Anyone familiar with the companies that say they can fix or help your bad credit? Are these companies a scam or do they work?
Credit Repair??
- Thread starter Bosko
- Start date
sohowcome
Captain Obvious
They won't help your credit score, they do however suspend or lower the interest rates on a lot of your loans AFTER they tell you not to pay your bills for like 4 months which will totally destroy your credit. If you can do it on your own and are making good payments right now, a lot of credit cards will negotiate with you if you threaten to go to a different credit card company, even if you havent found a new one, they wont call your bluff, they will usually go along with you.
What about people that have no credit cards, have a cell phone, have had a car through a "we finance anyone" place for a year, and have about 20 or so credit inquiries.
Oh and that are only 19.
??
Oh and that are only 19.
??
Bottom line, time is the only real fix to your credit.
Pay your bills timely, (no more than 30 days late), limit your inquiries to 1-3 every 12 months and keep your credit cards around 33-35% charged. Anymore than that is negative as is any less.
My score went down after closing two accounts because it made my charged percentage go up.
Pay your bills timely, (no more than 30 days late), limit your inquiries to 1-3 every 12 months and keep your credit cards around 33-35% charged. Anymore than that is negative as is any less.
My score went down after closing two accounts because it made my charged percentage go up.
the way i got a good score is, every year when i am in debt there is always some cc company offering no interest for a year and no balance transfer fee....so i take advantage of that. This makes it look like I "paid" a balance off bumping my credit up....and my debt keeps on shrinking until eventually a few years down the line, im free =)
Just stay the course and pay the bills on time:thumbsup:
Also, anyone with late or bad marks on their credit report can request their credit reports from the major companies, TRW, Equifax, ect....You can challenge any bad marks or notations on your credit report at the bottom of the form....Just enter "mistake" or "error-problem settled", ect. The companies have 60 days to respond to PROVE that the mark was justified. If you did settle or make the payment, just late, they never bother to do the paperwork(half of the smaller companies get new ownership or go out of business anyway). After that period, the credit reporting agency will drop the mark(s) from your reccord. Most of the "fix your credit" people just negotiate your rates/payments for current debt and challenge everything on your existing credit reccord. Debtors actually have more rights then you would think, and youd be surprised how far a phone call to a company your having trouble with can go to lowering payments/interest/even the entire charge.:thumbsup:
All the above info is great. One thing I didn't see was something the Credit Union told us - *Do Not *let every dildo salesman pull your credit report (they didn't say it like that though). It looks bad, drops your score. Bizarre things can drop your score. Have to play the game.
3 points per application
correct, dont run your credit, unless you are absolutely sure you are purchasing the item or service.
I just had a customer who applied at like 3 dealers in a row, the last one(here) bumped him under the 679(to 677) beacon watermark for tier 1 financing(no fomo credit prior history to help him)...luckily Ford bumped him back up and he got his 0%:thumbsup:
There are supposed to be fail safes when getting more than one qoute for financing on a house, car etc.....All the inquires for one home, car, etc... are only supposed to be counted as one inquiry since you were shopping around for the best rate. Also note that when you pull your own credit score/report it doesn't count agaisnt you.
sohowcome
Captain Obvious
Yeah they fax the copy of the report to whatever lender they are working with, they being the broker.
there is nothing they can do to help you but give you advice, like i am gonna now....just pay everything on time for the next several years and you can have just about anything you want in life.
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