restoring my credit

nycjd23 · #1 Oct 10, 2005, 09:15 PM

i just paid off everything on my credit report that was negative. i have a car loan and a student loan in good standing. everything else was seriously delinquent , in collections, or an attorney. i have paid it all off, whats the best way to build my credit back up??

RickJ · Oct 11, 2005, 02:42 AM

Generally speaking, time with all and only good credit is the cure.

But:
Get a copy of your credit report from all three vendors (TransUnion, Equifax and Experian). Study them carefully, and if anything is in error, dispute it.

They are supposed to correct or remove the entry within 30 days.

Here's how to get ahold of each one. You can do the ordering, and if necessary, disputing, over the phone or online nowadays.

TransUnion: 800-888-4213 or online
Equifax: 800-685-1111 or online
Experian: 888 397 3742 or online

CHAYOTE23 · Nov 26, 2005, 11:52 PM

The best way to rebuild your FICO score is to continue to pay your current studnet loans or other creditor on time and make sure that the creditor are reporting your payments to Experian, TransUnion and Equifax. However, there are also several other alternatives to increase your FICO socore. First of all, you can apply for a Credit Card or a Unsecured Credit Card in order to recieve points toward your FICO score and as consumer according to the FCRA you have the right yo have accounts added to your Credit Report in order to increase your FICO score.

fredg · Nov 27, 2005, 04:18 AM

Hi,
I agree with all the answers you have so far....especially the one about getting a new credit card from a new company (one you don't already have).
Charge something on the new credit card, then pay it all off when you get the bill. It only has to be a few dollars, but it will help you get back in good standing.
I do wish you the best.

excon · Jan 11, 2006, 06:46 AM

Hello:

The best way would have been to negotiate with the collection agiencies to remove the negative information from your report BEFORE you paid them. Now, they surly won't.

You'll have to wait 7 years for all the negative information to come off now.

Build it back up? Keep paying on the car loan. The student loan probably doesn't show up on your report.

excon



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