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Bad
credit credit cards are help when fixing a credit report or
credit score.
Make sure the card or loan reports to bureaus.
Keep reported lines
of credit open at least 12 months to a get a credit rating.
These are the
best credit cards card
s or loans
improve my credit score fast.
How much will my beacon
fico credit score improve
if I pay off bad credit credit cards.
My credit report score will improve as much as 80 points
if these bad credit credit cards have been paid on time within the last 6-12
months and the current balance is more than 80% against my allowed high
credit limit.
How much will it hurt my
credit report if I choose to default or quit paying my bad credit credit
cards, bad car loans or home mortgage?
I must remember that if I default or quit
paying on my credit cards I can be sued in criminal courts of law. These
courts issue judgments and fines based on my original signed agreement
with the creditor. The exact same thing happens on car repossessions.
The bank will sell my car then sue me for the difference of how much it
sold for and how much I owed. Plus I will be liable for fees of
collecting and being sued. If I get a repo or a charge off I can expect
my credit score to drop 100+ points for the next 1-2 years
minimum.
Will it hurt my credit score to close
credit card accounts or will it help me raising my credit score?
Generally my score will not be negatively affected UNLESS I close
accounts that still have balances. Closing several open unused
credit cards and open lines of credit may help me with raising
my credit score.
When I close an account that has a balance, it shows I have
become frustrated and possibly emotionally detached from a
creditor.
Closing a bad credit credit card with an open balance could
drop my score up to 50 points.
In addition the creditor will most likely drop my high credit
each time I make a payment thus showing 100% debt to balance and
I need 80% or less.
If I pay off
bad credit credit cards and past due loans and charged off
collections will the bad credit marks come off my credit report?
No it will not unless you negotiate with the creditors to have
bad credit marked good if you pay them. If you just pay off bad
accounts without calling you will loose all your bargaining. All
credit is reported for at least 7 years even after payment in
full.
What
about tax liens and judgments?
Can I have them removed and how long will they stay on my report?
Matters of law cannot be removed and will stay on your record for
10 years. Criminal matters can stay on your record for the rest
of your life.
What if I have a record that I don't think is correct but I can't
find a number to call?
I dispute the record and make the credit bureau get the
information for me. Send as much information on myself as
possible. If I find the record accurate, I use the number
provided and pay IN FULL without delay. Then ask the company to
remove the record if I feel it was an honest mistake on
someone's behalf and the record is inaccurate. I get a letter
stating so form my records and safety.
UP
I have a Jr. or Sr. problem getting mixed up my credit report.
I have someone else's name and credit on my report
Many times a son or father who have the same name will get the
credit MERGED on accident. If I am a Jr. Sr., I should check my
credit often. If I find any items that aren't mine I dispute
them. I send as much info on myself as possible and circle the
problems on a copied credit report to send with my dispute.
In the same dispute include the other parties information and
note which accounts are that persons not yours.
If my credit is getting mixed up with someone unkown I need to
place a fraud alert on my report and dispute the errant entries
UP
How can some people with a bankruptcy get a loan and I can't?
Sometimes bankruptcy is better than bad credit. A Chapter 7
bankruptcy erases all debt and stipulates I cannot file again
for 7 years. Having no outstanding debt can be viewed as a "good
risk". If have a stout job history and earning potentials, then
some banks will make exceptions.
Imagine
Gold Mastercard®
No credit credit cards.
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Guaranteed $350 Minimum Line of Credit-Initial available credit of $200*
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Quick Online Approval*!
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Bad Credit is ok
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Reports to all 3 Credit Bureaus
What about the double credit file that has been reported as a charge-off
then sent to collections later. Does that move up the 7 year thing?
The 7 years start on the date of
last activity on each account listed on my credit report. So when a
collection shows up it means my 7 years thing starts again for that
account.
Most collections allow up to 180 days of calling and mailing to collect
the debt before they will place collections on my report. So when a
collections show up on my report it really hurts my score and credit
credibility.
Always try to negotiate with the original creditor if placed into
collections and make collectors abide by the law.
Are Debt Collectors pressing you for a debt which
you are not aware of? Being forgetful is very common nowadays.
Consumers often fail to remember debts taken long back. But it is also
possible that a third party is trying to impose a false debt on you,
either by mistake or intentionally. At such times you feel at a loss.
Debt Validation is the weapon to fight against such odds.
Debt Validation: Debt Validation is your legal right to protect yourself
from the clutches of deceitful and unethical debt collectors. This puts
a check on the Debt Collectors' actions & governs them.
Debt Validation Law: The Fair Debt Collection
Practices Act (FDCPA) 1996 amendment included Consumer Credit
Protection Act to prohibit abusive practices by debt collectors. Title
VIII, sec. 809 of this act gives legal recognition to Debt validation.
The law states that debt Collectors are bound to issue a written notice
within the first 5 days of initial communication with a consumer for
debt collection, specifying the following:
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Specific amount of debt along with the name of the
Creditor.
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A statement that unless the consumer dispute the
validity of the debt within 30 days of receiving the notice, the
collector will assume the debt to be valid.
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A statement that the debt collector will obtain
verification of the debt or a copy of judgment against the consumer in
case of debt dispute.
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A statement that consumer will be provided with the name
and address of the original creditor, if different from the current
creditor, on written request by the consumer within 30 days.
-
A statement that the communication is from a debt
collector attempting to collect debt and that information obtained will
not be used for any other purpose than this.
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A proof that they are assigned to collect the debt by a
creditor.
Detailed payment history, starting with the original creditor.
Copy of the original signed debt agreement or credit card application.
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Agreement with any of your clients that grants you the
authority to collect on this alleged debt.
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Restrictions on Debt Collectors: Debt Collectors are not
allowed to do the following before providing with Debt Validation:
Collect debt
Contact the consumer about debt
Report under FCRA (Fair Credit Reporting Act). Violation of this can
however take away $1,000 as penalty from the collector. So go ahead and
exercise your rights. And pay debts only when it's yours.
UP
How many points do inquiries count against my beacon score?
I've (Bo Majors) heard inquiries can count as much as 6 points
for one "hard credit hit" or about 6 points will carry up to 4-6 hits as
long as they are related to the same purchase of a single item. Car
dealers sometimes shotgun applications to 4 banks trying to get me
approved. Most credit reports show the normal 10-20 inquiries.
Will checking
my credit report online count as an inquiry on my credit report?
credit check lower my score?
No. Inquiries only show up for "hard credit hits" when a creditor
checks my credit worthiness in order to loan me monies. If I use the
internet I will not get an inquiry placed on my report.
Will
debt consolidation hurt my credit score?
In most cases my score is bad already and consolidation will only
stop my score from going lower by ensuring I make all payments before
the 30 day limit. Almost all debt consolidation other than home loans
and credit card swapping will show as credit counseling on my report. If
I have a score of 600 - 850. I consult someone before I flip out, or
consolidate only with a home loan.
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