brokerstorage asked:


Hello to you all,
If you are in the credit repair business can you please tell me a little bit about your experiences with this business, How much money do you make . And if you know of some really good course of software pertaining to credit repair please tell me about it.
Thank you in advance!!!

Pnreddy asked:


There are many misconceptions about credit scores out there. There are customers who believe that they don’t have a credit score and many customers who think that their credit scores just don’t really matter. These sorts of misconceptions can hurt your chances at some jobs, at good interest rates, and even your chances of getting some apartments.

The truth is, of you have a bank account and bills, then you have a credit score, and your credit score matters more than you might think. Your credit score may be called many things, including a credit risk rating, a FICO score, a credit rating, a FICO rating, or a credit risk score. All these terms refer to the same thing: the three-digit number that lets lenders get an idea of how likely you are to repay your bills.

1. Understand where credit scores come from.

If you are going to improve your credit score, then logic has it that you must understand what your credit score is and how it works. Without this information, you won’t be able to very effectively improve your score because you won’t understand how the things you do in daily life affect your score.

In general, your credit score is a number that lets lenders know how much of a credit risk you are. The credit score is a number, usually between 300 and 850, that lets lenders know how well you are paying off your debts and how much of a credit risk you are.

Similarly, credit bureaus and lenders often look at general patterns. Since people with too many debts tend not to have great rates of repayment, your credit score may suffer if you have too many debts.

2. Pay your bills on time.

One of the best ways to improve your credit score is simply to pay your bills on time. This is absurdly simple but it works very well, because nothing shows lenders that you take debts seriously as much as a history of paying promptly. Experts think that up to 35% of your credit score is based on your paying of bills on time, so this simple step is one of the easiest ways to boost your credit score.

3. Avoid excessive credit.

If you have many lines of credit or several huge debts, you make a worse credit risk because you are close to “overextending your credit.” This simply means that you may be taking on more credit than you can comfortably pay off. Even if you are making payments regularly now on existing bills, lenders know that you will have a harder time paying off your bills if your debt load grows too much.



The higher your debts the greater your monthly debt payments and so the higher the risk that you will eventually be able to repay your debts. In order to have a great credit score, avoid taking out excessive credit. You should stick to one or two credit cards and one or two other major debts (car loan, mortgage) in order to have the best credit rating.

4. Pay down Your Debts.

If you have a lot of debt, your credit score will suffer. Paying down your debts to a minimum will help elevate your credit score. If you are serious about improving your credit score, then start with the largest debt you have and start paying it down so that you are using a less large percentage of your credit total.

In general, try to make sure that you use no more than 50% of your credit. If possible, reduce the debt even more. If you can pay off your credit card in full each month; that is even better. What counts here is what percentage of your total credit limit you are using - the lower the better.

5. Have a range of credit types.

The types of credit you have are a factor in calculating your credit score. In general, lenders like to see that you are able to handle a range of credit types well. Having some form of personal credit - such as credit cards - and some larger types of credit - such as a mortgage or auto loan - and paying them off regularly is better than having only one type of credit.

6. Beware of debts and credit you don’t use.

Having credit lines and credit cards you don’t need makes you seem like a worse credit risk because you run the risk of “overextending” your credit. Also, having lots of accounts you don’t use increases the odds that you will forget about an old account and stop making payments on it - resulting in a lowered credit score. Having fewer accounts will make it easier for you to keep track of your debts and will increase the chances of you having a good credit score.

7. Check your credit score regularly

You are more likely to notice problems and inconsistencies if you check your credit score on a regular basis - at least once a year and preferably three times a year. Be sure to check your credit rating with each credit bureau, too. If you notice anything odd or anything you don’t recognize (such as a charge account you did not open) report it immediately.

Sometimes, these errors are caused by mistakes made at the credit bureau, but they could be an indication that someone is using your identity. In either case, such mistakes could hurt your credit score. Fixing such errors improves your credit score.

Floyd Dorrance asked:


There’s a lot more to “credit score” than just the basics.

