What is the best way to go about fixing your credit?

Asked by N8vjewel, 20886 Wed May 27, 2009

I have been in touch with a few locoal companies that have said they can fix my credit in 3,6,9 to 12 mounths but I have to pay about 2 to 3 thousand dollars up front first before they start.

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Craig Rosenfeld’s answer
Craig Rosenf…, Agent, Gaithersburg, MD
Mon Feb 21, 2011
You have been provided some great information from many of my colleagues here within Montgomery County. Understand, there is no quick fix. If a company is offering to reduce the amount you owe, your credit will take a substantial hit and you will be out a lot of money. Check out any perspective company with the BBB and MC consumer protection division for complaints. . You are entitled to a free credit report annually from the three major bureaus. Visit http://www.annualcreditreport.com to obtain yours. The most important thing you can do is to make your monthly payments on time and reduce any credit card balances to below 50% of the available credit. Review your credit report annually for any inaccuracies as well. If you feel it's simply the amount of debt that is hurting you, you need a consultant. There are many non-profit organizations that can assist you with guidance as well. I have a gentleman, Tom Dixon, in my local Business Networking Group that runs Freedom Resources Group in Gaithersburg. You can learn more about his business at http://www.FreedomResourcesGroup.com. Essentially, they help you pay down your debt in a faster manner. Tom can explain it much better than I could ever do. Feel free to give him a call and tell Tom I referred you.
0 votes
Rhonda Burge…, , Smyrna, TN
Thu May 28, 2009
BEST ANSWER
Most of the things these credit repair companies charge you for, you can do yourself. Order a copy of your credit report from all three of the major credit bureaus - Equifax, TransUnion, and Experian. Go over each report line by line and dispute any inaccuracies. Make sure that you request removal of anything that is not yours and correct reporting of those items that are yours. Check out http://www.creditboards.com/forums/ where you will find all kinds of help. Try a little self help on your own before you spend a bunch of money having someone else do it for you.
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Jonathan Lah…, Agent, Rockville, MD
Wed Sep 7, 2016
Your question was answered hope you get a helpful tips :)
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Valoanfinanc…, Home Buyer, Orlando, FL
Wed Aug 17, 2016
For aught I know, without a credit score doesn't approve your loan. In VA mortgage, credit score not necessary. If you want to get more information regarding credit score, contact http://valoansfinance.com or call this number 866 216 3577.
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Jonathan Lah…, Agent, Rockville, MD
Tue Aug 16, 2016
0 votes
Lavina Samta…, Agent, Clarksburg, MD
Fri Feb 5, 2010
Four Ways to Optimize Your Credit Profile

Whether you’re looking for ways to dig out of your financial hole or ways to avoid getting into one, the importance of actively managing your credit and debt profile has never been greater. Americans have become well-versed in asset management but not necessarily liability management. Until recently, easy access to credit has made our current generation feel immune to the real risks of overextending your credit.

In today’s difficult economic environment, as banks get more restrictive about who gets approved for credit and which consumers get the preferred rates, as a team and member of The Top 5 in Real Estate Network(R), we are advising all our clients to spend more time analyzing the types of credit they have and how it is used. The reality is, we all need to change our behaviors and adapt to the realities of the current environment. When it comes to liability management, here are some simple first steps to take from credit consultants, Approvalguard.com:

Understand How Credit Works. Now is not the time to be content with understanding 80% of what you need to know about your credit. Ninety-four percent of consumers are challenged with understanding the basics of how personal credit works. In most cases, they build credit over a lifetime of trial and error. Invest some time in researching and understanding the current credit climate and/or contact your financial advisor or a trained credit professional.


Continually Evaluate and Monitor Your Current Credit Profile. The second step is to evaluate your current credit and debt profile and establish a plan based on your short- and long-term credit needs. Continually monitoring your credit report and profile is no different or less important today than getting a physical exam by your doctor.


Optimize Your Credit. Each of your debts should be periodically reviewed and analyzed. Are there options you can take to improve your overall credit profile so that you’re more desirable to creditors for their preferred interest rates? Should you consolidate some of your debt? Once you strengthen your credit and debt profile, do you have options on your home, auto and credit cards to negotiate lower interest rates and terms that would save you money monthly?


Rethink New Purchases. Excellent credit is like an insurance policy. When you need to use it, you want to qualify for the preferred interest rates and terms. Maintaining your credit “insurance policy” is critical for special purchases like a home, car or major appliances when needed. Don’t wait until there’s an immediate need because your chance of making a material change in your profile overnight is very difficult.

