How can a person rebuild his/her credit?

Question

See my dad awesome credit score like what did he say it was, like 847? Something like that, anyway, he had back surgery in 2004, and was out for awhile and jacked up is credit bad. So his credit is like 515 now and really wants/needs to rebuild it> So my question is How can a person rebuild his/her credit?

Answer 1

If he paid off his debts without any write offs, he still has an awesome credit history. The only thing he doesn't have is an awesome FICO score. Obviously, he does not needlessly borrow money and that still makes him a good risk in the new manual underwriting atmosphere.

Comprehensive, but concise, documentation of his disability will mitigate the resulting default and, even though it may take a few phone calls, that will be readily apparent to any reasonable loan officer.

There's more to credit than numbers. Good Luck.

Answer 2

i built my wife's credit buy getting secured loans and credit cards, and i also have had her get interest free credit cards such as home depot when we were going to buy something there anyways that way i keep the cash set a side to make the payment i would pay the debt off in 6 months long enough to build credit, her credit score is now 720 and 25 years old

Answer 3

I would recommend 2 things: 1) a very low cost (possibly free) credit repair program to try to have the negative items removed. 2) I would add a tradeline program to boost your score quickly (60 days or quite possibly less). A friend in California used this and got a 120 point bump from 560 to 680. There has been a lot of disinformation by Experian saying these authorized user programs do not work. Check out the source news link for an article from July 30th that has them admitting it still exists. My friend in California went through www.totaldebtsolutionsllc.com and called their toll free# or fill out the free evaluation form to get the ball rolling. Good luck.

Answer 4

The best way to rebuild credit is to get a secured card. It will prevent you from running in debt as you won't be able to spend more than you have deposited to open the account. Look through http://www.creditroom.com/Secured-Cards.... to get complete information.  

Answer 5

As well as paying things on time will help build his credit score in the future but he can also write a statement stating why his credit was slow. All he would have to do is contact the companies like Equifax and etc. and they will be more than happy to put the statement on his credit bureau . It will not help his credit score but when he tries to apply for other credit this could help.

I worked in Consumer Finance  for 10 years and would always take that in consideration when seeing a statement especially if it was due to medical hardship .

Good luck to your Dad:)

Answer 6

The easiest and fastest way is to open a bank account and take out a secured bank loan with that bank and then repeat this tactic with other institutions.  You could read more about it here: http://www.ehow.com/how_4492319_start-cr...

I tried this a few months ago and my low credit score is now significantly higher.

Answer 7

Start paying current bills on time.  It could take a couple of years.  847 is an unusually high credit score.  Are you sure about that score?

Answer 8

www.creditrepairuniverse.net

Learn everything about repairing and/or building credit

Depends on what is wrong with it and how much you owe and if you can pay some of it back. You need to look at all three credit reports. For more info look at website.

Answer 9

It won't be that difficult, only a matter of a little time. Repay credit card balance and other balance every month.

Try and not seek a lot of new loans and keep your debt level as low as possible.

If there is a need to take debt then take all different kind of debt to have a good mix,

All the very best man!