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I have horrible credit. How can I repair bad credit?
I have horrible credit. I have credit cards that are not even delinquent anymore, but written off. I don't even want to know what my credit score is. My credit is so bad, that I can not get a cell phone without a deposit . I even have my home phone number unlisted so the debt collectors won't bother me all day. Does anyone have any suggestions on how I can repair bad credit? Most of my stuff has already been written off, but there are a few things current still that I'm trying to clean up. I hear they can still collect on write offs too. Please help me. I need to fix my bad credit re-establish good credit.
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| By
Kimberly C |
Posted on
02/20/08 Total Answers
8 |
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| Answers- |
| Hi,
there are many people who have bad credit and there are many more who think that their credit is worse than what it really is....
The first thing you MUSt do in order to repair your credit is to pull a copy of your report to see what is on it.
From there you can see which charge offs are past the statute of limitations in your state...(if you live in kentucky for example, a creditor has 15 years to go after you to obtain payment for a bad debt)...most states have way less time than that .
The ones that you identify that are under the statute of limitations just use the wait and see approach and allow that to dictate what you are going to do.....
Before you go any further, you MUST find out what motivated you to overspend...until you figure that out and get it licked, you dont need to have your credit repaired as you will be right back in this same place in one years time.
ONce you figure out the cause of your bad debts, you can work to fix the disease rather than to attack just the symptom(s)..... |
| Answer by :
lisa s On Date
2008-02-20 21:14:26 |
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| the statue of limitations in California is 4 years. By law after 6 months, credit card companies have to charge it off. they then get paid by the insuance companies in full and zero ou the account. They then sell the accounts for pennies on the dollar to collections companies who say they have bought the rights. Not true. They have no right to collect an account that is already paid in full. I work for a credit attorney. There is a whole lot to how to fight this. But you legally do not owe those. yes thecolletion companies ( sometimes attorneys) can come after you and if you do not know your rights, you will loose. Once they have a jugement they can put a lien on your property or even garnish your wages. If you make offers to pay or acknowledge the debt the clock starts all over. wtch the creation of money. It is an eye opener. There are are ton of movies on this topic.
http://www.youtube.com/watch?v=iYZM58dulPE&feature=related
We fight this for clients. |
| Answer by :
Kat On Date
2008-02-20 21:27:34 |
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| Kat is way off and obviously does not understand how credit card accounts, charge offs and collections work. Time is the only thing that will repair bad credit. Pay off your charged off accounts and wait. Bad credit will stay on your credit report for 7 years, judgments longer than that. Pulling a copy of your credit report and checking for errors is also key. You can go to www.annualcreditreport.com and get a free copy of all three reports once a year. Start there, contact your creditors and pay your debts. Its a long road but once your score improves, you can keep it good by proper money management. Good Luck!! |
| Answer by :
Barry V On Date
2008-02-20 21:49:47 |
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| To Repair credit score
Your credit score is based mostly on:
1. Length of credit history
2. Payment history.
3. Ratio of credit used to available credit.
4. Number of credit inquiries you authorized.
If you cancel your card, you'll be hurting your credit ratio. (#3).
You want to deliberately keep your oldest credit card open, even if you never use it.
You want to always pay the minimums of each loan on time every month.
You want to keep your available credit high, but actually only have balances equalinig 25% or less.
You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.
You do these things and your credit score will quickly soar into the 700s.
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http://www.bestcreditrates.net |
| Answer by :
David A On Date
2008-02-20 22:03:43 |
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| This is a helpful video for you, but it's 60min. consider getting a loan and pay it back on time.
http://www.prosper.com/help/video/building_better_credit.aspx/?referrer=ustfu |
| Answer by :
- - On Date
2008-02-20 22:41:22 |
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| It's simple but not easy. You have to change the behavior that led you to ruining your credit. The road back is a long, slow climb. You have to demonstrate responsible behavior over a number of years. Facing up to your debts and settling with the collectors would be a start. |
| Answer by :
newjerseyguy On Date
2008-02-21 06:07:29 |
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| start by paying some of them |
| Answer by :
THE"IS" On Date
2008-02-21 06:49:57 |
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| Having bad credit can be frustrating because its a slow and sometimes a difficult process to fix. However, if you have some patients and some know how, it will make it much easier to get your credit back on track. Here are some basic steps to fix bad credit.
You can find more info here:
http://debt.knowledged.info/credit_card.html
Hope that helps. |
| Answer by :
Jade C On Date
2008-02-22 04:57:48 |
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