably won’t right away. The damage to the score isn’t the judgment, but the fact that you were delinquent on an account which led to the judgment. As time goes by, the account will now start sliding into the past and be less of a negative each month.

I’d like to raise my score about 100 points in the next 18 months. I checked it in May and June and it increased by 9 points.

I’ve seen credit scores jump (or drop) in excess of 20 points in a month so 100 points in 18 months is absolutely reasonable, depending upon what is causing it to be low. If you are lucky, there will be derogatory information that is close to 7 years old that will age off within the next 18 months.

35% of your score goes to payment history and the aging of a bad history and the accumulation of a good recent history will help.

30% of the score goes to outstanding debt so try to reduce it.

15% is based upon the lenght of time that you’ve had credit so don’t cancel old credit cards even if you don’t use them because it can hurt you.

10% is based upon the number of inquiries. If you don’t apply for credit, you won’t have the kind of inquiries that cound against you. Pre-approved credit offers to not. Applying for a cell phone likely will.

10% of the score is based on the types of credit you currently have. The number of loans and available credit from credit cards you have makes a difference.

Don’t forget to get your free annual credit reports. Challenge anything that is on there that you disagree with. It is up to the reporting company to justify to the credit report folks that it is a legitimate derogatory item or they have to delete it, which may help your score.

Ok, my husband and I was d/c out of bankruptcy in Jan 07, we have only 1 credit card each that we just got and paid our first payment(we paid more than the minimum). We just got our credit scores from Experian and both scores are about 550. We don’t want to get too much credit and over extend ourselves. We have a free&clear car, an apt, and I have a couple of student loans in deferment. So, we want a house in Fall of 2008, how do we get our score up in six months??? I’d like to see our score up to 650? Is that too much in a 6 mos period???

First, it is a myth that you need to carry a balance – and thus pay finance charges – to improve your score at the fastest rate. 35% of your score is for payment history. You can score max FICO points by making a small, NECESSARY purchase once a month on each card and paying the card off in full every month, always on time. Post-bankruptcy, you want to show a mortgage lender that you don’t need credit for anything except a mortgage loan. Change your lifestyles so that you don’t need to carry balances. Look at your TransUnion credit report. It reports up to 48 consecutive months of activity, month-by-month, in a little box. Your goal is to produce a string of 48 consecutive boxes having OK in them, on every account, no finance charges. That will be a beautiful sight to a mortgage lender.

30% of your score is credit utilization: how much of your credit limit is used up by your balance? You need to keep your balance below 30% of your credit limit, or you will hurt your FICO score. For example, if you have an $800 credit limit, you must not have a balance higher than $240, which is 30% of $800.

I’ve seen FICO scores in the low 700s two years after a BK discharge. If you’re willing to be patient and practice good behavior, such a score can be yours. The reward for a higher score is a better (lower) interest rate. FYI, 550 is clearly sub-prime, 650 is below average, and average is 673 – 720, depending on the survey. So, FICO 650 might be too much to ask for in a year, but not in two years.

If your credit cards are secured, you can just pay the start-up fees the first month. After 6 consecutive ontime payments-in-full for 6 consecutive months, ask to have your card converted to unsecured, have your security deposit returned with interest, and have your annual fee waived. If the company refuses, try again at 9 months and 12 months. The company may convert you to unsecured automatically.

Call your student loan company to negotiate getting your student loans out of deferment. Deferment of loans is a red flag on your credit report, and it affects your credit score. As you’ve learned, government-backed student loans can’t be discharged in BK. So you have an opportunity here to show a potential mortgage lender that you can handle installment debt responsibly. In many cases, after 9 to 12 months of your consecutive ontime monthly payments on the student loans, if you ask, the student loan company will remove all negative information from your credit reports concerning your student loan trade lines. Your credit reports will look as though the student loan payments have been on time, and up goes your FICO score. So your potential mortgage lender sees a clean record. Get the details from your student loan company. They have hired people to pleasantly help you to win. Again, changing your lifestyle to make all these payments on time is the key.

In the meantime, visit www.hud.gov, find a first-time home buyer’s class in your area, and complete the course. Keep the certificate of completion if there is one, and be willing to show it to a mortgage lender. Continue to learn as much as you can about credit, so long as it doesn’t interfere with your earning more income to pay off your cc’s and student loans.

For the sake of your marriage, make sure you and your husband go out on a date once a week. Bring a homemade meal and find something that doesn’t cost money. Money is a huge source of strife in a relationship, and you two need some together time to take a break from your finances.

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im looking to raise my credit score by 30 points to qualify for a certain mortgage loan. i heard signing up for this optoutprescreen it could raise your score from 5-25 points. anyone had any experiance from this? any other ideas besides using credit cards and paying them off in full? i really have all my debt paid off besides my auto loans.and some school loans.

I wouldnt recommend using optoutprescreen, sounds like a credit scam.

Let me share with you my tips that you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year — :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

Read more here:
10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/increase-fico-credit-score/

When you’re trying to build a solid credit score it’s important to get a comprehensive view of what is actually effecting it…
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% – Payment History
30% – Credit to Debt Ratio
15% – Credit History
10% – New Credit
10% – Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score

We are trying to raise my husband’s credit score. To do this, we are paying off some old outstanding debts. Currently he has nothing active open in his name that would help raise his score so we applied for a small gas credit card. He was denied. Any advice on what else we can do to get his score up?