Remember, the credit environment just isn’t what it used to be. There has never been a more critical time to build, optimize and manage your personal credit and debt profile. If you would like to learn more, please e-mail our team, and be sure to pass this article along to your friends, family and colleagues. We can all benefit from this important information.

Lavina Samtani , Realtor
"Helping You Build a Strong Foundation"
240-506-1620
0 votes
Steve Tennis…, Agent, McAllen, TX
Wed Feb 3, 2010
Be careful of the credit repair companies, most of them have proven to be rip offs and take money from you and just waste it. If they don't have a 100% money back guarantee within a specific time period, run. Don't do business with them.

Best way to repair your credit. Get on a budget, pay your debts, and then save. Get on a plan and stick with it.

Pull your credit reports from all three of the major agencies and check for wrong information. You can protest the wrong information, but if the information is correct, most of the time there is nothing but time that can help that.

I recommend taking a class with accountability like the Dave Ramsey classes: http://www.daveramsey.com
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Yvette, , Montgomery Village, MD
Wed Feb 3, 2010
Yes, you can contact the credit bureaus yourself, but that's a lot of work and the average person doesn't know all the ins and out having items removed from their credit. My husband's score was in the low 520s ten months ago. We decided that we needed an aggressive approach to improving his credit and joined credit restoration bureau in VA. Within two monts we saw his credit jump by leaps and bounds. Now I do realize that everyones situation is different, but bureaus had things on there that was decades old. After everything was removed, his lowest score is 697 and his highest is 767. I still can't believe what I see when I check his credit monthly. I use truecredit for a fast assessment of his score. I want to say that I don't have anything to benefit from this statement, but there's so many companies out there that promise you things they can't deliver that I had to share our success story. Oh, and if you join, ask for Johannes to take on your case. He's a true professional.

Good luck.
0 votes
Rez Kodad, Agent, Naples, FL
Thu Sep 10, 2009
Not a Financial Advisor, however I did received a tip from previous home buyer, used this attached site to repair their credit. I believe you will provide your documents, they review and evaluate and go after the creditors and solve your case and cleanup your profile.

Visit their site and see if this will help you to achieve your goal!

Cheers,

Reza
0 votes
Goat, , Denmark, IA
Thu May 28, 2009
Solution:

Completely eliminate 100% of all non-critical to liviing expenses such as:
cable tv, cell phones, etc. All frills must be eliminated so no eating out...ever. Money going out must be stopped.

Pay everything you possibly can with cash. Such tactics will make the bankers upset because they will lose the opportunity to make money of your credit card balances. Tough for them easy for you. Understand that you should keep a credit card to make online purchases because this does create substantial savings that need to be exploited.

Seek to arrive at a point were credit is not required thus negating the relevance of good or bad credit. Become self sufficient as were our forebearers before the banks helped to turn everyone into dependent adult children begging for zero down loans on all and sundry.
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Lacey Scriven, , Rockville, MD
Thu May 28, 2009
Jewel,
I would advise you to seek free advice, those companies are for consolidating debt and in many cases are scams. The most apt question is what is wrong with your credit? I recommend closing all but 4-5 credit cards and they should be ones that you use to build revolving credit. The key being to pay the balance off every month, so do not spend more than you can! Take a good long look at your credit report and have a loan officer or lender tell you what you can do specifically. In order for them to get you a loan they have to help you with your credit, for free! I can refer you to some great local folks if you would like the personalized approach. It will not cost you a cent, all I ask is that if you decide to buy you use me as your buyer's agent. All of my clients receive the same level of service!
Call or e-mail me, Lacey Scriven 301-335-1434, laceyscriven@weichert.com

Good Luck,
Lacey Scriven, Agent
Weichert Realtors
0 votes
Roger Belue, Agent, Lathrup Village, MI
Wed May 27, 2009
I have a company that is great. They charge you a one time fee for a year worth of service. The great thing about this company is that they follow up with to make sure that you are satisfied with their program. They also have a website that you will be able to log in and watch what they are doing. You will be able to see the days that they send the letters out to the credit reporting agencies and also what has been removed. If I make a call to my rep, she always answers or calls back within 15 minutes. I wouldn't use any other company. I left the link below if you would like to check the company out. Email me if you would like to use my rep roger_belue@yahoo.com.
0 votes
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