Repair Credit Score

Archive for April, 2010

Question: working towards your Credit Score?

is it TRUE that if I had excellent Credit Score, IF i added a family member or my husband to my credit card they can automatically gained the Credit Score that I have??

Answer: I heard that too! But what worries me is that once you join them on yours... if they miss a payment, that lowers YOUR score too...

I don't believe there's a maximum number of people... if there is, then its probably different for each company.

For example... I added my daughter (who is 7) to my Discover card, in order to build her credit.. the application went fine, and received the card in a week. However, my American Express did not honor my request because they have a rule that she must be at least 15 years of age.

Quicken: Five Tips for a Healthy Credit Score

Question: What is the average Credit Score after filing bankruptcy?

Answer: Depends entirely on what your score is and what your credit profile that makes up that score is like when you file.

When I filed back in 2001 my score was still around 650, but it was over 800 when I filed.

You can look for a drop of anywhere from 150-200 points either way.

And you can rebuild your credit in 12-months if you know what your doing, I know I did it.

How To Rebuild Your Credit Score After Bankruptcy, Debt Consolidation or Debt Settlement

Question: how long after i pay a credit card in debt collection will my Credit Score start to repair itself? and...?

will it ever be fully repaired and if so (because the rest of my bills are always paid on time), how long would it take?

Answer: Usually, a couple of years after negative items are paid off, your score will start to rebound. However, your Credit Report will reflect the negative entry (even a paid off collections item is a negative) for 7.5 years after last activity and will be seen by any future creditors who pull your Credit Report during that period. A good payment history for a couple of years after a negative will make some lenders look at you more favorably (for example, if you are trying to get an FHA home loan, your most recent two year payment history is more important than your Credit Score, but you will still need a minimum FICO of about 620 and a minimum 3.5% down payment to get any lender to underwrite the mortgage) , but not all will do so.

If you do pay off the collections account, see if you can get (in writing) an agreement to "pay for delete". That way, the collections item will be removed. However, the original charge off item will remain for 7.5 years from the time it was first reported.

Credit Repair FACTS: info from the Credit Secrets Bible