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Being realistic

CreditBob
Established Contributor

Being realistic

Having to rebuild your credit will not happen over night, in a month, etc. If you have had great credit and then had devastated it, this would not have happened over night. The same rule of thumb goes with repairing or reestablishing it.  Especially if you are recovering from a public record such as a tax lien or a bankruptcy filing.
 
Do not waste your time and money on credit repair companies. You can restore your credit on your on and do it the right way. Credit repair companies make false promises they they can not deliver on.
 
Do not be an authorized user on any account to spike your fico score. The system no longer allows it. The other negative downfall is if the actual account owner becomes delinquent then that would reflect on your credit report as well. The authorized account user does not demonstrate no financial responsibility to have the ability to pay back the loan.
 
A great way to rebuild your credit if you do not qualify for an unsecured signature loan is to get a secured credit card & loan. In many cases the lender will not pull a credit report but will report to the credit bureaus. You will have to check with the lender prior. Also check to see that they report to all three bureaus.
 
Never be late even once after you start to rebuild your credit.
 
Ask yourself this question. Were can I cut back on expenses and apply the amount that i had saved to pay by debt? A perfect example would be stop buying cigarettes, cut down on soda pop, etc. & other items that you do not need. Know the difference between wants and needs. If your television is 7 years old and still works fine there is no need to go out and purchase a new one. If you bought a car three years ago and it still works good do not go out and buy a new vehicle because the new model came out or you are concerned about a reputation. People do not care what you drive.
 
I am stating this because some people have a spending problem by buying things they do not need. As a result they fall behind on their bills.
Message 1 of 3
2 REPLIES 2
Moderator Emeritus

Re: Being realistic



CreditBob wrote:
 
Do not be an authorized user on any account to spike your fico score. The system no longer allows it. The other negative downfall is if the actual account owner becomes delinquent then that would reflect on your credit report as well. The authorized account user does not demonstrate no financial responsibility to have the ability to pay back the loan.
 


As far as I know, AU are still being counted at this time.
 
Just want to point out that if the card holder becomes delinquent, have them remove you from the account so you can get it off your CR.
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Message 2 of 3
cobra19
Valued Contributor

Re: Being realistic

Not sure where you are getting your information, but AU's ARE allowed. I have had a family member on 2 of my cc's as an AU for several months now, and it still reports. It has helped her scores tremendously.
 
And while I agree with you on credit repair companies, I have read a few posts in here about folks that have been quite pleased with their experiences using a crc. Each individual should be able to determine what their needs are, do the applicable research, and make their decisions
 
 
New York Yankees - 2009 World Series Champions. 27... and counting.....
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