Go Back To Search Results Question repairing bad credit? I have had some credit problems in the past and have been workin VERY hard to get things straight. I have been paying all of my bills on time for at least the last 3 years. My credit has not improved. Also, my student loans just came out of defferment and I had moved so I was unaware that they were due. Now they have been reported late on my credit report. I have caught up with the loans. I would like to refinance my home in about a year. What more can I do to improve my credit and how bad will the recent negative affect me? By MADCAPPER Posted on 12/12/07 Total Answers 4 Answers- your credit should have improved already ! are you keeping up on what is on your credit report ? youre entitled to one free annual credit report from each of the bureaus every year. go to freeannualcreditreport.com what you'll need to do is open credit with high risk banks like ORchard Card from HSBC. Keep that going for awhile and open up as much credit as you can as it's offered. Don't charge more than half of your credit limit. your debt to credit ratio will improve and your score will go up with it. Answer by : bbq On Date 2007-12-12 13:09:38 The major things to consider when repairing your credit are 1) timely payments (sounds like you're covered), 2) the balance you owe compared to the balance available to you, 3) the amount of bad reports on your TRW, and 4) the number of credit inquiries in a 12 month period. For # 2, you maintain the best score if you owe 35% or less of the credit that is available to you. So, for every $10K, you want to owe no more then $3,500. However, you can also owe 50% and keep your score neutral (aka $5K per $10K). Bring your score up by moving these balances around, then paying them down to between 35 and 50%. Another little trick you can do is ask for credit increases on those cards. For # 3, this is easy to fix. Pull your TRW's, look for every report that says you were late or didn't pay (like your student loans) and "dispute" these items. You can do this online at transunion.com when you pull your credit report. When disputing the items, say "the item is not mine" or "this account was never late." Then, in 30 days, those items will be investigated and changed/removed/left on depending on the results. I once did this and brought my score up 200 points in 30 days. For # 4, try to go at least three months with no credit inquiries...that way other inquiries will drop off. The longer you go, the better chance you have a getting loans/credit. Lastly, whatever you do, do NOT close credit accounts. It brings your score down every time you do. Pay them off and leave them open. Hope this helps. Answer by : 1 Hr Bookkeeper On Date 2007-12-12 13:32:50 you said you have been paying all your "bills" on time... are any of the bills credit related... utility bills will not count, as they are not reported unless you do something bad... you will need to re-establish credit to help you credit score.. one way to do this is to use your credit card and pay off each month.. to see what kind of offers are out today, take a look at http://preferred.ecreditdirectory.com for a large list of offers... Answer by : SMD On Date 2007-12-12 14:09:31 There are many options including credit repair programs but I endorse the seasoned tradeline programs. They can raise your score 100 points in 45 days so you can use your credit. Check out the free evaluation form at www.totaldebtsolutionsllc.com Good luck. Answer by : Nicki W On Date 2007-12-13 06:53:22   Go Back To Search Results