How to repair bad credit?

In Credit of CreditGuy (January 25, 2009 1:24 am)

bad credit repair
Haley B asked:


If someone has bad credit how do you repair it?

Credit Repair Business
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4 Comments »

  1. I’m on the edge of getting bad credit. Seeing what kind of responses you get.

    Comment by Earl B — January 25, 2009 @ 1:35 pm

  2. To Repair credit score
    Your credit score is based mostly on:

    1. Length of credit history
    2. Payment history.
    3. Ratio of credit used to available credit.
    4. Number of credit inquiries you authorized.

    If you cancel your card, you’ll be hurting your credit ratio. (#3).

    You want to deliberately keep your oldest credit card open, even if you never use it.

    You want to always pay the minimums of each loan on time every month.

    You want to keep your available credit high, but actually only have balances equalinig 25% or less.

    You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.

    You do these things and your credit score will quickly soar into the 700s.

    ————————————————-

    Comment by David A — January 28, 2009 @ 8:22 am

  3. depends what your “bad credit” items are. IF it is a few late payments you can get back on track in a few years. IF it is charge-offs, repos, bankruptcy and other major negatives the only thing that can really repair your credit then is time meaning after they fall off your report which is usually seven years. Best of luck!

    Comment by Josh K — January 29, 2009 @ 11:30 pm

  4. First, pay off or catch up all past due collection accounts and any revolving accounts you do still have out, make sure you make your payments on time.

    I’ve found some good information here too…

    All the best to you.

    Comment by sierra b — February 1, 2009 @ 3:42 pm

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