Fix Bad Credit Reports Must Do's. 12 Steps to good credit.

Fix Bad Credit Reports Must Do's
*I catch bad credit "as it is happening or quickly" and negotiate for good credit help.
*I negotiate with past creditors before I make my payment to clear past bad credit.
*I always keep at least 3 active open lines of credit with at least 12 months on time payments.
*I keep my "debt to high credit alowed limits" to less than 80% and try for 30% on all my open and active lines of credit.

Read More about the "12 Steps to Good Credit"

My name is Bo Majors and I had bad credit. 3 collections, a charge off and three car/lawnmower/health club loans that showed over 30 days late numerous times each. When I tried to buy a home I was turned down and told to get my act together. I had such a hard time figuring who to talk to and what to do that I made this website. I hope it helps you get good credit fast.

How to safely use Cash Advance

How to Safely Use a Cash Advance

Cash Advances can be helpful or detrimental to your budget. Do you have a large bill, or several smaller bills, that need to be paid this week, but you don’t get paid until next week? Maybe you splurged on groceries this week, thinking that your husband made the necessary credit card payment, only to realize that you were supposed to pay it. Now, since you bought groceries, you don’t have the money to make the credit card payment this week, but you’ll have it next week. You could apply for a cash advance instead of waiting until next week and racking up a late fee.

Cash advances can get you out of a tight pickle and can also help you avoid credit problems. Taking out a cash advance won’t affect your credit score as long as you pay it off, but making a late credit card or mortgage payment, or missing a payment, will in fact harm your credit score. In the long run, a low credit score can prevent you from buying a car or even a house. In the short scheme of things, missing a rent payment could get you evicted from your residence, which is obviously detrimental to you.

Cash advances can help you when you are in temporary financial need, but they also come with their risks. To avoid these risks, always borrow responsibility when it comes to cash advances. Think of your budget and figure out how much money you can afford to borrow. Don’t forget to account for the interest charges that come with the payday loan, also. Shop around for the lowest interest rate, and take your time making a decision. Don’t borrow more than you can afford to pay back with your next paycheck, or you could end up paying hundreds of dollars more than you ever intended.

If you borrow wisely, and stick to your budget as best as possible, a cash advance, or payday loan, shouldn’t get you into too much trouble. But also weigh the consequences. For instance, if missing a rent payment will get you evicted, perhaps it’s worth going into debt for a few months if you borrow more than you can technically afford. Figure out what’s important to you before you borrow, and be wise.

I am trying to get a loan to pay off old charge offs.

Real Live Human Being / to me / show details / Apr 13
Bo:
I have been trying to get a small loan to pay off old charge offs that has been on my report for over 7 years, what is happening, they seem to keep getting renewed. Do you know how I can go about of paying off these old charge off collections. Will it do any good to pay them off or leave them on. I am wanting to purchase a house in the near future, my credit score is low, 479
Real Live Human
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Bo Majors / to Real Live Person / show details /
You have to get new good credit.
Then negotiate on the debts
read this.
http://www.oskie.com/how-i-get-paid-collection-collections-account-removed-credit-report-completely.htm

Collection demanding 258.56 payment on an account they purchased but it is not mine.

Real Person / to me / show details / Apr 13
I recently received a letter from them demanding $258.56 for payment of an account they recently purchased. I have a perfect credit rating and have never owed anyone this amount of money. Looking at MCM on the internet, they seem to be 99% crooked. How do you fight them? An attorney would cost more than the amount they are asking for which is probably part of their plan. From what I’ve read, once you pay them to get rid of them, they continue to come after you with other allegations.
Real Person
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Bo Majors / to Live Human / show details / Apr 13
http://www.oskie.com/how-i-get-paid-collection-collections-account-removed-credit-report-completely.htm
get a certified debt validation letter

Ex wife and divorce said she must pay and the creditors are reprting me as late when is is her credit based on the divorce.

Real Person / to me / show details / 4/17/06
Hi. I pulled my credit report last Friday and about had a stroke.

I have items on my credit report that belong to my ex-wife. When we divorced 4 years ago, she was to take half the credit card and be responsible for them. I took the other half. We were both to remove the other's name from the card. There are several cards that she just closed and they have zero balance. There are several that she closed and and is still paying on. AND there are several that are still open and have lots of 30, 60 and 90 day lates on them. My credit score is plummeting. I talked to Wells Fargo Bank, who the cards belong to, and they will not remove my name even though the court decree says that she has to. On the two worst cards, she owes $10,000 and $3,000. I feel hostage here. Help!

We originally opened this account un 1983. My credit score right now is sitting at 620!

