Clearing your Credit..

[Swizz]

You guys ever hear of someone that can clear your credit for a small fee??
This is not debt consolidation..you pay a fee an owe no more. They said its
legal to...It sounded like a scam to me... what you guys think?

[BayGBM]

Scam!

Do you know your credit score?  Focus on that . . . and raising it. Make consistent payments over time (credit cards, car, house) and your score will go up.  There are no quick fixes to poor credit. 

[Debussey]

You guys ever hear of someone that can clear your credit for a small fee??
This is not debt consolidation..you pay a fee an owe no more. They said its
legal to...It sounded like a scam to me... what you guys think?

Also challenge many of the negative things on your credit rapport. It is the credit rapport companies duty to prove that negative statements on your rapport should actually be there. They have like less than 30 days to prove it, so get started now. If they can not prove that something belongs on your rapport within 30 days, they must remove it. Make sure you work on your credit rapport at all the 3 biggest companies.

The people you are talking about = a scam.

[ATHEIST]

  im pretty sure there is no such thing, i work in finance and have never heard of it. like Bay said just make consistant pmts. dont check your credit too often though cause that itself will affect your rate.

[danielson]

I know some companies that "claim" to to that, but never heard anything positive about them. My buddy tried to do that and he was promised his score would go from a 500 middle to a 640 in 2 months. He was charged 1000$ and no change on the report whatsoever. He kept calling me every couple of days to re pull it, after about 3 months I told him to get his money back, which was not refunded. It worked out good anyway, cuz he had about 50 grand equity in his house, but was going into foreclosure and couldn't get caught up. Someone offered to buy it and put it in their name for 5 grand at closing and an extra 2 hundred a month on top of the mortgage. So he told me he would rather I put it in my name. So, I "bought" it from him, made 2,000 on the closing workwise, 5 grand from him personally plus 200 every month and if he doesnt pay me, I can just sell it and clear at least 30 grand.

[ToxicAvenger]

Scam!

Do you know your credit score?  Focus on that . . . and raising it. Make consistent payments over time (credit cards, car, house) and your score will go up.  There are no quick fixes to poor credit. 

good advice..also dont have more than 1 or 2 creditcards..

i have 1....

[BayGBM]

Multiple cards by themselves are not the problem.   But there tends to be a correlation between people with many cards and people with poor credit.  For example, running up the balance on one card and then turning to card #2, then #3, then #4, etc.  People with limited incomes tend to do this; they max, or come close to maxing their cards, and this damages their credit score.

Ironically, paying off a credit card every month does not necessarily boost your score.  Your score goes up when you show a history of on time, consistent payments.  For example, let’s say you have only one card with a $10,000 credit limit and a $9000 balance.  Paying off the $9000 balance over six to twelve months will raise your score more than paying the $9000 off all at once at the end of a single month.

But in the example above, your credit score would likely be lowered because you were using 90% of your available credit (remmeber, you only have one card).  Credit agencies don’t like it when people are near their credit limit.  If you had multiple cards in the example above, you would be in a better position because even though you were using 90% on one card, your other cards (with zero balances) would give you additional credit.

Unfortunatley, for average people, credit card payments won’t raise your score very much (but failure to pay consistently will bring it down).  If you want your score to climb above, say, 700 you need to be making payments on a bigger ticket item like a car.  If you want your score to go above, say 750, you need to be making mortgage payments.

The slightest problem (a missed payment, a late payment, approaching your credit limit, short credit history, etc.) can bring your score down… but only consistent payments over time can bring it up.

[ToxicAvenger]

ok i have 2 cards..

1 of em..which i have used only once..

has NO limit  <ok its high enough for me to say that>

i will NEVER ever use that 1..

unless the shit hits the ceiling..

[Eyeball Chambers]

http://www.totse.com/en/bad_ideas/scams_and_rip_offs/brcredit.html Good Luck!

