I pulled my 3 credit reports, and my three scores range anywhere from 490-502.
I have had many credit problems in the past, and I am working to rebuild my credit and raise my score.
With inquiries and other accounts falling off my report, can I somehow raise my score by 100 points within the next year? I am wanting to purchase a home within the next few years ( 2011-2012) and want to raise my score to 700 or more. Is that possible?
1.– I have many inquires from 2007 when searching for a car loan… will these drop off this year? I also have many inquires for 2008, so will those drop off next year? I want alot of these inquiries to drop off before I go house-hunting in the next few years. ( 2011-2012 )
– The only “new” credit I will be seeking soon is to apply for a secured credit card. Will that show up as an inquiry as well?
2.– I’ve been reading that collection accounts are keeping people from getting mortgages. I have collection accounts in the past, but they have all been paid. Is it the unpaid accounts that prohibit people from getting mortgages, or the collection accounts all together?
3.– I have an old Express store credit card that I thought was closed… it is showing “closed” but that the status of the card is “current” on my credit report, but I don’t have the card anymore or use it. Should I call to make sure it’s closed, or leave it alone since it isn’t anything negative. This is my oldest card, from back in 2003.
4.– My Maurices account is still showing up, even though it is from 2001. Can I ask to have that removed?
5.– I have three charged off credit cards from 2003-2004… will those fall off in 2010 and 2011?
6.– I am looking at obtaining a Secured Mastercard through Bank of America… I would only deposit $500 for my limit, and charge gas to it each month (that’s my most frequent expense) and then pay it off each month as well. I called the bank, and they said that it would show up on my credit report as a credit card, and that the account would be reviewed after a year and I could possibly get an unsecured card, and receive my deposit back. Will opening this credit card hurt me? I have no other credit cards currently, but have in the past.
7.– I am currently paying on a bank loan since January, and I’ve been current will all of my payments and even made extra payments on the loan. I also currently pay on my student loans, which are current and never late since October 2008. I have paid all of my other credit card accounts off, and some of them did have late payments. By paying regularly and on time on my two loans, as well as on my secured card that I want to get, will this help my score improve significantly?
8.– A collection agency made three inquiries on my report… for three different accounts they had. I have paid them off, and they said that these inquires will come off after 30 days of the account being closed. Is this true? A credit counselor I talked to said he had never heard of this.
Thanks in advance for all of your answers!
I already had an Orchard Bank card in the past. Not happy with them. I would like to go with something that is more established, like a secured card through Bank of America or Capital One.
Orchard Bank is really good for this type of situation. Here is an article. I hope this helps.
The Road to Good Credit
Learning the basics of how credit works is a good idea. There are really only three main credit bureaus that you would have to know about. These are Experian, TransUnion and Equifax. Any major financial institution that you will be dealing with will be using one of these credit bureaus or possibly a combination of all of them.
You need to get a copy of that credit report that exists in your name from all of the three main agencies.
At this stage, but you need to do is go through the reports and check for anything that looks off. This would include errors or inaccuracies that you’re aware of. You should take a detailed note of any that you find.
Disputing these errors and inaccuracies is the next step. When you are making your submission you should also include any supporting documentation that will allow the credit bureau in question to make a determination on that particular query. A successful query of a negative item will have a positive effect on your score. If there are several items this could have a dramatic positive effect on your overall score.
You can repair your bad credit scores and credit history yourself. Here are the steps you can take for quick credit fix. http://fixing-bad-credit.blogspot.com
With all of the negatives appearing on your credit report, I do not recommend that you try to fix these things yourself. Sure, you could, but it might take you two years or more to get most of these items removed.
In the meantime, if you should have to move to a new rental property, buy a car, or need to find a new job, you will be in big trouble. I recommend that you take your credit reports, and send them to National Consumer Rights Alliance.
NCRA can probably fix most, if not all of your issues, within six months. They are really good about protecting your rights, and they are the only organization that I have seen that actually works with lawyers to help them file any FDCPA or FCRA lawsuits against your creditors or the reporting agencies.
Contact them at the website below, and you shouldn’t have to wait two years or more to qualify for your home.
The second link will show you how to reestablish your credit, while undergoing the restoration process. Good luck!