Bo Majors / to Real Person about to have a stroke / show details / Apr 13
That is the plight of a cosigner.
Consult your attorney but do not expect help from creditors.
Very Common I might add. Sorry

Here are the best steps to getting my wife off my credit report.
1. Any account you can close that has both names on it close now.
2. Sell any dual owed property that has both names on the loans.
3. Add a comment 50-100 words showing which accounts have both names but were assigned to your spouse in the divorce decree.

Low credit score is keeping us from buying a home. How do I get approved and raise my score?

Husband and Wife / to me / show details / Apr 10
Dear Mr. Majors,

My husband and I are getting ready to apply for a home loan, his credit score is thur Equifax is 595 and the other two report it as 601 we know that it is not a very good score to try and buy a home with. I was wondering if you could give us some advise on a company we could apply with, having a bad score like he does. We filled bankruptcy and it was discharged in May of 1999. After making it pretty good for a while (3 years or so) and started to get our credit built back up he lost his job. We didn't even see it coming he came home on a Monday and said that his last day was Thursday. There goes our credit again. He has a good job now and 601 is the highest we can get our score up, because he has 2 credit cards that is way past due and they don't want to work with us. We've wrote them letters saying we would like to make the wrong, right and one of them we haven't even heard from. I've received calls from collection agencies but they want talk to me and my husband sleeps all day (he works 3rd shift) so there is nothing we can do about those. They want even give me a number to have him call back and it don't show on his credit report as in collections. But it will give it time. On his report it just shows way past due. I'm scared of applying for and home loan and get turned down and on top of that when they check his credit score that will make it go down. Then I have to try again. I just don't want to apply again and again and all the time it is bring his score down. Please if you don't mind to help us out and get us going in the right direction.

Thank You and God Bless

Live Human
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Bo Majors / to Real Person / show details / Apr 11
Look for owner financing. MANY homes have owners that will finance for people that have good jobs. Ask around. Ask a few banks. Ask a realtor. Get into and you will be earning equity.
One has to pay the credit cards somehow someway. Negotiate to lower the balance and pay. In the mean time one needs 3 open lines of credit. i suggest getting a gas card, a regular card and a small loan that all report to bureaus. If they will not apporove you give them collateral like money mabye for the cards and a car or something for the small loan.
In 2 years your scores will be in the 650's plus.

Divorce in 2002 gave me bad credit. Should I settle or pay accounts?

Real Person / to me / show details / 2/9/06
I have very bad credit now after adivorce 2002. I now have the money to fix it and would like to pay them but they are all in collection agency now. They don't negociate at all. Since I have bad credit anyways with the 10,000 debt should I pay them in full or settle with a amount. I have opened a secured bank card and plan on trying to rebuild but they have written off my old stuff. Should I just settle for and pay some of the bill with them since they won't erase the wo from my credit
pls give me some advice thank you

oh I already got my crd report and disputed the items
Real Person
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Bo Majors / to Live Human / show details / Apr 8
Sounds to me like.......i would settle only with the agreement that if you pay say 30% 40% whatever it is, that they report settlement accepted and paid. After payments are complete.
I would NOT pay in full if they refuse to remove the account completely. I would concentrate on opening and maintaning new good reported credit. Make sure any new credit is reported. Use some of your money as collatral if needed but use as little as possible.

The new good credit will help you more than the old bad credit in most cases

I cleaned up a collection and now thery are reporting it again by another collection company. Is this legal?

Live Human Being / to me / show details / Apr 8
Hello Bo,
I have come across your Website and I would like to ask you a question about Collection. I had cleaned up a collection I had on my credit report. I disputed with the credit reporting agencies, (Experian, Equifax and TransUnion). After the 30-45 day waiting period the collection and or Creditor did not respond to the dispute, therefore it was removed from my credit reports. All that happened in October 2006.
Cavalry (www.cavalryportfolioservices.com) stating that they purchased that Account from Sprint PCS, which is the one that was removed 6 months prior by not responding to the dispute.

Is it legal that they can do that? Can you please advise me on how to proceed? Is that common that they just keep sending and or selling that account around for years to come?

I greatly appreciate you help and service.

Real Person
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Bo Majors / to George / show details / Apr 8
http://www.oskie.com/how-i-get-paid-collection-collections-account-removed-credit-report-completely.htm
Have em validate the debt.
Most times this makes the rats hide in the basement.

Capital One Credit Cards. Cap One.

Live Human Being / to me / show details / Apr 8
Bo,
Thanks for the service you are doing for everyone. I have two questions:
1. In your information you say stay away from Capitol One Credit cards and that one should try to re-establish credit with existing credit card company. I have a Cap One card that is now in collection and I am paying the balance now which will be paid in full in May. Which is my best approach to my credit concerning this matter, get a new card or try to re-establish Cap One?
2. I am coming off a 7 year stint with a Chapter 7 bankruptcy which has long been discharged but is going off my credit report in May. How much or will my credit score increase when the Chapter 7 drops?
Real Person
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Bo Majors / to Real Live Human Being / show details / Apr 8
1. get another card period.
2. After 7 years your credit should already be established and current, resulting in no noticable net difference in your score. 2 years back from today is weighted heavily on the score factor.

