Bad credit tips | Credit tips to improve my credit
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Make sure none of your balances are more than 79% against your high credit limit. Over 80% on balances will kill a solid credit score. Check your Totally FREE Credit Reports and look for old or unfamiliar files and dispute these. In the end you will get a phone number or address where you can ask forgiveness and pay. Ask for total removal and a letter saying so if you pay in full or extra. Not all bad credit can be removed or rebuilt, but it doesn't hurt to try.
What do I say when asking a creditor to remove bad credit file?
Tell them "I had a hard time with a job, or a sickness, I paid the bill off in good faith, I'm a good person, now I am trying to buy a home and this entry is the only thing holding me back. Will you please, pretty please, remove this entry?" Remember they cannot pull up your credit to find out if indeed your telling the truth.
What if I have a unpaid collections account?
First try to contact the company and pay the bill. If you find the company and the bill, pay them off and ask the company to contact the bureaus and give you a letter Stating they have done so. You can use this letter as leverage if a bureau is having a tough time showing the record as paid
Why is my paid collection still showing on my credit file?
When you pay off a collection, the entry should show up as paid. BUT the entry will remain on your credit file for 7 years unless the entity that had collection filed on you agrees to let the collection company delete the information. So collections still show up as collections EVEN after you pay. They just show paid and still hurt your score.
How do I get a paid collections account removed completely?
Wait for 7 years, or try to contact the entity the had you turned over to collections and ask them to prompt the collection agency to remove the entry. If you cannot find the record yourself by calling, then, chances are Experian Transunion and Equifax can't either. So print the dispute form and send it to the appropriate bureau. If you can find the record beg the company to remove the record and send you a letter saying they have done so.
What am I trying to get from the creditor when I ask them to remove a file?
Try as hard as you can to get a letter saying account is paid in full, paid on time and in good standing. Use this letter to follow up on the creditors decision to remove your bad credit files.
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Will it hurt my credit score to close credit card accounts?
Generally your score will not be affected UNLESS you close some accounts that still have balances. When you close an account that has a balance, it shows you have become frustrated and possibly emotionally detached from a creditor who you have asked to borrow money from in the first place.
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What about tax liens and judgments? Can I have them removed and how long will they stay on my report?
Matters of law cannot be removed and will stay on your record for ten years. I do think it may be possible to have judgments sealed though. If they are sealed, they cannot show up on your credit. Try to negotiate and have the record sealed as part of your payment or settlement. If you go back at a later date, and pay a judgment that is already a part of your credit file, ask that the judgment be sealed, then dispute the record. It would then fall off.
What if I have a record that I don't think is correct but I can't find a number to call?
Dispute the record and make the credit bureau get the information for you. Send as much information on yourself as possible. If you find the record accurate use the number they provide and make amends. Then ask the company to remove the record. Get a letter.
What about a Jr. or Sr. or any case where names get mixed up and you get someone else's credit.
Many times a son or father who have the same name will get the credit MERGED on accident. If you are a Jr. Sr. You should get your credit report If you find any items that aren't yours' dispute them. Send as much info on yourself as possible and note the items which aren't yours. In the same letter include the other parties information and note which accounts are which.
If you don't get an appropriate response for merged credit files.
Then send in the dispute form asking for a comment on each item which is not yours stating so. Usually this will make the bureau come around and repair the ghostly problem. 50-100 words max.
I want my Credit changed NOW so I can get a Loan NOW! What can I do?
Not much. Changing and repairing credit can be a long and tedious process often resulting in frustration. Most credit changes take at least two weeks IF you can make one. But you can overnight mail your dispute and ask for overnight return on the dispute results. Sometimes a phone number will come with your results allowing you to talk to a REAL PERSON.
What is a beacon score? More on Beacon / FICO Scores
A beacon score is numerical rating from around 400 up to 850. 700 or better and you can buy anything you like. 600 or less and you will have troubles getting a loan. These scores reflect your re-payment habits, number of credit items, length of time you have had a credit item, number of times someone has accessed your credit.
How can some people with a bankruptcy get a loan and I can't?
