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Poor Credit Score - Wall Street, Main Street - Comcast.net Community
Am I stuck with my poor credit score or can it be repaired???
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Make sure you never have a late payment with a credit card--scrimp someplace else if you have to, drop the balances on your credit cards as soon as possible--your debt-to-credit-limit is considered--and build positive credit by using at least one credit card once a month (for a tank of gas or whatnot), and then paying it off promptly.
We went through a short sale about a year and a half ago, and my hubby's stellar credit dropped like a rock--from the upper 700s to the low 500s.
It's already back up into the 600s, and we're working on raising it further.
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How bad is bad??!
Is everything on it accurate??
Yeah, I had filed bankruptcy back in '90 & since then, I've re-built my credit...
You've got to start out slow.
And NEVER EVER!! co-sign for someone!!
That's what did me in...
He defaulted & they came after me.
But now, I'm in the 740's...
Never have been late in 15 years...
HEADS UP: Never close out an account...
Let it sit with a zero balance, or charge only like, $25.00 in a month.
Closing an account can actually hurt your scores...
I don't know why, it just does.
My husband went around cancelling our accounts allover the place & we noticed our scores went waydown.
When we started to re-open some, our scores went back up....
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Http://www.creditkarma.com/ This is a completely free, secured site on which you can check your credit score as often as you like.
I started out with bad credit when I first logged onto this site, and have watched my score go up monthly.
Live and Let Live
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It can be repaired, but not quickly, and not without significant discipline and a little pain.
It is now, officially, next year again.
Go Cubs!!!!
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It can be repaired, but it takes time, money and tight disclipline.
Last April, I had a 700+ credit score.
A minor brain tumor later and missing four months of work, it's now crashed to 504.
I have over 250k in medical bills and closed credit accounts due to my crash and am working to file bankruptcy ASAP to stop the madness and begin rebuilding.
Eliminate all your debt, even the tiny ones.
Then work on financing small things at a time and stay on top of the payments, don't miss any.
It's going to takeme years to recover from this crash.
But I still have two open credit accounts and one car loan.
So I have more working room to rebuild compared tolast time.
Good luck, everything revolves around credit nowdays.
"I want a horn here, here and here!
You can never find a horn when your are angry!"
-Homer Simpson
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Quote: :
Am I stuck with my poor credit score or can it be repaired???
Hi, leebeetee.
Welcome to the Coffee Shop.
It's a little long, but trust me....it's a good read.
There are a lot of proactive things to do, but the main thing you must do first is understand that money is to be respected, not abused, squandered or "loved".
Speaking as someone who went from 450 and $68K of plastic debt to 720 and $0 debt - it's going to be work - but well worth it...
http://articles.moneycentral.msn.com/Banking/YourCreditRating/7FastFixesForYourCreditScore.aspx
Message Edited by kalifah on 11-26-2008 06:47 PM
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Wow,,, I am truly impressed at the speed and knowledge that everyone contributed to my question.Thank you all so much.
Ok,when I realized that my score was low (540) about 3 years ago,I have not been late once with my three cards.
Former wife and I defaulted on 2 credit card accounts about 6 or 8 years ago.I've been too afraid (or ashamed) to go back since and check again.
I also just bought a new car recently(which I put off for so long cause I thought I would never qualify) Lo and behold ,the finance dept.
Of this major car dealer approved my loan .
He did say that when he checked there was some sort of blemish on my record but he could not tell what it was and regardless it would not disqualify me.The car loan interest was below 7% which also surprised me.I hope these details help.
Also,every once in a while I hear from one of these collection agencies and they usually offer me a 50% reduction in the loan if I resolve it.
I probably would have agreed to one of these offers but a friend of mine warned me not to.
Apparrently he agreed to one of these offers but as soon as he paid the 50% he was contacted by another agency demanding the 100% claiming no knowledge of the first agency.
So now I'm not sure what to do oh yeah,,thanks again.
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Quote: :
Wow,,, I am truly impressed at the speed and knowledge that everyone contributed to my question.Thank you all so much.
Ok,when I realized that my score was low (540) about 3 years ago,I have not been late once with my three cards.
Former wife and I defaulted on 2 credit card accounts about 6 or 8 years ago.The car loan interest was below 7% which also surprised me.I hope these details help.
Also,every once in a while I hear from one of these collection agencies and they usually offer me a 50% reduction in the loan if I resolve it.
I probably would have agreed to one of these offers but a friend of mine warned me not to.
Apparrently he agreed to one of these offers but as soon as he paid the 50% he was contacted by another agency demanding the 100% claiming no knowledge of the first agency.
So now I'm not sure what to do oh yeah,,thanks again.
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Quote: :
Wow,,, I am truly impressed at the speed and knowledge that everyone contributed to my question.Thank you all so much.
Ok,when I realized that my score was low (540) about 3 years ago,I have not been late once with my three cards.
Former wife and I defaulted on 2 credit card accounts about 6 or 8 years ago.I've been too afraid (or ashamed) to go back since and check again.
I also just bought a new car recently(which I put off for so long cause I thought I would never qualify) Lo and behold ,the finance dept.
Of this major car dealer approved my loan .
He did say that when he checked there was some sort of blemish on my record but he could not tell what it was and regardless it would not disqualify me.The car loan interest was below 7% which also surprised me.I hope these details help.
Also,every once in a while I hear from one of these collection agencies and they usually offer me a 50% reduction in the loan if I resolve it.
I probably would have agreed to one of these offers but a friend of mine warned me not to.
Apparrently he agreed to one of these offers but as soon as he paid the 50% he was contacted by another agency demanding the 100% claiming no knowledge of the first agency.
So now I'm not sure what to do oh yeah,,thanks again.
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