Get my accounts to reflect positive or good credit.

Live Human Being / to me / show details / Apr 4
Hello:
I've found your website while searching for resources as I repair my credit. Thank you for your assistance thus far. Your resources are wonderful. I have a few accounts that I need additional help with removing or getting into a positive rating. These accounts don't necessarily have a high balance - my concern is making sure that theu get reflected in a positive way.
Account One
1. type account
Installment Account2. how old
4/20033. payments made
Charged Off - Derogatory4. your credit score
565
This account balance is $1022 and interest is accruing. offered me a settlement of 30% will report settled, in full

Account Two
1. type accountCollection Account
2. how old
10/2006 (was sold) Account is much older but that's what is listed on report3. payments made
None - Derogatory4. your credit score
565
Balance is 116.93
Won't report to credit agencies or provide written confirmation that debt was paid in full or as agreed

Account Three
1. type account
Collection Account2. how old12/20043. paymnts made
None Derogatory4. your credit score
565
Balance is $149
Will report paid as agreed if paid in full

I would like your advice on how you think I should proceed? I appreciate any advice.

Thank you,

Live Human Being
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Bo Majors / to Real Person / show details / Apr 4
I would take deal one fast
I would use my dispute form and say not my account.
Same thing for the 149
Keep three good credit lines open.

I wrote a letter trying to negotiate with a creditor and have no response after 3 weeks.

Real Live Human Being / to me / show details / Apr 2
Hi Bo, I would just like to say thank you for you website on raising the credit score. I wrote a letter to a creditor negotiating a payment plan and it's been almost three weeks now and I have heard no response. Should go ahead and make the payments on the account the way I set it up or should I continue to wait. I left them my phone number and address but I got no response. What should I do? Thank you
Living Person
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Bo Majors / to Live Human Being / show details / Apr 3
Try again before you pay.
Get something in writing

If I contact a lender and offer re payment on charged off account does that start my sevn years over again

Live Human Being / to me / show details / Apr 2
My name is Tim, If I contact a lender to offer repayment on charged-off accounts, does that start my seven years over again.
Live Human
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Bo Majors / to Live Human / show details / Apr 2
Not until some action is taken like a payment.
Even then sometimes dates can be frozen if you negotiate and pay. They can do this but may say they cannot. All they have to do is post the payment and use a back date equal to the date of last activity on your acount listed on your report.

Jc Penny is being reported after ten years. Tax lien is also reporting

Live Human / to me / show details / Apr 1
Hi Bo,
My name is Wanda. I am trying to clean up my credit file. I notice on my report and have an old JC Penny's credit card that was paid off in 1997 but the creditor is still reporting this to the all three credit bureaus. Also, I had a State tax lien which has been paid in full. On my credit file it state "paid in full" but how long does this stay on my credit?
Please email me back at your convience.
Thank you very much.
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Bo Majors / to Live Human / show details / Apr 1
The jc penny should be disputed as old AND INACCURATE
State tax laws vary on length of credit stays. but ten years is a max after payout

Closing credit card accounts can hurt my score

Live Human / to me / show details /
Hi Bo,I didn't know that closing an account could lower my score, and I closed two accounts. It lowered my score 38 ponts! What can I do now? Can I re-open the cancelled cards? (I think one was from citibank). Or should I accept the next american express card or other offer that I get, as opposed to asking for the card? What about raising my credit limit on my existing card? I have no balance on my card, I pay it off every month. I have only one major card now and various store credit cards, all with zero balance. Thanks for your advice. Live Human
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Bo Majors / to Live Human / show details
Closing and account that has no balance should not hurt your score at all.
If this is the case something else is up.
Since accounts need to be open 1 year to get a rating for your score it is usually quicker and more helpful to re open than to start from scratch.
Something else is up I think.
http://www.oskie.com/raise_credit_score_fast_quickly_free.htm

I paid off my loan early and it shows paid of on my report but my score is the same?

Live Human / to me / show details / Mar 30
My Old Credit Score is 658. I recently Paid off a Bank Installmant sales Contract or Loan in the Amount of $9,720. I even paid it off 2 and half years Early. I looked at my Credit Score Online. And it shows the Loan to be Paid Off/Satisfactory. But my Credit Score is still at 658 and hasn't changed at all. Why is this? How long after the Loan shows to be Paid off will my credit score be Raised? Or should it have been raised as soon as it showed to be Paid off then? Should a Credit Score raise a Soon as it shows on your report to be paid off or does it take a while?

