Whats the best way to clean up my credit?

Question

I just checked my credit score, it is 568. I have several old debts that are delinquent as of 4-6 years ago. All in all I owe about $13,000 is credit cards, medical (ambulance ride that I never took), utilities, etc. Most of these debts have been charged off to collection agencies. I am also legally disabled due to a drunk driver so before you suggest paying these off right away keep in mind that I am on a fixed income. Now, I have heard that bad debt stays on your report for 7 years, so should I just wait?

Answer 1

www.creditrepairuniverse.net

Learn everything about repairing and/or building credit

If you are on a fixed income I would wait. You probably cannot pay it anyways. But though it takes 7 yrs to get most off. you must still deipute it in most cases.

you can. do a bankruptcy ch.7.a wage earner plan that is a special program of you make little money and are not on salary to eliminate debt without paying. or wait 7 yrs and start disputing. your choice. depends on how fast you want to build credit and if you need to purchase something with credit.

bk.7 takes entire process about 3 months and can build a good credit history 6 months after that, entire time 9 months.

look in website for more info

creditrepairuniverse.net

Answer 2

Your credit score is based mostly on:

1. Length of credit history

2. Payment history.

3. Ratio of credit used to available credit.

4. Number of credit inquiries you authorized.

If you cancel your card, you'll be hurting your credit ratio. (#3).

You want to deliberately keep your oldest credit card open, even if you never use it.

You want to always pay the minimums of each loan on time every month.

You want to keep your available credit high, but actually only have balances equalinig 25% or less.

You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.

You do these things and your credit score will quickly soar into the 700s.

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