How does someone repair their credit?

Question

I had one credit card at 18 that I unfortunately let go and now that Im 25 its still prohibiting me from obtaining credit. How is it that people go into debt by hundreds of thousands and my credit is shot over one $300 credit card??? How do I get my score back up to par...I know one option is to pay it off or set up a payment plan but are there other ways???

Answer 1

"You need gold balls credit now to get ANYTHING done!  The best way I found to get it amped up is to borrow funds just to hold them on deposit, make some interest payments, then give back the deposit to pay off the loan.  If you agree to just hold the funds on deposit, creditloader dot com will let you borrow the funds with NO CREDIT CHECK.  After three months I was on a few bureaus, and I didn't have to buy something I couldn't sell to do it!"

Answer 2

The biggest part to credit repair is creating new positive items... you will probably need to start with a secured card.

Answer 3

obtain all credit reports from all reporting agencies, call, write all reporting on report and try to settle with them with the stipulation that u and they will write a letter to credit bureau that payment is settled and u will received a copy of their letter also

Answer 4

These items are supposed to stay on your credit for only 7 years. So you can write a letter to the bureaus and tell them to remove the item and they will. If you pay the debt, or arrange for payments, you bring it current and they can start "dinging" your credit all over again.

This debt is long gone. If you look at your report you'll probably see that it says "charged off." This means the creditor decided you weren't going to pay and eliminated the debt. They write it off as a lost, uncollectible debt.

Another quick way to get it off is to hire a credit attorney for one month to have them take care of it on all 3 bureaus. Once it's off your score will jump significantly. Might be worth having an attorney do it so it happens faster.

A good credit attorney is Lexington Law. They only work on credit repair issues. And they charge monthly so once your item is removed you can cancel the service.

Here's a quicklink to them if you want it:

http://www.lexingtonlaw.com/?tid=1312.0....

They are a real nice place to do business with and will get you fixed up ASAP.

Good luck to you!

Answer 5

I always think Duct tape is good for repairing things. But perhaps a good glue would do the job.

Answer 6

It is amazing how a small credit card bill can turn into thousands when it isn't paid.  The creditor can tack on all kind of fees, legally.

The best strategy is to look at your credit reports and see when it is due to come off.  If you pay on it now, be advised that the clock resets for reporting it.  What might fall off in  a few months will now be another seven years before it falls off.

Do yourself a favor and look into your options before you do anything.  Education is the key.

Read up on how to do it all yourself.

Visit this free message board.  You don't have to join if you don't want to.  The help there is beyond anything I have found anywhere else.  Start in the newbie section and read all you can.

http://www.creditboards.com/forums

Also, visit this site. It's the genuine FICO site.

http://www.myfico.com/creditEducation/