In order to obtain excellent credit references from several
banks, you will need $500. If you don't have 500 dollars,
perhaps you can borrow this amount from someone, or even save it
up from a weekly pay check. You see, you are not going to
actually spend this money, just a small part of it. Your actual
cost will be minimal compared to the benefits you will ultimately
gain by following this procedure.
Take the $500 and find a convenient bank that offers a day-
of-deposit to day-of-withdrawal type of savings account. Most
Savings and Loans offer this type of account. If you already
have this type of savings account, you will save the bother of
this first step.
A week or two after you have opened this account, apply for
a $500 loan at the same bank, payable in 12 monthly installments.
You will have no trouble getting this loan, no matter what your
past credit history is. This is because you are going to
surrender your savings pass book as collateral for the loan.
Since you have $500 in the account, the bank will not check into
your past credit history since this is a NO RISK loan for them to
make. As a matter of fact, banks love to make this type of loan.
Not only are you a savings customer, but you are taking your loan
business to them and offering as security ... CASH!
Now take your $500 of borrowed money and find a second bank
offering the same day-of-deposit to day-of withdrawal account and
deposit this same amount into the account. Be sure to go to a
totally different second bank and not just another branch of the
first bank. To recap, you now have two savings accounts with a
total of $1,000 earning interest from the day of your deposit.
Now go to the second bank a week or so later and ask for the same
$500 loan using your pass book as collateral. Again, you should
have no problems since this is a no risk loan for the bank.
Repeat this process with a third bank the exact same way you
did with the first two banks. If you have any doubts that this
will work, my clients have done this dozens of times. In only
one case did the banks check with each other only because my
client was foolish enough to write down the names of the other
banks on the application to the third bank. But there are plenty
of banks around, and filling out another application at another
bank solved the problem.
Finally, go to a fourth bank that offers a free checking
account with no minimum balance required. (At the time of this
writing, Roosevelt Savings and Crossland Savings offer this type
of account in the NY City area.) Take the $500 and open a
checking account with it. Make sure the deposit is with cash so
you can start writing checks immediately. Send a check to cover
your first loan payment at each of the three banks, even though
the first payment isn't due yet. A week later make your second
loan payment, and a week after that, make your third loan payment
to all three banks.
You are now three months ahead in your loan payments to
three banks. This serves the following purposes:
1. You have freed up an amount equal to the three payments in
your three savings accounts.
2. You now have an excellent source for a credit reference ...
three banks!
3. You have savings accounts at three different banks plus one
free checking account.
4. You still have most of your $500 intact as about 1/3 or
more of the interest is offset by the interest you are getting
on your savings account.
5. You can now walk into any bank or lender and offer 4 banks
as a reference, three of which you have borrowed from and paid
back early.
6. Credit card companies will discover your excellent repayment
habits when they investigate any application for credit submitted
to them.
A credit investigation at this point should no longer make
you tremble in your boots. In fact, you should welcome these
investigations at this point. The great thing is that you have
accomplished all this at a minimal expense and under 30 - 45
days.
In the next article in this series, I will show you how to
use your new found credit to obtain credit cards to your heart's
content. But as I stated earlier, unless you are going to use
your cards to make you money, you are not using this resource
properly. -

   
   

[Tre]

There is no quick fix.  If you have a bad credit score, it didn't get that way overnight, so you shouldn't expect it to be repaired overnight. 

I wish that I had learned more about credit while I was growing up, but now that I'm in my 30s, I'm a @%#%ing expert! 

lol

My credit score only went up 10 points in the past 6 months. 

[24KT]

Also challenge many of the negative things on your credit rapport. It is the credit rapport companies duty to prove that negative statements on your rapport should actually be there. They have like less than 30 days to prove it, so get started now. If they can not prove that something belongs on your rapport within 30 days, they must remove it. Make sure you work on your credit rapport at all the 3 biggest companies.

The people you are talking about = a scam.

This only works if you're looking to have a clear credit report at a specific period in time.

If after 30 days, they discover the item DOES in fact belong there, ...it goes right back on.

Those credit clearing agencies are only going to do what you yourself can do, ...and the results could only be temporary.

The only way to have a good credit report, is to have credit, then pay your bills regularly, on time, and as agreed.

[Migs]

most of the credit clearing things are scams.  I work witha loan officer and we deal with alot of people that have less than perfect credit.  We work on getting items resovled and cleared for them.  Also, lenders can and will ask for 6 months or more of bank statements and other supporting documentation.  They combine this info with your credit info and make determinations on loans.  You can't quickly clean up you  credit and get a super high score. it takes time and no one can gaurantee that your score will go up 100 points or wahtever.  remeber, you get 3 credit scores and they are rarely ever the same.

[Debussey]

This only works if you're looking to have a clear credit report at a specific period in time.

If after 30 days, they discover the item DOES in fact belong there, ...it goes right back on.

