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re: How Long Will My Credit Suffer?? - Update pg 2 - Score Lowered Again!!!
Posted on 6/3/13 at 5:05 pm to LSUTigers00884
Posted on 6/3/13 at 5:05 pm to LSUTigers00884
quote:
Take out 2 loans simultaneously of like 500-1000$ (Each). Calculate the interest and put the loan and the cumulative interest into a new and separate checking account. Set to auto draft. 12 months later. Check again. It will look like 2 loans at the same time being paid off. Thank me later
Can you give some more detail on this process? You sound familiar with credit repair and I could use any advice you can offer, as I am in a similar situation as the OP, i.e. no debt, but a few lingering late payment blemishes in the last 2 years.
2
Posted on 6/3/13 at 5:24 pm to GoIrish02
quote:
Can you give some more detail on this process? You sound familiar with credit repair and I could use any advice you can offer, as I am in a similar situation as the OP, i.e. no debt, but a few lingering late payment blemishes in the last 2 years.
Look on the MyFico credit rebuilding forum. Get your revolving debt down to les than 10% of your limits. Look into a "Credit Builder Loan" with a credit union. You take out a loan but don't touch the money until you pay it off. The money you pay toward the loan goes into a savings account with the CU and you have that amount in the account in the end, plus you build a positive credit history.
Posted on 6/3/13 at 8:58 pm to GoIrish02
quote:
Can you give some more detail on this process? You sound familiar with credit repair and I could use any advice you can offer, as I am in a similar situation as the OP, i.e. no debt, but a few lingering late payment blemishes in the last 2 years.
Paid off loans, even if small, will help boost your credit score quickly. I would do some savings secured loans for whatever the loan minimum is (usually a five hundred dollars or so) and set up auto draft payments to ensure they are paid on time. You'll only lose a few dollars in interest paid because rates on savings secured loans are usually the best the institution will offer. Once they are paid, do it all over again.
I've always heard that you want to have the debt for at least 6 months before paying it off so it reflects fully on your credit reports.
You'll obviously need to be patient, but once you go through a few cycles of paying off some loans, your credit should improve a bit. When I worked in banking years ago, I had a customer with terrible credit do this and was able to boost her credit high enough to get approved for a mortgage in under two years.
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