Rebuilding Your Credit

[hoping2rebuild]

Yay Congrats :)

[NewbieReed]

 WoW! Impressive. That is awesome!

[Cadillac-XTS]

Congrats

[raisinitup]

Lasardo, how did you GW your inquiries off ? I think I can show some increase on my end by getting some of these deleted (I have 9 on my TU). Did you write to the OC's or the CRA's  and what did you say ?

[loviedovie]

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Lasardo wrote:
As far as how I boosted my scores..
Getting the negatives off 1st as stated above but while doing that I opened 2 secured cards and eventually 2 credit cards, I maxed.. Paid in full, maxed, paid in full. I did this every month.
I had no credit history so I became an AU on 2 credit cards with high credit lines, his credit became mine. I gained 45 points this way.
I opened a Credit Builder" gained 34 points from that, I know this because it was closed on accident and credit score dropped 34 points..
There is a lot out there but I think getting good at letter writing, organization and using this website every single step of the way.

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LASARDO THIS IS AMAZING! CONGRATS!!!!  Can I ask you two questions?

1. With lots of baddies is it more difficult to get lenders to GW? Or do you just knock them down one at a time until they are all gone.

2. What is a "credit builder?"  Sounds like something that might be helpful to me. 

p.s. why are you still posting in the rebuilding forum? Seems you are fairly well rebuilt!

[eagle2013]

That's awesome! Gives me much hope. I agree these board are of such great help. Congrats again!

[Sass2009]

Congrats!!  I'm still working my tail off

[Lasardo]

I forgot to mention that on medical bills, especially hospitals will waive 85% if not ALL of the debt by sending in proof of income.
I am now on my way to the mortgage portion of myfico.
I got pre-qualified for a loan at 3.125% but I have to watch those Crds, they are very tempting to spend.
Any advise?

[Lasardo]

Loviedovie-
You can send as many GW letters that you want to the OC BUT if you are disputing do that one at a time or 2 at a time any more than that and the credit bureau will flag you as having "frivolous" disputes and not process them so watch that.
Credit builder.-
You'll LOVE this!
I have posted a more detailed explanation of what one is if you look it up on this website but in a nut shell it is something most banks/credit unions are offering now. (I know of some banks)
Basically you put a amount from 1-5k in a CD, as you make on-time consecutive payments they are reported to the credit bureau so for example.. I went with 2k, I pay $87 a month that is withdrawn from my account every month (so I do not miss a payment,) that amount is reported to the credit bureau as I am making payments, at the end if 2 years the 2k is available to me. (You could pull it out sooner with a penalty)
So basically it is a great way to save AND build credit.
Cool huh?
If you have more questions on the credit builder, let me know.
And the answer as to why I am still here?
Bragging rights before I move to mortgages.

[Epcot]

That's great, Congrats!