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miracline
LIF Adolescent
Member since 10/07 575 total posts
Name:
kayanna
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Credit Repair...
My sister is trying to get back on track she messed up her credit the second year in college now that she is married she wants to buy a home and move down south...Since a score of 750 is the new 720 are there any compaines that can help her bring up her score...
Edited to add her score
her score is in the low 600's
Message edited 1/6/2008 5:53:46 PM.
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Posted 1/6/08 5:34 PM  |
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MeeshkaMich
LL=Yum
Member since 2/06 5616 total posts
Name:
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Re: Credit Repair...
Posted by prindia
My sister is trying to get back on track she messed up her credit the second year in college now that she is married she wants to buy a home and move down south...Since a score of 750 is the new 720 are there any compaines that can help her bring up her score...
not sure but what is the highest you can get?
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| Posted 1/6/08 5:39 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Credit Repair...
hmm...720 is a great score...she will have no problem getting a mortage espically down south where houses tend to be less expensive then NY
I had less of a score and obtained a great rate and financeing rather easily...
-edit-
i think is misread the post, what score does she have?
The obvious thing to do is to pay off and close x amount of cards depending on how many are outstanding... Paying on time is key to keep credit rateing up. Loan to debt ratio is the next thing companies will look for..
Message edited 1/6/2008 5:42:22 PM.
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| Posted 1/6/08 5:40 PM |
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BRod-Cheng
I'm going to be a big brother!
Member since 6/07 1860 total posts
Name:
Betty
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Re: Credit Repair...
Posted by MeeshkaMich
Posted by prindia
My sister is trying to get back on track she messed up her credit the second year in college now that she is married she wants to buy a home and move down south...Since a score of 750 is the new 720 are there any compaines that can help her bring up her score...
not sure but what is the highest you can get?
850
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| Posted 1/6/08 5:42 PM |
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SerraMaMa
LIF Adult
Member since 10/07 982 total posts
Name:
Lauren
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Re: Credit Repair...
Lil bit of info pay off cards but NEVER close the accounts that hurts your score when they are closed. Leave accounts open with little or no balance.
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| Posted 1/6/08 5:45 PM |
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miracline
LIF Adolescent
Member since 10/07 575 total posts
Name:
kayanna
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Re: Credit Repair...
Posted by MeeshkaMich
Posted by prindia
My sister is trying to get back on track she messed up her credit the second year in college now that she is married she wants to buy a home and move down south...Since a score of 750 is the new 720 are there any compaines that can help her bring up her score...
not sure but what is the highest you can get?
Sorry I guess I confused you guys... I was just giving an example her score is in the low 600
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| Posted 1/6/08 5:52 PM |
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BRod-Cheng
I'm going to be a big brother!
Member since 6/07 1860 total posts
Name:
Betty
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Re: Credit Repair...
Posted by SerraMaMa
Lil bit of info pay off cards but NEVER close the accounts that hurts your score when they are closed. Leave accounts open with little or no balance.
I heard the same thing.
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| Posted 1/6/08 5:53 PM |
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EmmaNick
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Member since 12/06 16001 total posts
Name:
*
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Re: Credit Repair...
If she has lates, charge off's, etc. on her report, she should just start disputing them all online with the CRA's. Have her select option "no knowledge of this account" and things will start dropping off like flies. www.creditboards.com is a great resource!
Message edited 1/6/2008 6:01:44 PM.
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| Posted 1/6/08 6:01 PM |
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MeeshkaMich
LL=Yum
Member since 2/06 5616 total posts
Name:
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Re: Credit Repair...
so if you close accts how much does that lower your score
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| Posted 1/6/08 6:02 PM |
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EmmaNick
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Member since 12/06 16001 total posts
Name:
*
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Re: Credit Repair...
Posted by MeeshkaMich
so if you close accts how much does that lower your score
Not that much. I've paid off and closed 2 accounts in the past month and my score didn't change.
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| Posted 1/6/08 6:03 PM |
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MeeshkaMich
LL=Yum
Member since 2/06 5616 total posts
Name:
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Re: Credit Repair...
Posted by Summerrluvv
Posted by MeeshkaMich
so if you close accts how much does that lower your score
Not that much. I've paid off and closed 2 accounts in the past month and my score didn't change.
oh ok
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| Posted 1/6/08 6:05 PM |
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EmmaNick
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Member since 12/06 16001 total posts
Name:
*
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Re: Credit Repair...
Posted by MeeshkaMich
Posted by Summerrluvv
Posted by MeeshkaMich
so if you close accts how much does that lower your score
Not that much. I've paid off and closed 2 accounts in the past month and my score didn't change.
oh ok
Of course if it was a really old account and it was closed and there wasn't much else on the report, the score would drop since the "age" wouldn't be there.
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| Posted 1/6/08 6:07 PM |
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SerraMaMa
LIF Adult
Member since 10/07 982 total posts
Name:
Lauren
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Re: Credit Repair...
It lowers it not right away but does have a big effect when you close an account it makes the score lower because it seems like you can't handle the credit being offered. To leave the account open and unused looks better .... I live for SUZE ORMAN and she is know for this type of advice. Google her to find out more tips for credit score
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| Posted 1/6/08 6:07 PM |
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MeeshkaMich
LL=Yum
Member since 2/06 5616 total posts
Name:
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Re: Credit Repair...
i was an authorized user on my dad's card for years but then i asked to be removed so it wasnt on my credit report anymore. would that lower it? i had it closed earlier last year.
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| Posted 1/6/08 6:20 PM |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: Credit Repair...
http://www.myfico.com/CreditEducation/ImproveYourScore.aspx
As for closing accounts, it's only bad to close an account if you still have debt. Your debt:credit ratio goes off balance, so to speak. For example, if you close all but 1 CC but have no debt then it doesn't really matter. Also, when you close an account it still shows on your credit report, it just shows that it's closed, when and why it was closed.
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| Posted 1/6/08 7:46 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Credit Repair...
Posted by npbride
http://www.myfico.com/CreditEducation/ImproveYourScore.aspx
As for closing accounts, it's only bad to close an account if you still have debt. Your debt:credit ratio goes off balance, so to speak. For example, if you close all but 1 CC but have no debt then it doesn't really matter. Also, when you close an account it still shows on your credit report, it just shows that it's closed, when and why it was closed.
I was just about to post this. I've closed several idle accounts with no balance and it's had no impact. Actually one or two times it had a positive impact. If you are applying for more credit, some banks will look at how much thouble you could get yourself into with already established credit lines.
I would tell your sister to look at her credit report and dispute things that are old or incorrect. It could make a big difference.
Also, paying off old debt on time really works. Maybe she should do that for a bit before applying for a mortgage.
It could be worth it. If your credit is not as good as it could be then you can pay more for your mortgage which makes you afford less house.
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| Posted 1/6/08 7:52 PM |
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miracline
LIF Adolescent
Member since 10/07 575 total posts
Name:
kayanna
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Re: Credit Repair...
Thanks ladies I will give her a copy of this...
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| Posted 1/6/08 9:54 PM |
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