credit

7 Replies

hey just a question i have horrible credit but i really have no date and only a late payment or two on my report I'm looking for a good credit repair company too help fix it any suggestions out there 

date = debt auto correct got the best of me 

Hi there John,

my wife has a credit repair business, you can check her website and give her a call and she will help you with fixing your credit.

Tell here you came from Ziv, her husband :) and write here with some updates once your credit is better, I would like to hear your results.

http://www.avivscreditrepairnerds.com/

Here name is Helen Aviv

John,

www.mycreditteam.com specializes in credit repair for the real estate investment industry. They are even endorsed by Ron Legrand (look in multimedia section). Use the promo code of "Biggerpockets" to unlock the full site and take advantage of their professional courtesy discount program. You can use the scheduling tool to set up your free evaluation.

If you do the following you will be able to get an approval for a mortgage...

*Settle any past due collection/charge off's.  All it takes is one large collection to get rejected for a mortgage.

*Pay off all credit cards

*if you have any past due accounts and are showing continious lates then call the creditor and ask how much you need to pay to bring the account "current".  You need the late payments to stop following you because that alone will crush your scores.

*If you don't have any active credit cards then the last step would be to get yourself two credit cards.  If your profile shows no unpaid collection/charge off's then you shouldn't have to get a secured card.  I always prefer not to give the bank any money if it's not required. 

*After these steps are completed all you have to do is remember 2 things.  1. Never ever get yourself another 30 day late payment.  2. Don't max out your credit cards.  By following these guidelines your score will be in the mid to upper 600 range and as time goes on you will get into the 700's.  Remember that all it takes is one 30 day late or maxed credit card and you'll be back in the 500's again....

Hope this helps!

I think some of the above advise must be meant as a joke. 

If you have any charge-offs, then your score will depend on the date of last acitivity (last payment) . The older the payment, the better you look.  It will fall of the credit reports 7 years after last activity date.

If you are now making payments or pay off this old charge-off, your last activity date is NOW. That will be seen as if your are in money trouble now, not 4 years ago, as it would have been if you had left it alone. A paid-of charge-off is coded the same as a delinquent one. And the 7-year-clock starts all over. 

You can negotiate with some of the debt collection agencies for a settlement, in exchange for them deleting the tradeline, but you have to get something in writing, because you can't trust them. 

I'm not saying to not pay, but to wait until the 7 years are up and the tradeline is no longer on the credit report. As crazy as it sounds, but you are getting punished for paying off a delinquent charge-off, if you suddenly come into funds.

I would suggest that you go to www.creditboards.com and educate yourself about credit repair. No company will care as much about your credit as you do. Yes, it's time consuming, but it's in your hands. I'm not affiliated with them, but have learned a lot about credit from that site.

You can also educate yourself at http://www.badcreditisachoice.com/ the podcast have lots of info.

To achieve a high FICO credit score you need the following

1. Never, Never, Never make a late payment.

2.Get 3 to 5 unsecured credit cards

3. Keep your credit card balance ratio at 11% or less. (example: $5,000 limit, $550 balance or less)

4. Home Equity Line Of Credit (HELOC) is like a credit card. Keep the balance ratio under 11%

5. Stay away from store credit credits unless you use them.

6. Try not to run your credit because of inquiries.

7. Every six months call you credit card companies and ask them to increase your limit. (Script: Tell them you are going to make a large purchase for travel or your are going to renovate your house or rental unit.)

8. Do not close any of your credit card accounts. This could affect the length of your credit accounts.

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