Credit Repair - Any Experts Here? - Posted by Craig Makepeace

Posted by Craig Makepeace on March 31, 2008 at 20:26:06:

Ok…sounds very optimistic but feel free to pass on more info about this company and service.
Thanks Craig

Credit Repair - Any Experts Here? - Posted by Craig Makepeace

Posted by Craig Makepeace on March 30, 2008 at 19:33:06:

Hi there,

Firstly, sorry if this topic has been covered in depth. I’m fairly new to this forum and I’m also an Australian getting used to your very thorough credit system which blows my mind compared to ours.

Problem 1: I have just discovered 2 adverse accounts on my credit file. First one dating from 05 and second one from 06. I actually finalized both accounts last year and have proof. My question is whether I should get these corrected on my file or let them run their course as I have read elsewhere that if you update your delinquencies it starts the 7 year reporting period over again? Both are due to be removed in 2013?

Problem 2: Because of these delinquencies and my short credit history in the US (4 years) I have a very low FICO approx 550. I was even recently refused a secured CC with BOA. Any suggestions or advice on strategies to establish and build my credit would be greatly appreciated.

Many thanks Craig.

Re: Credit Repair - Any Experts Here? - Posted by Lanky

Posted by Lanky on April 12, 2008 at 15:42:06:

Go to this website and learn all about credit repair. Watch the video.
http://www.creditsecretsbible.org/?hop=baobabinc
Good luck.
Lanky

Re: Piggy back on credit cards - Posted by James Mc

Posted by James Mc on April 12, 2008 at 11:31:13:

I have done this.

Find a friend that has a good history on a long time held credit card. Ask them to put you on thier account with them.

It will show when it hits your file, that the account started on the date that it did start, really. You could have an account that has been out thier for 10 years and wham, you have a credit history for 10 years and not the few that you say.

It works, computers don’t understnad logic, only the people that program them.

Have seen a kid of 15 have a credit file that was older than he was. ???

Re: Credit Repair - Any Experts Here? - Posted by James Mc

Posted by James Mc on April 12, 2008 at 11:26:27:

Lexington Law they are out of Utah.

I have used them in the past and it works, can take some time but worth it. They do all the dispute letters and such.

Re: Credit Repair - Any Experts Here? - Posted by Frekwentflier

Posted by Frekwentflier on April 04, 2008 at 20:17:43:

I agree that creditboards.com is the place to go for credit repair advice. Pay particular attention to disputing the validity of the debt, not whether or not it’s yours. IE, dispute by asking them to validate that this debt is yours by providing a signed copy of the contract. If they cannot provide that within 30 days, the negative tradeline must be removed from your report. Now here’s a little secret, since you already “finalized” the accounts (which I assume means paid them completely in full), there is a very good chance the responsible party won’t bother to validate since they already have their money. what do they care? They got paid!!

In the future, never pay any bad tradelines back unless they agree in writing to remove it from your credit report. As you’re finding, it does you absolutely no good to pay it off once it reports negative on your credit report, so why pay it?

You’ll find examples of dispute by validation on credit boards. DO NOT just print out the form and mail it!! Handwrite it in your own words and then send that in.

I hope this helps you out…

Re: Credit Repair - Any Experts Here? - Posted by Rose

Posted by Rose on March 31, 2008 at 17:29:56:

Hi Craig,
I have the same problem, I saw a lot of people saying that creditboards.com was a good place to learn about credit.
I went there and I agree, great info. I also went to freecreditreport.com and started looking at my report and disputing some info. and able to find out who to contact for the others. Still waiting to hear back from them. You have to use a credit/debt card but is supposed to be free for 7 days. If you don’t want after that you can cancel. Not sure we shall soon see.
My understanding, and I could be wrong but, if you can pay it off and show that you are becoming current get new credit card and make payments on time and show it, you can start rebuilding your credit. You can learn all of this at experian.com website. It might take less time than waiting until 2013. Again, I don’t have a lot of experience at this but you might want to check these sites out. They have been very helpful.

Good Luck,
Rose

Not an expert just LOTS of practice - Posted by Judah hardmoney Hoover

Posted by Judah hardmoney Hoover on March 31, 2008 at 17:08:06:

Not an expert just LOTS of practice

I have a company I use, they get stuff deleted permanently off your report. Many companies use methods that get stuff quickly deleted by â??challenging or disputingâ?? things on your report. This is only a short term fix because it never addresses the real problem. You have to get the debt invalidated. This method takes longer and costs more but it is the only real way to go. It is the difference between a sugar rush and whole grains. (cheesy analogy I know, but I hope it works for you) By the way even foreclosures and bankruptcies can be removed this way!
Judah Hoover
JudahH@sfcloan.com
717-652-3900

Re: poss backfire on Piggy back on credit cards - Posted by James Mc

Posted by James Mc on April 12, 2008 at 13:00:54:

If the person that holds the card has a big outstanding balance, that will also pull score down.

To balance it out a bit, do it, wait till it shows on your credit report then have yourself taken off. That will extend your credit file life.

Re: Credit Repair - Any Experts Here? - Posted by Craig Makepeace

Posted by Craig Makepeace on March 31, 2008 at 20:21:47:

Hi Rose,

Thanks for your reply and for passing on the creditboards.com website info. I will be sure to check it out and broaden my knowledge. From my short time in the US I have realized that taking care of your credit in the states is almost as important as taking care of your health! I am paying for my initial carelessness and ignorance.
As I have great credit in Australia, I have just become aware of the strategy of obtaining an American Express CC in Oz, building some good history, and then possibly transferring it to an American Express CC in the states??? Atleast worth a try!
My wife (another Aussie) and I have an investment property in NC but the financing was through her as her FICO was a little better but not great also. Now I need to open up some lines and build some history!
Thanks again - Craig