Thanks Bo for your Help I appreeciate it.

Live Human
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Bo Majors / to Live Human / show details / Mar 30
If you have been paying on the debt awhile and you already owed less than 80% against your original loan limit the change in your score will be of little consequence as far as scores go.
Or you may have paid the loan off before a full year elapsed and received no help on your because the loan was not a rated loan due to less than one year old.

Capital one is hurting my credit report score

Live Human / to me / show details / Mar 28
Hi Bo-
Let me just say I’m very impressed with your credit help site. My husband and I have diligently been working at raising our credit. In September we pulled a 620-630 credit score. About 5 months ago we started using our capital one card for gas & groceries. I pay the card off every month. We are ready to jump on the home band wagon and were really excited to pull our credit. Thinking it was about 690-710. Boy was I surprised. We both came in about 595. I have been consumed with getting this taken care of. I have been reading about how bad Capital One is for your credit score because of their failure to put your available balance on your reports. I hate being on this end of a lesson. Here we thought we were doing the right thing to get ahead. The first step I did was contact Capital One and tell them I’m disputing our $0 available balance on the credit report. They will file a dispute and send me a letter in 10 days. I will contact the credit bureaus also.

The other question I have is, how do I remove things on my credit that are more than 7 years old? I was told to write a letter to each creditor letting them know we are purchasing a house and would like this item removed. The worst I have on record is 30-60 days delinquency 4-7 years ago. I think I’m a good candidate to remove these items.

Any help you can provide would be greatly appreciated!!

I look forward to your response!

Thanks!
Live Human
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Bo Majors / to Live Human / show details / Mar 28
http://www.oskie.com/credit-dispute.htm

Dispute the old stuff

Just get another card than a Capital One

are secured crdit cards good for my credit report score

Live Human / to me / show details / Mar 27
Hello,
I would like to know if Secured Credits Cards are good for my credit report score. I will have to put a deposit down, but they say they report to 3 credit bureaus. The company is New Milleneum Bank.
Please advise
Live Human
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Bo Majors / to Live Human / show details / Mar 27
If they report to the major credit bureaus it is good. So YES!
After 1 to 2 years get approved for a unsecured card that reports.

Collection being re reported much later than orginal collection

Live Human / to me / show details / Mar 25
I was wondering something, if a recycled collection account appears on my credit report after having it removed and now is w/ a new company. How exactly do I dispute that. It is being reported as if it is from 2006 but infact is from 2001.

Thank you,

Live Human
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Bo Majors / Live Human / show details / Mar 25
http://www.oskie.com/how-i-get-paid-collection-collections-account-removed-credit-report-completely.htm

Need charge offs and late payments removed from my report

Live Human / to me / show details
Hello Bo, I have contacted you before, months back. I am trying to repair my credit in order to get approved for a mortgage at a good rate. I have two charge offs on my credit which have been paid off. I have letters from the collectors , stating paid in full. What do i do now. I would like the charge offs to be removed from my credit. Was wondering how to go about that. Also have a circuit city visa card that has a zero balance but a few late payments. When i contacted them about it they refused to remove them as it would be false information on my credit. If you have any help for me please inform me. Also i closed one credit card that was charging me a monthly fee (Fix your credit type card). I am looking to apply for a new card, but want to make sure my credit is up to par. Please email me back when you get a chance. Thank You

To Live Human / From Bo Majors /
The charge off will stay on your credit as you [aid them before you negotiated to have them removed so forget that whole thing.

i would try to re open the circuit city thing and establish new good credit. Takes one yr.

if the company that charged you a fee is reporting to bureaus i would keep it open for a 2 year minimum
Read This Page on Credit Help Negotiation.

Old collections are hurting my credit. They are past 7 years old.

Live Human / to me / show details / Mar 19
Hi Bo,
I came across your web site looking for credit help because I have paid several people for help in the past two years and nothing has changed! I have wasted a lot of time and money and now I want to help myself!!! I recently pulled all three reports and found that everything on my report has been re-dated to the current month! It is all old collections some even past seven years! How do these collection agency’s come to the date of last activity? If I tried to validate the collection should this have happened? This was the only think I’ve done in the past couple of years. How can I get them to put the correct date of last activity if validating should not have played a part? Help!!!!

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Bo Majors / to Live Human / show details / Mar 19
You need new and current credit if that is theonly thing youve done in the past couple of years.
Not sure how to answer the rest
7 years is 7 years and if you paid them off or negotiated with them 2 years ago things should be about right by now with new current good credit.
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Live Human / to me / show details / Mar 19
WOW!!! Thanks for such a quick response. I will try that!!! I do not have any new or current credit right now!