How can we get to improve our credit score.We had to file for Ch 7'cos of a failed business.Filed this month

Question

We had FICO score of 790 prior to filing.We have always paid all balance in full at the end of the month.In nutshell have always been responsible about money.Are there any chances of being able to buy a house again?(lost the one we had in this process)

How do we start with making our credit good?

Answer 1

You can try this web site out it has alot of useful info.

Answer 2

Sorry to hear about your trouble.  My wife and I went through a similar senario 10 years ago, with a small business, but we filed chapter 13.  We tried to reorganize, but too little too late.  8 months later we closed our business and have not looked back.  We were in Chapter 13 for 48 or 60 months and when we came out of it, our credit was very clean.  I don't believe you can work any magic that will increase your fico score over night.  If anyone claims they can, you need to look at them throught a magnifying glass.  It took some time to trash your credit score, it's going to take some time to build it back up.  You will need to persevere.  If you are dilligent, in 5-7 years your score could be back up in the high 600's.  I wish you the best.

Answer 3

good on you for trying to rebuild...here's a few steps

There are a few things you can do right away to boost your score - this is a 30-60 day process.

1. Order your credit reports from the 3 bureaus

www.equifax.com

www.experian.com

www.transunion.com

If you're ordering for the first time, get your score (for a fee) from Equifax as their scoring matters most.

2. Make copies of your report and put the originals in a binder. On the photocopied reports use a highlighter and check for any incorrect, outdate, false, etc...info

3. Download a dispute letter(s) from the credit bureaus website and list anything that is wrong. Mail them to their office(s). They have 30 days to reply.

4. If they will not remove something that is not yours or too old (> 7 years) as them for a debt validation. This may take an additional 30 days.

5. Once the 'baddies' come off, take care not to let any of your other accounts fall into that predicament.

6. If you haven't already make sure your existing accounts are current and paid on time ALWAYS.

7. Get a secured credit card with www.capitalone.com or www.mastercard.com for like $500-1000 or more if you can and use it sparingly. Charge like $50 on the card each month and pay it in FULL and on TIME. Make sure you do this for a minimum of 6 months so that you estabish a positive repayment history.

8. Problem with just letting them (collections) 'fall off' is that they may never. You may get sued before that...that's where you suddenly get a summons to appear in court and a judgment for collection against you.

For collection items...pay them but get a 'pay for delete' from the collection agency in WRITING...they'll delete it after you pay and it will help your credit score.

Answer 4

I used http://www.ovationIaw.com when I paid off a car and it appeared as repossessed on my credit report.  That might be an option, my case was easy, but I couldn't get it fixed to save my life.

Answer 5

i would go to http://www.cellsware.info/restorecredit . they're an awesome company that helps you fix up your credit score. I was having a lot of problems with my debt and my credit score was hooorrrrrrible so one of my friends showed me this site and they brought m back on th right track and helped m raise my score

Answer 6

You can use credit repair agency to fix your credit - for example this one - http://creditreport.fateback.com - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.

Answer 7

As soon as your bankruptcy is discharged, you will start to get credit card offers.  The interest rates will be outrageous.  Go ahead and take one or two of these.  Pick ones without annual fees.  Use them and pay them in full every month.

This will start rebuilding a good payment history.  After 2 years, you will start gettting better interest rate offers and your score will start to improve.  It's just a matter of time.