Real Person / to me / show details / Mar 7
Equifax-630 Experian-630 TransUnion-680I had a few collection accounts that recently dropped off my credit reports after the 7 years expired. I still have one remaining collection account for the amt of $695 which is set to expire in June of this year. I currently have no open credit accounts and am looking to re-establish my credit history. At this point, I am on the fence as to whether I should simply go the secured credit card route or actually wait until June when my report will be clean. I also have 2-3 old credit card accounts in good standing that were closed quite some time ago. I only worry that the reporting period will expire prior to my opening enough new accounts and getting my score up into the mid 700's. Thanks in advance.
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Bo Majors / Real Person / show details / Mar 7
your one year away from having a good score because there are no open and rated (1 year) credit lines on your reports. Open credit cards, or past cards, at least three, and wait for one year.
Tuesday, April 03, 2007
I am looking to re-establish my credit history
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10 comments:
Hi, I have been working on cleaning up my credit report for few years now and I must say I also find your website very helpful.
I do have a few questions on how to improve my credit score that is currently 658:
1) I have 3 public records
Bankruptcy on 12/2004, Tax Lien on 11/2005 $1581 (i have an installment payment agreement with them and have been paying it on time for for 1 year now) and Judgement for $5040 on 10/2003 included in Bankruptcy
2) I also have a few potential negative accounts:
Medical collection from 4/2003 $165 included in Bankruptcy. How long can they continue to report this?
3 Credit card debts with last activity card 1 on 02/2004, card 2 on 01/2002, card 3 on 02/2001 all included in Bankcruptcy
3) Satisfactory accounts
Secure Credit card as of 08/2007 and paying on time and 1 old credit card opened 03/2000 that for some reason reports as paying as agreed but also states that it is sold/transfered/paid. It was included in Bankruptcy. I have writen numerous letters to the credit bureaus about this account and asking them to change the status to"included in Bankruptcy" but they keep updating the report and stating that it is a paid account. Last representative suggested that I leave it as is because it shows a good credit line. What should I do?
Also, looking at all the above, do you have any advise as to what to do to imporve my credit score?
once you pay the tax lien it will come off and help your score.
forget about the judgment and bk. they are there and not going away. get them behind thee as far as possible and make sure you have new good credit.
I would leave everything else alone and make sure I have 3 open reported lines of credit that are at least 12 months old.
658 is a decent score with the adverse lein judgment and bk showing.
SO
the best thing is to just get and keep new good credit and wait till the old cames off.
tax lien for one.
Thank you so much for your fast reply! It's been a hard road and now that most of the dirty work is done, it's good to know that I'm on my way. Thank you for your time, it is very much appreciated!
Again, you have a wonderful website going, please keep it up. If I would have known what I know now, I would have never ended up in my situation at the first place, but it's better late then never.
Have a wonderful day,
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me TOO
even now i have troubles
but when i do i call and beg
most of the time i get help
plus i have a decent job
i try to never forget 41 million people cannot afford to live much less have good credit
have a great day week month year life
hi i'm one of many trying to clean up credit i have a judgement how long do they stay on your credit?
how long does a judgement stay on your credit?
7 to 10 years depending on your state laws. Usually 7. Pay it and get new good crdit going. 2 years from now your score will go right back up.
Hello again, it's been a few months now since I've been back on the board. I have a question about Two Cycle Billing.
We are in process of building our credit history and improving credit score, we currently only have 1 credit card and it's a secured Visa. It has been opened for 6 months. Every month we charge small amounts (movie tickets etc) and pay the balance off early. You recommend having at least 3 open lines of credit reporting to the credit bureaus. Last week we applied and got approved for $1500 unsecure Platnium Master Card; I guess the catch is that this card has Two Cycle Billing (Balance calculation method is Two Cycle Average Daily Balance including new purchases).
There are many warnings out there about the Two Cycle billing but my question is, since we need to establish credit and we are not looking to carry high balances from month-to-month, if we take this card and only charge small amounts to establish credit, but we keep the opening balance as well as the closing balance $0, in your opinion would this be a smart move on our side or should we look for something else. We did try to get Home Depot credit card but were declined because of "the recent bankruptcy" (they conside May 2004 discharge recent!)
P.S. Also, we just took out a mortgage and closed on the house in December, so this would be our 3 open line of credit report to credit bureau.
the two cycle deal is not an issue if you pay it down or actually pay even more than you charge. after a couple years you will be able to be more decerning in what type credit you will accept. If they report to one of the 3 major bureaus then do it. experian, transunion, equifax
Thank you for taking your time to respond. I did go ahead and apply for that Platnium credit card and I got approved for $1000. I am very pleased with this. Thank you again for all your advise and help. :-)
thats great. in 12 months it will be a rated line of credit and you will not owe anything on the card but you will charge your gas each month and at the end of each month you will send more than you charge. After 1 year your high credit limit will be higher and you can ask for an even higher limit. Pay for at 1 year before you call and ask for a higher credit limit.
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