Having a good credit score rating means. It is something that you should have in order to live life comfortably. This is why many people work hard in order to have good credit rating score.

You now ask what things you can benefit from by having a good credit score.

First of all, a good credit score can increase your chances of getting the loan you apply for and secondly, it will help you get certain jobs and programs that will require good credit score. These are the two main reasons why you need good credit score.

If you are plagued with bad credit score in the past, you now ask how you can get good credit score again or how you can repair your credit score. It is important to realize the fact that if you have a bad credit score, you will need to repair it as soon as possible before your credit score becomes much worse.

Repairing a bad credit score will require you to have patience and also a little luck. By repairing your bad credit score as soon as possible, you will never miss out on any more great opportunities that will cross your path in the future.

Before you start repairing your bad credit score, you first need to understand what credit is all about. You have to know how it can affect you life. For example, if you are in need of a loan, lenders will take a look at your credit rating to determine if you can be approved for the loan. A good credit rating will ensure the lenders that you pay your loans on or before the deadline, This will ensure them that you will be able to pay the loan you apply for. The same applies when you are applying for a credit card.

Now that you know what it means to have a good credit rating, the next thing you need to do is to determine if you have a good credit rating or not.

If you find yourself confused by what you’ve read to this point, don’t despair. Everything should be crystal clear by the time you finish.

Not many people know if they have a good credit rating or if they have a bad credit rating. To know about your credit score, you can simply ask for it in several credit reporting agencies. They will be able to provide you with a numerical indicator of how much your credit rating rates and how much credit risk you are.

If the indicator says that you have a high score, this means that you have a good credit score, if you have a lower score, then it will indicate that you have a bad credit score and will be far more risky to get approved for loans.

So, if you have a bad credit rating, the first thing you need to do to improve your credit rating by takeing care of old debts. By paying all your old debts, this will stop the creditors from making negative reports to credit reporting agencies.

This is the first thing you have to do in. By cutting the source of negative credit reports, you will be well on your way to getting a good credit score.

However, paying all your debts doesn’t necessarily mean that you will instantly get good credit rating. You have to remember that this will just stop it from getting any worse. Your old bad credit score will still be there. So, obviously the next step would be to start looking for ways to make some positive reports on your credit rating.

You can do this by applying for a credit card that is designed for people who have bad credit rating, such as a secured credit card. You should also start opening a new savings account or checking account. Always remember that you should pay your balance on time in order for you to establish a positive credit report.

Eventually, your old bad credit score will expire in time. Always keep paying your debts on time and your credit history will look better than in the past. However, it will usually take around 5 to 7 years for your old credit report with negative reports to expire. This is why patience is very important.

With patience, you will see that in time, your credit score will rise and get rid of those negative reports that you had in the past. Always remember to keep paying your debts on time in order to continue to have a good credit score.

Of course, it’s impossible to put everything about “credit score” into just one article. But you can’t deny that you’ve just added to your understanding about “credit score”, and that’s time well spent.

Vishy Dadsetan asked:


Don’t get excited guys, this is not that kind of score and its impact lasts much longer than 30 seconds. We are talking about credit scoring and credit score that is also known as FICO (Fair Isaac & Co.) score.

So what is credit scoring? You have heard of personality profile that dating services use to find the best match between people. Well, credit scoring is a mathematically calculated financial profile lenders use to match applicants with loans. Credit scoring is a way for lenders to determine how much risk is involved in lending money to you and based on that risk they may decide not to lend money to you at all or change the terms of the loans to match the risk.

Who uses credit scoring? Credit scoring has been around forever, that is since 1950s, and it was first used for issuing credit cards and auto loans. Now all sort of creditors including home mortgage lenders use it. But they also consider other factors such as your salary, your employment and your assets.

So what’s in a credit score? Pick a number, any number between 300 and 850. That would probably be someone’s credit score also known as FICO (Fair Isaac & Co.) score. In the eyes of potential creditors, scores closer to 850 indicate more credit worthiness, which in turn comforts these skittish creditors that you are more likely to pay your loan than a person with lower credit score.

