Question Details

Bill Bryan, Real Estate Pro in Angola, IN

How do I fix my credit score?

Asked by Bill Bryan, Angola, IN Tue Mar 27, 2012

Who do I talk to?

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Answers

3
First, settle any outstanding debt. If you owe money on collection accounts, charge-offs and/or judgments, make payment arrangements and get these accounts paid promptly.

Next, begin rebuilding your credit. If you have current accounts with good payment histories, or even some previous late-payment-blemishes, make sure you continue to pay those accounts on time. If you do not have any existing credit accounts then you'll need to establish several in order to create a viable credit history.

I have found that CONSUMER ACTION is an excellent resource for objective advice on all things credit related. You'll find free and sincere advice on everything from settling collection accounts to rebuilding credit to building credit from scratch on their website. http://consumer-action.org/

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm


The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.

The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.


Trevor Curran
NMLS #40140
0 votes Thank Flag Link Mon Apr 16, 2012
There is many things you can do to fix your credit score. Avoid late payments is one of the most important things to do for starters. Also paying credit cards to zero every month helps or keeping your balance to limit ratio between 20-30% on the cards.. If there are errors with your credit score make sure to follow up with the credit bureaus and dispute anything that is incorrect.
0 votes Thank Flag Link Tue Mar 27, 2012
There are companies that specifically help you improve your credit scores. They will call and negotiate on your behalf to have credit issues reduced or removed from your credit report. Not all credit repair companies are the same. Speak to your realtor and ask him who he would recommend.
0 votes Thank Flag Link Tue Mar 27, 2012
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