Credit repair!?

Question

Trying to get my credit repaired! Have 9 accounts in bad standing! Hoping to get them all paid off in 6 months! As I pay them off one by one will that raise my score. And by how much each account that is paid?! How do I get it totally off my credit report. Is that possible and how do I go about that. And if they stay on there but all say that they're paid, does that still effect the way banks determine a loan for me? Thanks for your help!

Answer 1

it will take 1 year after all are paid off and remaining current to bring your scores up and a lender to see your willingness to repay

Answer 2

I know everybody thniks online services are scams, but im happy to say that im a success story. Im aware you can do everything yourself but its time consuming. Trust me ive tried and i did recieve results on my own, i was just way to busy to continue doing it myself. After doing some internet research I enlisted the services of Creditlawgroup.com they caught my eye becasue they were one of the few services that actually had accredited lawyers working for you. All this for only 39.99 a month too! Ive been with them now for about 3 months and I've gotten 7 negative lisitngs off of my credit reports. The part i like the best was how personal they were with me I had my own paralegal working with me and I always spoke to the same person everytime, it made it much easier to get my concerns across becuase she was already fimiliar with my file. So thats my story. Yes you can do it yourself with results and if you have the time i encourage you to, but if your like me id suggest doing research and finding a legit compamny that works best for you.

Answer 3

That depends.  There are a lot of misconceptions about how your credit score is calculated.  It is possible for you to pay off old collections and actually see your credit score go down.  I've seen it many times.  You see, the algorithms used to calculate credit scores predominantly take into account your last 24 months of credit history.  Thats why a collection from 3 months ago effects your score much more than a collection from 3 years ago.  Any bad credit outside of 24 months has a negligable effect on your score even though the bad tradelines will show on your credit for 7 to 10 years.  

So if some or all of your 9 accounts are more than 2 years old since the date of last activity on those accounts, then paying them off today may actually drive your score down because those old collections become new collections since the date of last activity would be today which is within that last 24 month history.  If the collections are more recent then it might not effect your score that much and might even get your score to go up a bit but a collection is a collection or a charge off is a charge off and will always be looked upon as bad even if its paid off.

As you payoff these 9 accounts, be sure to contact the credit bureaus to have them removed.  Since they will be paid and you should have some proof of this, it shouldn't be too difficult.  You will notice as these bad accounts are removed, your score should start to climb.  You can contact a credit repair service to help you but its not anything you can't do yourself.  Also, never work with anyone requiring a large up-front payment as that is illegal.  Just ask the FTC.

Seek the advice of a professional and good luck.