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Paid Everything off need help getting my credit up

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  • Paid Everything off need help getting my credit up

    I had roughly $30,000 in debt. I choose not to file for bankruptcy just personal choice, I instead got a part time job and started saving and negotiated a pay off amount with almost all of me creditors just one left who actually got a judgment on me. I am saving money to call them up and try to settle for 50%. I was able to settle almost all my accounts from as low as 25% to high as 70%. I am aware of the tax situation and will deal with that later but it feels good not worrying when the phone rings. My credit score is down to 500 I also have repossession on my credit. I was recently able to buy a car with no money down but interest rate of 20% I know its high. So my question is how I get my credit score up quick, I want to refinance this car loan. I was told of an agency who cleans up credit for people thinking about spend the 1,000 dollars see if I get my score at least to 620 does anyone have any ideas to help me?

    Thank you

  • #2
    You'll probably have to take care of that last creditor before you can get your credit score to start improving. Good luck!
    Filed Chapter 7 July 2010
    Attended 341 September 2010
    Discharged November 2010 Closed November 2010

    Comment


    • #3
      Be careful, paying a company money to try to clean you credit report isn't the smartest thing to do imo. There isn't a magical way to to do it. It takes time and persistence.

      Comment


      • #4
        DO you have any ideas on how to go about doing this?

        Comment


        • #5
          I have yet to hear of ANYONE who was successful in having their credit repaired "quickly" by one of those agencies claiming they can do so and I am a credit counselor. Rebuilding credit takes time, plain and simple. Take the $1,000 you're thinking of spending on the credit repair service and apply it to your car loan. That's the better use of $1,000.

          Here's a link to what one can expect to on various types of loans, as a general rule, based on his/her credit score:

          http://www.myfico.com/myfico/creditc...loanrates.aspx
          Any "suggestions" I offer are not to be deemed as legal advice, as I am not an attorney. "Suggestions" are offered solely based on my life experiences, education, and what I have observed in the work that I do.

          Comment


          • #6
            You paid off $30,000 in debt to go back into debt?

            Pay the car off and then save. Then you won't need credit. And yes, you can buy a home without a credit score. It's up to you whether you want to have your life dictated by a credit score.
            New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

            Comment


            • #7
              I am not sure you say I am going back into debt? I need a car to get back and forth to work my old car left me on the side of the road. I could have taken the 1K and bought an older car yes but run into teh same issue sooner or later. As for buying a house without credit please tell me how that's possible. even people would good credit are having issues getting mortgages.

              Comment


              • #8
                Originally posted by hcorreia1 View Post
                I am not sure you say I am going back into debt? I need a car to get back and forth to work my old car left me on the side of the road. I could have taken the 1K and bought an older car yes but run into teh same issue sooner or later. As for buying a house without credit please tell me how that's possible. even people would good credit are having issues getting mortgages.
                If you paid off $30K in debt, you can save up for a car. Yes, you went back into debt for a car, right? Doesn't make any sense. Anyway, yes you can buy a home without a credit score. You rent and make on time payments and you show a good stable job history and income. People with good credit or no credit and that are good candidates for mortgages are having no trouble at all.
                New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                Comment


                • #9
                  Originally posted by hcorreia1 View Post
                  I had roughly $30,000 in debt. I choose not to file for bankruptcy just personal choice, I instead got a part time job and started saving and negotiated a pay off amount with almost all of me creditors just one left who actually got a judgment on me. I am saving money to call them up and try to settle for 50%. I was able to settle almost all my accounts from as low as 25% to high as 70%. I am aware of the tax situation and will deal with that later but it feels good not worrying when the phone rings. My credit score is down to 500 I also have repossession on my credit. I was recently able to buy a car with no money down but interest rate of 20% I know its high. So my question is how I get my credit score up quick, I want to refinance this car loan. I was told of an agency who cleans up credit for people thinking about spend the 1,000 dollars see if I get my score at least to 620 does anyone have any ideas to help me?

                  Thank you
                  Don't pay a company to repair your credit reports. They will not do it well, and you can dispute yourself with better results. The best way to repair your credit is to continually dispute the negatives on your report, while at the same time getting a couple of positive trade lines to rebuild. Your score cannot go up that much without any positive trade lines. Get a secured card and a rebuilder card or two and pay them off regularly and you should be able to get your score up. Paying cash for a car will not help you with your score at all, it is better to use that money to put a large down payment on a car and have a small car loan, then to pay cash for the car totally. And it is not true that it is easy to get a mortgage without establishing credit. It is much easier to be approved for a mortgage at a decent rate, if you have established some positive trade lines.

                  Also, as long as you have negative reporting on your credit reports with balances, your score will stay low. Those need to be disputed and the balances zeroed out. That, plus establishing positive trade lines will heal your score.
                  You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                  Comment


                  • #10
                    Originally posted by backtoschool View Post
                    Don't pay a company to repair your credit reports. They will not do it well, and you can dispute yourself with better results. The best way to repair your credit is to continually dispute the negatives on your report, while at the same time getting a couple of positive trade lines to rebuild. Your score cannot go up that much without any positive trade lines. Get a secured card and a rebuilder card or two and pay them off regularly and you should be able to get your score up. Paying cash for a car will not help you with your score at all, it is better to use that money to put a large down payment on a car and have a small car loan, then to pay cash for the car totally. And it is not true that it is easy to get a mortgage without establishing credit. It is much easier to be approved for a mortgage at a decent rate, if you have established some positive trade lines.