Thanks
Yes, we are living within our means, pay all of our bills on time and have money left over for leisure & taking care of his old debt… I am just interested in raising his credit score so we can buy a house.

This is how I’m doing it:

Get one or two SECURED credit cards. You CANNOT be rejected for Capital One’s Secured Credit Card, so try them first.. Capital One’s secured credit card has a limit from $300 to $750. But they’ll need a deposit, that’s why it’s called SECURED. If you have good credit/no credit, it’ll only be $75. If you have bad credit, it could go up to $300. But you’ll always get the money back, or Capital One will put that money towards your bill, if you’re late once or twice.

***THE KEY TO RAISING YOUR CREDIT QUICKLY IS UNDERSTANDING THE DEBT TO CREDIT RATIO. Your goal is to have more open/unused credit than your debt. Open as much credit as possible (you don’t wanna get rejected too many times so only apply for secured cards) and only make 1 purchase on each card every month, and pay it off immediately. The purpose of secured cards is to offer you a chance to show off your bill paying skills. Not to buy a plasma tv and carry a balance for years. Paying it off right away will raise your credit score faster.

So!

Step 1) Open a Capital One Secured Credit Card.

Step 2) Continue paying off old debt, and keep paying all of your bills on time.

Step 3) Make 1 purchase on each card every month, and pay it off immediately before they charge you interest.

Step 4) Order a monthly online subscription to your husband’s credit report from Equifax. ($20) And look for any enquiries that were made my accident under his name. Don’t ignore this step, it happens all the time. When I applied for my first credit card, they rejected me, even though I had NO credit history. I talked to them and it turned out they were looking at ANOTHER girl’s credit report with the same name, even though I gave them my SIN number. So that girl now has an extra enquiry which will lower her credit score, unless she sees it on her report and disputes it.

5) Dispute any unfamiliar enquries to Equifax. They take 30 days to clear off your record and restore your credit score. Don’t start disputing left and right, cuz if it turns out you’re wrong, they won’t pay attention to future REAL disputes.

6) Repeat Steps 2-5 every month and you’ll be on your way to high 600’s (good credit) or even 700+ (excellent credit) within a year.

Good luck!

My credit score is 672. I don’t have any credit cards because on the rare occasion I apply for one, I’m not approved. I pay my student loans, cell phone, insurance, rent and utility bills on time. What else can I do to get my score up as quickly as possible?

You should try to get a card and build a credit history. Just use it minimally and pay it back. Some other things you can do:

Get a small personal loan at the bank, put the cash in a money market and set up automatic payment every month.

The new credit scoring system looks at both revolving credit and installment loans – they want to see you know how to handle all kinds of credit, so this will help.

If you can’t get a credit card, apply for a secured credit card. You’ll have to deposit money, but just use it for 3-6 months and your score will increase and you can get a regular credit card.

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Continue reading Increase My Credit Score…

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I have around $3000 on my credit cards and very low credit score. i will be getting the sam eamount in my refund and was wondering which way would fix my credit quicker, to pay the whole amount on cards at once and bring it to zero or make larger adn on time payments over few months

Well, if you pay over time, you are probably going to pay a pretty outrageous amount in interest. One factor in determining credit score is how much OPEN credit you have that you aren’t using. So say one person has $10,000 credit and is using $2,000 of it. They would have better credit than someone with $10,000 credit using $7,000 of it, in general.

Also, open more credit accounts, even if you don’t plan to use them. This will increase your credit rating (as long as you’re not abusing the accounts). Don’t open too many at once or your credit will go down. But you could open two new ones this month, no prob. You might want to make a couple small purchases with the cards because then you will be reported as a paying and up to date customer. When you apply for your new cards, be generous when stating your household income. They don’t check it anyhow. Don’t say you make ten million dollars a year or anything but…

i have 70k in debt, all of which are in collections. I have called a BK lawyer to help me but got scared. don’t want BK to stay in my record for 7 yrs. someone told me that that’s the last time i should do. is it true that if i try to settle/negotiate my debts, then it wouldn’t take as long as 7yrs for my credit score to go up again? how do i negotiate/settle my debts with collection agencies. they’re mean! i’m terrified of them! please help. i’m in big trouble – my entire family is affected, esp. my 3 kids!

The first thing you need to do is take control of the situation. It really sucks and you probably have been putting it off because it is not something that is very fun to do. You need to call the collection agencies. They are not going to be mean to you. They are professionals and if they are not nice to you on the phone, you can ask to speak with a manager. Call the collection companies and just tell them that you have been having som trouble paying bills. All they want is to hear that you are alive for the most part. They want reassurance that they are going to see their money. So when you are talking to them, ask them how much it is that you owe. They will tell you and then they will probably ask you when you can pay it. Tell them you can’t pay it all at once, but could make monthly payments. They will gladly do this most of the time. Like I said before, they just want to be informed that you plan on paying them back. That is the first step in this. You need to notify them that you plan on paying them. Once you set up an amount to pay them each month, try to stick with it and not be late. If you cannot make a payment that month, call them and tell them that you can’t make it, but give them a date that you will be able to pay them by. Communication is the main thing here. You just need contact them and begin working with them. A lot of times they will settle tha amount due for less than is owed just to recoup some of the money. You need to address this situation right away. It won’t get better by letting it just sit there. Give them a call and just talk with them. You will feel so much better. A huge weight will be off of your chest. It might take a long time, but you will be going in the right direction. Good luck, I hope it works out!