Credit Fixes

GoRemy asked:

Here’s a story I wrote about a certain credit card company. I hope you all like it. I was going for a Johnny Cash sound and beat (Boy Named Sue, One Piece at a Time, etc). Let me know what you think! Also, feel free to check out my other videos or subscribe. Or both. Or neither, really. It’s a free country. … goremy go remy credit card habib it’s been declined bank of america johnny cash country guitar virginia

Casey asked:


Hi. I recently just got my first credit card ever and used it to make a $1600 purchase. The credit limit is $3000, so obviously I’m over 50% of the balance, and I just learned that’s bad for credit scores. I expect to be able to pay off the purchase in the next two or three months. Will my credit score go back up immediately after I get the balance on my card down, or will it take a while? Thanks.

Chane Steiner asked:


The best way to fix bad credit is to be pro-active by removing negative accounts report and adding positive accounts to your credit report. Both of these processes can take some time. The time to start fixing your bad credit is now, not on the day you are ready to apply for a loan. Depending on how bad your credit is, it can take as little as 1 or 2 months to fix and as much as 12 months to fix.

First, you want to know exactly where you stand. You will need to pull your credit reports and know your credit scores. You can get a copy of your credit reports for free once every year, but it will cost you a little bit to know your scores (unless a banker or mortgage broker is willing to give you a copy for your credit report for free after applying for a loan.) I suggest getting your scores directly from MyFICO.com.

Once you know where you stand, you will need to analyze your credit reports and find out what’s helping and what’s hurting your scores. It may take awhile, but it’s worth learning how to read a credit report. Once you figure out what’s hurting your credit, you will need to make a plan of attack to get those accounts removed from your credit report as fast as possible. You can do that by disputing accounts with the credit bureaus, sending debt validation letters, negotiating with creditors and many other ways.

When you make a dispute with the credit bureaus, the burden of proof is on them. All you need to say is something along the lines of “Please provide documentation that the following accounts belong on my credit report; otherwise please delete this damaging data immediately.” It is then up to the credit bureaus to contact the creditors to verify that all of the information they are reporting about you is correct. Fortunately for you, most creditors keep horrible records and can not verify that the accounts even belong to you. In this case, by law, the accounts must be deleted immediately.

Disputing is one of the best ways to get accounts removed from your credit report but, there are so many other ways to fix your credit. You should also be trying to add positive accounts. I would suggest applying for a few secured credit cards or visiting your local credit union or bank and asking them if they have a credit card with a low limit that can help you rebuild your credit. There are also many other ways to build credit. Make sure to always ask if what you apply for will appear on your credit reports. You want to get credit for paying your bills on time.

Ryan Cote asked:


Good credit is crucial in today’s economy. Good credit allows you to have credit cards, obtain car or home loan, and to take advantage of many other money-related conveniences. It is possible to live without good credit, but having a bad credit rating can affect you negatively for the rest of your life.

You might be surprised to know that only a handful of credit bureaus in North America hold the key to your credit rating, and therefore your financial future. These credit bureaus receive the positive and negative reports issued by your creditors and create your personal credit report and credit score based on the results. If your credit history is poor, it is important to repair your credit so that you don’t get turned down for a mortgage or even a department store credit card. In order to do this, you must first learn how to deal effectively with a credit bureau.

Begin by finding out what credit bureau has your file. This information will be on any rejection letters you may have from a declined credit application. Next, you’ll need to obtain a copy of your credit history. Remember that you are allowed, by law, to obtain a copy of your credit history if you’ve been denied credit, though some organizations might imply otherwise. You should only pay for a credit report if you want an instant copy, rather than to have one mailed to you, in which case a bureau will send you one for a fee.

It is important to remember that a credit bureau is in the business of collection and selling information. This means that you should never provide them with any information that you are not required to by law, unless you want them to use it against you. It is legally necessary for you to provide the following to get a copy of your credit report:

1. Name

2. Social Security Number

3. Legal Address

The credit bureau might request copies of your social security card or your driver’s license. If they ask for a copy of your driver’s license as proof of address, it’s best to provide them with a copy of a bill or something else addressed to you instead. You should be careful when providing credit bureaus information, because most own collection agencies and they will use any of the information that you provide to hassle you with the credit and collection issues that you are already trying to fix.

Examine your report closely and note any possible errors. If you have questions about a specific debt, you can mail a written request to the credit bureau that they investigate that particular debt. Legally, the credit bureau is required to document any discrepancies on your credit report, otherwise, if they don’t do this in 30 days, the entire item must be removed. Most of the credit repair companies out there will charge you fees to perform this service, but you can do it yourself for free with just a little bit of time and effort.

Learning to deal with credit bureaus will allow you to engage in successful credit repair without paying a credit repair company a high fee. When you educate yourself in what the legal obligations are that credit bureaus entail, in many cases, you can effectively repair your own credit just as quickly as a credit repair company.