Those credit clearing agencies are only going to do what you yourself can do, ...and the results could only be temporary.

The only way to have a good credit report, is to have credit, then pay your bills regularly, on time, and as agreed.

By saying this you imply that most credit agencies will pursue everything for an eternety. Usually, they will not, and you can clear a good deal of shit permanently this way.

[BayGBM]

By saying this you imply that most credit agencies will pursue everything for an eternety. Usually, they will not, and you can clear a good deal of shit permanently this way.

There is no benefit to arguing with what you think she implied.  The bottom line that the original poster needs to remember is that s/he should obtain a copy of a current credit report, review it to make sure it is accurate, and work to raise the score.

Negative items on one’s credit report can remain for a long time (10+) years and no quick fix can remove those items or suddenly raise one’s score.  Even items that are in dispute between you and the creditor are not removed--they are simply labeled as “in dispute” and any other creditor who checks your report during the dispute period can and will see those items.

Anyone who has bad credit has it because of choices s/he made. The only way to improve that score is to make better choices.

[UPINTHEMGUTS]

Also challenge many of the negative things on your credit rapport. It is the credit rapport companies duty to prove that negative statements on your rapport should actually be there. They have like less than 30 days to prove it, so get started now. If they can not prove that something belongs on your rapport within 30 days, they must remove it. Make sure you work on your credit rapport at all the 3 biggest companies.

The people you are talking about = a scam.

Very true. Contest all negative charges by contacting all three major credit bureaus Experian, Equifax, and Trans Union.

[BayGBM]

Contesting negative marks on your credit only “works” if the negative marks are errors and you can prove it.  For example, you have a canceled check showing that you paid a bill that has been reported as unpaid, or you can prove you are the victim of identity theft, etc.

If you have a negative mark because you failed to pay a bill or failed to pay on time, contesting the charge is just a waste of your time.

[24KT]

By saying this you imply that most credit agencies will pursue everything for an eternety. Usually, they will not, and you can clear a good deal of shit permanently this way.

No, the credit reporting agencies don't give a rip. It is the creditor that cares.
If s/he can't get their money, they'll make sure it stays in your report.

If a reporting agency requests the creditor prove the charge, ...it sets the wheels in motion at the creditor's office.
If they can't prove the claim within 30 days, you have the right to request it's removal from your report, ...however, you have already set the wheels in motion at the creditor's office with your dispute. If they are able to provide proof to the credit bureau in 35 days, ...guess what... the negative information goes right back on your report. It might infact be considered a new entry, requiring an additional 7 yrs to clear, so if you're 6 yrs into a bad credit rating... you're better off to wait the additional yr, rather than dispute a charge only to have it sit in your report for another 7 yrs. (I'm not positive whether it becomes a new entry as of the date of re-insertion). The best thing to do is to establish yourself as a good credit risk to the point where there is so much favourable it drowns out anything negative. The best way to clear up bad credit is to pay your bills... or negotiate with the creditor.

Some creditors can be really sweet. If you know you are going to be late with a payment, contact the creditor ahead of time to let them know. I did that once and was surprised to discover what they can do. I had a sweetheart of a guy in Montreal that looked up my credit report, and he didn't want to create a blemish on an otherwise spotless report. So he said no problem I'll refinance it. I didn't know what he meant at the time, but what he in effect did, was to close out the account, mark it paid in full, ...and then re-open it again with the outstanding balance. It effectively made a new entry on my report showing 2 accounts with that creditor, an R1 which was closed, ...and a new R account which was not due for another 30 days, and would not be rated for another 120 days. It bought me 30 days, but I remained R1 across the board on all my accounts.

Not sure how the score system works in the US, but in Canada, the best type of rating to have is R1

If all your accounts are R1, the world is your oyster as far as credit or financing goes.

R means revolving credit ie: credit card, line of credit etc. The # specifies your payment pattern
1 means you pay on time or as agreed.
R2 means a revolving credit line. The 2 means your account is paid 1 - 30 days late
R3 - 30 - 60 days late etc

The other type of credit is 'F' type or Fixed credit ie: a loan or fixed amount paid in installments.
The same number system applies.

Also too, it's not enough to just have the credit, ...you have to use it.
They require activity so that it can be rated. It also lists your higest balance too.
So you might want to max out the credit, then pay it off. They'll want to see activity for each quarter.

Hope That Helps