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Author Topic: Good credit vs Bad credit!  (Read 594 times)

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Offline SakuTopic starter

Good credit vs Bad credit!
« on: March 11, 2012, 03:16:54 PM »
Okay for those of you who used to have bad credit and somehow turned that bad credit into good credit.... how did you do it? I do not have good credit and was wondering if you knew any way to make your bad credit go back to good again. I only know one way and that is to use credit cards and keep paying on time but I just wanted to know if there was any other way? To speed up the process? Because if you do it the credit card way I heard it takes up to 2-3 years to get good credit again...

Offline Beguile's Mistress

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Re: Good credit vs Bad credit!
« Reply #1 on: March 11, 2012, 09:25:33 PM »
There are three credit reporting agencies:  Equifax, Experion and TransUnion.  Creditors report to these agencies when customers fall into slow pay, failure to pay and default categories.  Law suits filed against you to collect debt and judgments awarded to plaintiffs and recorded at the county level are also included on these reports.

Once you have reached a financial status where you can satisfy all of you bills in a timely fashion on a monthly basis you are on your way to re-establishing good credit. 

Now it is time to get copies of your credit report and examine each of the entries on ALL THREE.  Look for debts listed that are not yours and debts that have been paid off.  You need to challenge these debts with sufficient proof to convince the reporting agencies and/or creditors to removed them from the record.

During this challenge period you may see your credit scores fall but once items begin to be deleted from the reports your score should rise.

This is general information and not a legal opinion or advice.  There are companies that are legal entities in business to help people improved their credit scores.  Attorneys also can offer you advice on how to handle these issues.  As you said it can take 2 to 3 years to restore a good credit rating and it can be a lot of work but it's worth the time and effort if you can do this. 

Investigate your options.  You should be able to discuss some of these with an attorney free of charge or for a minimal fee.  Interview several and compare what they tell you.  Take clean copies of your credit reports to the meetings and don't discuss other advice that has been given to you.  Also, remember that these people are in business to make money.  Do not let them pressure you into enrolling in any program you can't afford and be wary of anyone who advises a debt consolidation plan where you give money to them to pay bills.

This is all I can think of to tell you.  I hope some of it helps. 


Offline SakuTopic starter

Re: Good credit vs Bad credit!
« Reply #2 on: March 14, 2012, 04:47:47 PM »
Thank you! xD ^^

Offline Beguile's Mistress

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Re: Good credit vs Bad credit!
« Reply #3 on: March 14, 2012, 05:37:35 PM »
You're welcome and good luck.

Offline Anjasa

Re: Good credit vs Bad credit!
« Reply #4 on: March 15, 2012, 03:51:56 PM »
I found I Will Teach You To Be Rich's guide on credit to be fairly good:

http://www.iwillteachyoutoberich.com/blog/how-to-improve-your-credit-score/

Offline Chris Brady

Re: Good credit vs Bad credit!
« Reply #5 on: March 16, 2012, 03:34:58 AM »
Bear in mind that asking to see your Credit list, will make your Credit Rating worse.  They work under the assumption that if you have to know, then you don't know your finances, which puts a red mark on your file.

Offline Torch

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Re: Good credit vs Bad credit!
« Reply #6 on: March 16, 2012, 06:31:17 AM »
Bear in mind that asking to see your Credit list, will make your Credit Rating worse.  They work under the assumption that if you have to know, then you don't know your finances, which puts a red mark on your file.

This is an urban myth. FICO does not penalize anyone for reviewing their own credit report. The only inquiries that can affect a credit score negatively are applications for credit.

Everyone should review their credit reports from Experian, TransUnion, and Equifax annually to check for errors and/or possible fraud.

Offline Oniya

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Re: Good credit vs Bad credit!
« Reply #7 on: March 16, 2012, 09:07:14 AM »
Also, since each credit reporting agency is required to provide one free report/year, you can check every 4 months by simply rotating which one you ask.

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Re: Good credit vs Bad credit!
« Reply #8 on: March 16, 2012, 09:23:19 AM »
Changes in you credit score due to applications are only a few points and not the huge drop some expect.

The three agency reports are not duplicates of each other.  Two agencies can report a score of say 700 and the third for any number of reasons can report a much lowere score.  Lenders go by the bad news based on the "where there's smoke there's fire" premise.


Offline Oniya

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Re: Good credit vs Bad credit!
« Reply #9 on: March 16, 2012, 09:25:24 AM »
The three agency reports are not duplicates of each other.  Two agencies can report a score of say 700 and the third for any number of reasons can report a much lowere score.  Lenders go by the bad news based on the "where there's smoke there's fire" premise.

Which is all the more reason to check all three.  Staggering them around the year makes it more likely that you'll catch a problem sooner, rather than later.