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Credit Repair Tips
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.
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....