Sometimes a bankruptcy is better than bad credit. One way is the Chapter 7 BK that erases all dept and stipulates the person cannot file again for 7 years. Since they have no outstanding dept and cannot re-file, many banks view this as a "good risk". Many times after a "7," a person will need to re-establish some small credit items. Plus; a factor with any loan is job, job time, and amount earned. If a person makes 3500 a month, has been on the job 5 years and owes nothing, you can see how this may be attractive to a bank.
How long do credit files stay on my record?
7 years for bad credit. 10 years for bankruptcy. 4 years on good credit. Lawsuits and Judgments 7 years or until the statute of limitations runs out.
When does the 7 year thing start?
From the date of last activity stated on the account. Not from when you open the account.
What about the double credit file that has been reported as a charge-off then sent to collections later. Does that move up the 7 year thing?
This is a question I cannot answer with confidence. It's a common question and there seams to be a hint of trickery with this action. I personally think everyone should pay their bills or file bankruptcy. Lexington Law may have an answer for you on this matter.
How long do inquiries stay on my credit report?
Usually three years.
How many points do inquiries count against my beacon score?
I've heard they can count as much as 6 points for one "hard credit hit". This means 6 points will carry up to 4-6 hits as long as they appear to be related to the purchase of a single items and all the hits represent the same item. Like when you go to a car dealer and they shotgun your application to 4 banks trying to get you a low rate or just plain approved. Most credit reports will show 10-20 inquiries and this should be considered an average, not to worry yourself about much, number. BUT. You can dispute these files and there is a possibility even raise you beacon score by doing so.
Will checking my credit report online count as an inquiry on my credit report?
No. Inquiries only show up for "hard credit hits" when a creditor checks my credit worthiness in order to loan me monies.
Will debt consolidation hurt my credit score?
In most cases debt consolidation will stop your score from going lower by ensuring you make all payments before the 30 days past the due date.
How late can I be without being reported late?
As long as you make your payments before 30 days have lapsed your files will show up paid as agreed. Now I must be upfront in telling you that having a letter post marked the day before does not work. The company must have the payment in hand before 30 days have lapsed.
What about credit repair companies that charge to remove bad credit files? Do they work and do I know of a good one?
Who are the 3 credit bureaus that keep my credit report and how do I contact them?
Trans Union
P.O. Box 1000
Chester, PA 19022
1-800-888-4213
Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
1-800-997-2493
Experian
P.O. Box 2104
Allen, TX 75013-2104
1-888-397-3742
Will my credit score go up if I pay a collection account?
Generally no or not very much. The account will still show as a negative credit item for up to 7 years, this is why it is important to pay and ask for, forgiveness in a humble but persistent manner asking for management if need be.
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When disputing an accurate record.
The object here, is hoping for a bureau mistake. Send as little information on your self as possible. Leave something out and don't include you spouse. These are real people who make mistakes from time to time. Remember you can dispute as many times as you like and it's free.
When disputing a inaccurate record.
Here you'll want to send as much information on you and your spouse as possible. This ensures the bureau makes no mistakes.
Do I have to contact all three agencies for disputes?
Most creditors report to only one or two bureaus so it is only necessary to contact those. BUT! You don't always know which one they report to, so, it is good to dispute at all three. Equifax is by far the most widely used bureau.
How much does it cost to dispute a record? How many times can I dispute a record? It's free and your right by law to dispute as many times as you like. By law the bureau has to respond to your dispute within a 30 time period of receiving your request OR remove the entry.
How long does it take to get a response?
Usually about two weeks to one month, when you dispute a credit item by mail. It takes a week or so for them to get the mail and about two weeks to search and verify the record in dispute. It is just as fast to use the mail if you use priority mail and you can verify receipt with mail. I use the mail! If you have not received answer within a 40 day time frame, DO IT AGAIN!
Can you call and get something done?
No. The phone numbers get a automated MSG's stating address name and general information. None of the bureaus are set up to answer phones. They are set up to deal by fax and mail, thus ensuring confidentiality of your credit files.
What about closed credit or even open cards with late payments?
Contact the card company and try to find your info. If you can't find it, print the dispute form and send it to the bureau to get the record removed. If you can find the record then talk to the company and ask that your file be re-opened so you can make on time payments. After six months call the company up and ask to have the late payments removed. Most credit card companies only report the last twelve months of good credit.
If you ask to have the records removed they will almost always do it for you.
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