Credit Repair Tips

Dated: 12/27/2017

Views: 118

Here are a few tip I would like to share with my client and friends.  

If you need a more hands on approch, please feel free to contact me at any time.

Revolving credit is the number 1 factor in making your score go up.....not installment credit (personal loan, student loan, car loan).  Installment credit is great for history but not getting your score to go up the quickest.  Revolving credit is a credit card,  charge card (from a store) or secured credit card. If you want you score to go up at the maximum rate never carry a balance that is more than 10% of your limit and never pay the card to zero (if you have zero utilization you might as well not have the card).   If you can not get a traditional credit card get a secured card.  You will put 200 down and they will give you a 200 limit, never spend more than 20 a month on that card and never pay it off below 3 dollars. (this is to ensure your credit card company reports to the 3 credit bureaus  

Any collections you have under 6 months pay off. If you have any revolving accounts in collections pay them off but only offer 1/3rd of what you owe and pay it all at once, do not make monthly payments or it will continue to report each month and effect your score negatively.

Any collection over 6 months that is not revolving, dispute as often as you can....which you can do for free through the credit bureaus.  Some disputes may take 5 or 6 attempts, it's ok it's what the credit repair companies do.

Do not apply for anything while rebuilding your credit. No new inquiries.


Blog author image

John Beghini

John Beghini is a weathered real estate agent with over 10 years of experience in the construction/Real estate business. His knowledge in the building process of houses sets him apart from other real....

Latest Blog Posts

Top 10 Tips For Buying A Short Term Rental Investment Property

The term zoned for “short term rental” or STR is something that you will read or hear about continuously during your research for a Kissimmee vacation home, but what exactly does that mean,

Read More

What Is Return On Investment And Which Is The Best Way To Invest In Real Estate

I recently met up with a friend for dinner and the topic of real estate came up.  He just turned 38 and was thinking it might be time to buy a place.  He would rather live in a high rise

Read More

How Student Debt Can Effect Your Ability To Buy A Home

Millions of Americans have incurred student loan debt, which can greatly impact their debt-to-income (DTI) ratio. Agencies and lenders realize the significance that student loan

Read More

Rudys Investor Handbook WHY ORLANDO KISSIMMEE

Everyone has different financial goals with differing priorities, and so it's natural that individual investment choices will vary from person to person. However, no matter what your individual

Read More