Repair Credit Score

Archive for August, 2007

Question: Is it okay that I don't have a Credit Score?

I know that a Credit Score is used for loans, but what if I never want to get loans. And I also dislike credit cards and much rather use debit cards to order things online. Does that mean I don't need a Credit Score?

Answer: No credit is better than bad credit.
And if you use credit cards and carry a balance you will likely get bad credit.

On another note. Good credit can lead to good paying jobs, since employers check. Also can lead to cheaper car insurance.

There is only one way to use credit cards to develop top credit.
Use if for things you need like food and gas, but pay in full each month the day you get the bill.
It's the carrying balaces and paying interest that ruins lives.
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Tax Help : What Is a FICO Score Used For?

Question: Question on Loan to repair credit?

my Credit Score is 580. I've been slowly repairing my credit. I'm 24 and messed it up when I was younger and didn't know any better then left it alone becuz I lost my job and couldn't handle the collection agnencies, etc. Anyway I was a kid then and now i'm trying to get it repaired. What I want to do is a debt consolitdation loan, so i can just make one payment instead of small various loans, my debt is split up with various collectors/debts but equal a bit less than 10k. It's just tough dealing with collectors, becuz i don't always have the money upfront and they want it all and it's hard to trust them. Anyway is there a place to get a loan? i've tried some banks, and credit unions but keep getting denied becuz my Credit Score is so low and the debts are on there and have been there for a few years; i just feel like i'm trapped between a rock and a hard place in order to get this fixed.

Answer: I suggest you check out www.prosper.com Prosper is an on-line micro-lending community. You just register and Prosper assigns you a credit risk. Then you put out a request for funds. Let’s say you want $5K for medical bills at 15%. Individuals will then typically pledge between $50-500 at the interest rate of their choice. You get to decide if you want to pay that amount. If your loan is fully funded Prosper gives you the money and acts as a loan servicer. You pay Prosper, Prosper takes a small cut and divides up the rest to the other lenders. Take a look.

I sugggest that you offer a high rate on a few grand. Start with 20% and go up if needed. Pay on it for a while then pay it off.

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