Repair Credit Score

Posts Tagged ‘Credit Report’

Question: Does anyone have the FICO Score chart?

I am unable to find a Credit Score Chart on line
I am always directed to check my score.
What I need is, the chart containing the number
system pertaining to the poor, fair, good and excellent ratings.

Answer: .
Although lenders use your FICO Credit Score in deciding whether you should be granted credit and at what interest rate, there are other factors that lenders use, such as your level of education, income, and particularly, amount of debt when deciding whether or not to approve your loan. You can use the table below to get an idea of how your credit rates.

750 - 850 Excellent
660 - 749 Good
620 - 659 Fair
350 - 619 Poor

Hope this answers your question

Florida Race to the Top Presentation

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

When you suspect that your Credit Report contains incorrect information, you should write a letter disputing Credit Report to the credit bureaus. In this section of Repair Credit Score, we provide a free sample letter disputing Credit Report which you can send to the credit bureaus.

What should letter disputing Credit Report contain?

The sample letter disputing Credit Report contains:

• you name and address
• name and address of the credit reporting agency whom you are sending the letter disputing Credit Report
• date of your letter disputing Credit Report
• your file or Credit Report number
• list of errors on your Credit Report
• reasons why you think those items on your Credit Report are incorrect
• what the items on your credit report should be
• ask the credit bureau to correct the errors
• ask to hear from the credit bureau within 30 days

Our sample letter disputing credit report includes all the above vital information. Below is the sample letter disputing credit report.

The above letter is a free sample letter disputing credit report. You can modify this free sample letter disputing credit report to suit your credit dispute purposes. There are also other free sample Credit Repair letters available on various sections of our Repair Credit Score website.