                    Also, as long as you have negative reporting on your credit reports with balances, your score will stay low. Those need to be disputed and the balances zeroed out. That, plus establishing positive trade lines will heal your score.
                    I never said it was EASY, I said it was POSSIBLE. Nothing is easy. I said they are not having trouble. There is so much more to a home loan that a freaking number on a credit report.
                    New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                    Comment


                    • #11
                      If you have examples of people getting mortgages with bad scores please be specific. I have read where you need a 620 to get a mortgage. Also I agree that buying a car is adding on debt, but a car is the way I make a living so with out that I cant make a loving. Again of you have facts behind this please post please don't generalize everyone here is a unique situation and I am assuming that we all don't have perfect credit to get a mortgage. I work seven days a week to get out of the trouble I got myself in. I am not here looking for easy answers more of opinions, I simply don't have the time to writte all these letter to rating agencies, if I have to pay someone $500 dollars to do it its well worth it to me. I was just asking for opinions on these types of companies.

                      Comment


                      • #12
                        Originally posted by hcorreia1 View Post
                        If you have examples of people getting mortgages with bad scores please be specific. I have read where you need a 620 to get a mortgage. Also I agree that buying a car is adding on debt, but a car is the way I make a living so with out that I cant make a loving. Again of you have facts behind this please post please don't generalize everyone here is a unique situation and I am assuming that we all don't have perfect credit to get a mortgage. I work seven days a week to get out of the trouble I got myself in. I am not here looking for easy answers more of opinions, I simply don't have the time to writte all these letter to rating agencies, if I have to pay someone $500 dollars to do it its well worth it to me. I was just asking for opinions on these types of companies.
                        No, it's not worth it. They will take your money and likely do nothing. They (being credit reporting and credit management companies) are the worst rated companies in the country. They have the worst BBB ratings because they suck. No, you will not get a mortgage with a BAD credit score. You do need to fix your reports to get them reporting correctly the debts that were IIB. What the common perception is, and what is not necessary is to go running up debt like a car payment and tell yourself it's OK because I want to buy a house.
                        New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                        Comment


                        • #13
                          Gosh, where to start. When you negotiated the 30k with all the creditors, did that negotiation include them deleting the negative from your reports? If not - they are allowed, by law, to report. I suspect your report now all says your negatives are paid - which is good - they are easier to remove when they are paid but they could be stuck there.

                          Like stated above you must begin to outweigh the negatives on your reports with positive accounts. Once you start building positive payment history your scores will slowly begin to rise but could take several months. Remember prospective lenders are looking for your past payment history. In other words how good is this person at paying his obligations?

                          There is no fast and easy way -- it is complicated as heck and there are literally hundreds of strategies that can be used to tackle a bad credit report and get it turned around in a few months to a year.

                          The only caveat to that is if your an ID Theft victim OR the accounts reporting negative are truly reporting in error.

                          hth

                          Comment


                          • #14
                            Originally posted by hcorreia1 View Post
                            I had roughly $30,000 in debt. I choose not to file for bankruptcy just personal choice, I instead got a part time job and started saving and negotiated a pay off amount with almost all of me creditors just one left who actually got a judgment on me. I am saving money to call them up and try to settle for 50%. I was able to settle almost all my accounts from as low as 25% to high as 70%. I am aware of the tax situation and will deal with that later but it feels good not worrying when the phone rings. My credit score is down to 500 I also have repossession on my credit. I was recently able to buy a car with no money down but interest rate of 20% I know its high. So my question is how I get my credit score up quick, I want to refinance this car loan. I was told of an agency who cleans up credit for people thinking about spend the 1,000 dollars see if I get my score at least to 620 does anyone have any ideas to help me?

                            Thank you
                            The so called "credit repair places" work by constantly disputing items on your credit reports which temporarily removes them from your credit report. They do that on a continual basis being able to get them off your reports for several months but then, lo and behold, they reappear when they can't be disputed anymore and all has been verified with the creditor. That's all they do - they cannot remove items from your credit report that are valid, correct, etc.

                            Time is your friend in any financial situation...you need to ensure you pay all bills on time from here on out and never be late with anything. It doesn't happen overnight and you need to prove you are again creditworthy. Right now you are a credit risk.
                            _________________________________________
                            Filed 5 Year Chapter 13: April 2002
                            Early Buy-Out: April 2006
                            Discharge: August 2006

                            "A credit card is a snake in your pocket"

                            Comment


                            • #15
                              Originally posted by hcorreia1 View Post
                              I had roughly $30,000 in debt. I choose not to file for bankruptcy just personal choice, I instead got a part time job and started saving and negotiated a pay off amount with almost all of me creditors just one left who actually got a judgment on me. I am saving money to call them up and try to settle for 50%. I was able to settle almost all my accounts from as low as 25% to high as 70%. I am aware of the tax situation and will deal with that later but it feels good not worrying when the phone rings. My credit score is down to 500 I also have repossession on my credit. I was recently able to buy a car with no money down but interest rate of 20% I know its high. So my question is how I get my credit score up quick, I want to refinance this car loan. I was told of an agency who cleans up credit for people thinking about spend the 1,000 dollars see if I get my score at least to 620 does anyone have any ideas to help me?

                              Thank you
                              there is no turning back unfortunately now...but as many of the PP have related...these companies really never get your credit straighten out.

                              all of these past dues stay on your cr for at least 7 years...in many cases even longer because you are still behind when you are making payments. that is why many times the answer is a bk....so your slate is wiped clean.

                              4 weeks after our discharge our scores were 690 and 685.....a bit over 2 months out we got both unsecured cc's one with a 1500 limit the other 1300.....under 13% interest and one was zero and other cost $39 yearly.... i had to recheck that info...because both cards were not the same.

                              my point being, your credit will stay the way it is. now only time will help since you paid...and even if you pay this last debt, it will show that you pd late, etc.

                              i wish you the best of luck. like i said..it's time that will help you. really nothing else, so don't pay anyone else to help fix your credit...all they do is take your money.
                              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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