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what is a fast way to repair my credit?

i messed up with paying back my credit cards, now i would love to repair my credit, how can i?

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  1. You will first need to contact the original creditors, and make an arrangement for a payment to remove, which means you agree to pay and once you do they agree to remove. You MUST get this in writing. Once that is done, get a secured card to help you establish your credit.
  2. Annualcreditreport.com will provide you with a free copy of your three credit reports. You can download and print them out. Next you will write three handwritten letters to the bureaus and ask them to verify the accounts you have circled om the reports. Circle all "incorrect" (or negative) entries. Mail the letters, certified receipt requested. Hurry up and wait 45 days for their reply. They have to write letters to those accounts to verify your debt, if they have no answer in time, they will remove the item. If you find an account is not removed the first time, wait 30 days and ask them to verify again. Eventually the creditor will miss the deadline and the item will be removed. IT IS ILLEGAL lie and claim an account is not yours, so you always ask for verification. Also, any account over 7 years from the last time you paid it will come off for the asking. Good luck, and don't abuse this system. We don't want them to discover it and improve their methods.
  3. you can repair credit on your own. 1. Get Your Credit Report 2. Circle all incorrect information on your credit report. 3. Contact the creditors by phone first before you start writing dispute letters. 4. Start writing dispute letters - If you age getting no where with your creditors or collection agency, then start writing dispute letters 5. Keep a credit repair diary - its very important that you keep track of your efforts. In my opinion, and its only my opinion. The credit bureaus are not on your side. 6. Don't use form letters There are many sites online that give you samples of dispute letters, and we will probably add some if enough people ask us. 7. Be persistent, if you don't owe it, stand your ground. If you do owe it, negotiate with the creditor. If you haven't paid on a debt for a long time (over a year) you can sometimes negotiate the debt down for pennies on the dollar. 8. Be patient, its not going to happen over night. Be patient, polite in all correspondence, persistent, and organized. If you are not organized perhaps a family member can help you.
  4. Yes, it's possible to fix your credit yourself. With a little hard work and perserverance, and patience, you could get it back up there. What you have to understand is what makes up your credit score: 1. Payment history- 35% 2. Total debt owed to avialable credit ratio-30% 3. Length of time establishing credit-15% 4. Types of credit established-10% 5. Inquiries and New accounts-10% With that in mind, this is some steps that you should do in order to get yourself in a better financial position to rebuild your score: 1. Open a checking and savings account- while this won't directly affect your credit score, it does many things. It re-establishes a relationship between you and a financial institution, which by being an customer in good standing, could help make it easier to get approved for credit cards and loans. Most importantly, by opening a checking account it gives you the single most powerful tool in building credit, to help pay your bills on time, especially if the bank offers online billpay. 2. Gather ALL your credit reports- It's important to know exactly what's on your reports. A lot of times, people believe that their credit is so bad, that they don't bother to check their reports for mistakes, and trust me, mistakes DO happen. The credit bureaus don't get paid to be accurate, they get paid to report. It's important that you gather reports from all 3 agencies to determine not just who and how much you owe, but to make sure that what's on there is even correct. If you do happen to find something that you're sure is not right, you should dispute with all 3 agencies, they all have an online dispute feature in which you can dispute the item. Once you've made sure that there's no inaccuracies on your report, then you should arrange your debts from most recent and lowest amount to oldest and highest amount. Debts that are newer than 2 years are hurting your score the worst and should be handled first. What you should know that just paying off debts, especially collection debts will not help your score. A "pay to delete" or "deletion payment", which is a payment in exchange for removing it from your report completely. I posted several links that explains this more in detail. http://www.creditinfocenter.com/debt/settle_debts.shtml http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml http://www.creditinfocenter.com/debt/debt-negotiation.php If you're sucuessful, this will help your score. 3. Open new credit- I had mentioned in #1, about opening a checking and savings account with a bank or credit union, I'm going to tie that in with what I'm about to say. Some major banks (Bank of America, Wells Fargo, USBank, Orchard Bank) and some credit unions offer secured credit cards, which are credit cards that require a deposit to establish credit. Whatever you deposit would be the credit line, for example, if you deposited $300, then your credit line would be $300. The deposit isn't used to pay for what's purchased on the card, you would still need to either pay in full or make monthly minimum payments. The deposit is used only if the account becomes delinquent and goes to collections. A couple of good things is that you can increase the credit limit by adding to the deposit, which can help your score because it creates a much needed cushion between the total debt that's owed and the available credit, and also the deposit is sometimes linked to a savings account which earns interest while you're building credit, so the deposit isn't just sitting there. A good way to build credit with the card is to make small purchases ($20/month max) and pay it off on time every month, while adding to the deposit. Usually after a year or so, of paying it off on time, the card either converts to a regular card or it's upgraded to a better card, and most importantly the deposit isn't needed anymore and it's given back. My suggestion would be to open another secured card and repeat the process or open 2 at a time, which would speed things up. If you make small purchases, pay it off and increase the limits, that will really help your score. In the end, you'll have 2 credit cards with decent limits and an emergency fund from the deposits. 4. Enroll with PRBC- PRBC is America's Alternative Credit Bureau, providing a helpful service to the over 50 million people with limited or no credit history. If you pay your monthly bills on time, PRBC can help you build credit to qualify for a mortgage and better interest rates.On-time payments for the following bills are not reported to the traditional credit bureaus: Rent Cable Phone Daycare Insurance Electric Natural Gas Cell Phone The only time your payments for these bills are reported to the other credit bureaus is if they're missing or late.With PRBC, your on-time payments count. You build credit for paying your bills on time, even if you have no credit history. PRBC has teamed up with Fair Issac, the creators of the FICO score to introduce the FICO expansion score which helps people build credit. Here's a link that explains more in detail: http://www.fairisaac.com/fic/en/product-service/product-index/fico-expansion-score/ In closing, just a few more things to keep in mind. -Don't spend more than 30% of your combined available credit on all your cards. -Only apply for credit when necessary. -Pay on time Hope this helps... Thanks for reading and... Good luck!
  5. 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. ------------------------------------------------- http://www.bestcreditrates.net
  6. a debt consolidation loan to payoff some of your credit cards is a quick way to raise your credit score You can find more info here: http://debt.123thebest.info/credit_card.html All the best to you.
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