The following are interpretations of what various FICO score ranges mean.

* Excellent: Over 750

* Very Good: 720 to 750

* Acceptable: 660 to 720

* Uncertain: 620 to 660

* Risky: less than 620

What impacts my FICO Score? This credit score number is a relative number and as much as possible objective. By relative, I mean that it compares your financial habits with others in similar situation. The first step is gathering information about how you treat money, do you pay your bills on time, how many credit accounts you have, what type, do you have any collection action against an account, how much total debt you have, and a bunch of other data.

Then the objective part kicks in by using mathematical calculation that do not care about how you look, what religion you have, etc. The lenders only want to know how likely you are to pay their money back in a timely manner and without hassling them.

The FICO score calculations consider the following factors:

Your payment history 35% : Do you pay your bills on time? Have you ever been delinquent, or are you consistently late? How about collection notices and bankruptcy? The answer to these questions account for about 35% of your credit score.

Total debt : How much do you owe lenders compared to the total amount you can borrow impacts about 30% of your credit score. If your credit cards are close to being maxed out, it may indicate looming financial problems and a possibility of default and it drops your credit score.

Length of credit history: Approximately 15% of your credit score calculation depends on how long you have had your accounts? Three days, six months, ten years? The longer credit history has a positive impact on your credit score.

Taking on more debt: Are you taking on more new debts? Even applying for too many new cards too quickly may be considered as financial difficulty and impacts your credit score in a negative way. This builds about 10% of your credit score.

Types of credit in use: About 10% of your credit score depends on the type of credit mix you have. High ratio of credit cards and installments loans in relationship to mortgages has a negative impact on your credit score.

Why do I need to check my credit report from each major credit bureau?

Despite normalization of credit scoring system that gives credit scores about the same value at all major credit bureaus, the information reported to these bureaus are not identical. So, one credit bureau may receive information that impacts your credit scoring one way and another credit bureau receives another set of information that impacts your credit scoring in another way.

The good news is that as of September 1, 2005, as an American, you can ask for a free credit report from each of the major nationwide consumer reporting companies once every 12 months.

Four simple tips to improve your credit score:

* Pay your bills on time, especially your mortgage and your installment loans.

* Borrow below your credit limits and do not max out your credit cards.

* Carry two or three credit cards only.

* Don’t apply for several credit cards at one time.

* DISCLAIMER: Vishy Dadsetan, http://MyPersonalFinance.com or My Favorite Shop, Inc. do not endorse any product or company. This article and website do not provide legal, insurance, or other professional services. If expert assistance is required, the services of a competent professional should be sought. Although Vishy Dadsetan has made every effort to ensure the accuracy and completeness of the information contained in this site, he assumes no responsibility for errors, omissions, inaccuracies, or inconsistencies.

© Vishy Dadsetan

Sage asked:


I paid $300 to an attorney that works with a real estate firm specializing in credit repair, by disputing and of such nature. He hasn’t done anything, he is now unable to be reached? Took my money and left but still around. Can I bring legal action to him? (His company states that he’s doing it on his own). I need a good attorney to help me out, what kind of attorney could help me in this case? Please help me.

c-limeade asked:


I am aware that I can do this myself but I don’t have time to do it myself. Can anyone refer me to a good legit credit repair service. This question is ONLY for people who have used a credit repair service so please don’t answer if you haven’t used one. I don’t have any bankrupt or liens or anything that serious, but I do have a lot of collection, late payments, 1 charge off, and 1 repossession and a lot of inquires.

jawsnu7 asked:


I would like to refinance my house and I have some negative or bad credit issues. Can anyone recommend a good Mortgage company that can do both (Refinance and Credit Repair? )
Good advice appreciated.

Melanie B asked:


I’ve never had a credit card (although my credit sucks) and heard they’re a great way to repair credit. Any tips?