@Babdah wrote:This site has a lot of wonderful information, but I have no clue were to start cleaning up my credit, I just paid off a deferred student loan. But I have one more year before the rest of the negative thing come off my CR. I have a car that I have been paying on for three months and one that I co-signed for. As of right now I have sub- prime credit at about 530 give or take a few points on all three CRs. Now how do get it to rise up even more?
That is a very vague amount of information to be able to give sound advice towards. First and foremost, if you would like to the T advice, you should probably give some detailed information about your situation.... and since we're all here.... we've all been in the same situation at one point or another. To speak vaguely.... If you have some accounts that are PAID OFF but were charge off's or collection accounts, you can send those companies a GW letter and request that they remove the trade line or update the trade line to show paid on time (obviously thatll only work with an OC). If you have some non paid accounts, you could send some PFD letters and try to make arrangements to get rid of those. If you arnt interested in paying any debts that you have accrued and have lates on, then you can either DV and hope the OC/CA cant validate or you will just have to wait it out. Now keep in mind that just because the item falls off your credit report doesnt mean youre not still LEGALLY liable for the debt... and you can get sued (probably will if the amount is worth going after).
Just remember that the companys that report to your credit report have the ability to report whatever it is they want. Meaning they have the ability to change the update to benefit you the customer... and it is all perfectly legal for them to do so. If you would like more specific help, you will need to provide your own personal details! Hope that helped atleast a little bit! Cheers.
Starting (01/01/11) : Approx 520Well, to give details I have paid everything off except for three things. Those three things are just loans from my divorce in 2005, in which I paid my half but my ex-wife did not and they will not move or change the trade line into my favor. So I am willing to let them fall off next year. My student loans, I was on the rehabilitation program and one month before my loans were suppose to go back to Sallie May they took my income tax money and paid them, so with the student loans am I able to get them moved off of my CR or can I get them into a standing that will help my CR? Also, with a Fico Score in the 520’s how can I improve this, are there any keys to rise my score by adding a credit card or loans, or how is the best way that the members of this forum suggest? As of right now all I have is a car payment which comes directly out of my account, so no worrys about late payment
and a co-signed payment that is the same way.
Guydiver has made some great suggestions that will help you in your recovery process. A secured credit card through either capital one or orchard bank would be a good way to help your score. As for your student loans, writing a GW letter to whoever is reporting it to your credit report asking them to remove the lates reported is going to be another way to help. They may or may not change the lates to ok's but like they say, youll miss 100% of the shots you dont take. I definitely wouldnt ask to have your student loans trade line removed since im sure its probably helping your AAoA's.
If I were you, and I more or less was at the beginning of this year (had just gone through a divorce where my credit got destroyed)... I would write up some GW letters and send them to every company reporting a negative item on your credit report. Just because they say no once doesnt mean the next person to get your letter will say no. Ive also had A LOT of success using planetfeedback to send GW letters to the company CEO. Id get a secured card, send the GW letters over and over until I got the result I was hoping for, and of course as time goes on your score will improve anyways.
Im not sure that Ive heard of anyone being denied for a secured card since your own money backs the credit line... so id be willing to bet you cannot be declined. I would probably start with a secured capital one... but people on the credit forums are raving about a secured BoA card that might be better since BoA is a prime lender (but I dont know anything about that card.) The idea is to get a card that grows with you as you improve your scores... ie, a card that will go unsecure and then give you cli's. Capital one is a good credit repair card. But id do a little research on the BoA card if I were you.