reignbeau

How can I finish correcting my credit score

5 posts in this topic

My credit score is under 570. I have had a LOT of late payments and bank overdrafts.

With that said, I have paid off a lot of debt and am down to three companies. I owe two of them about two hundred dollars and am paying them a hundred a month. I even paid FFO furniture another thousand plus dollars (the price of a bed) because I didn't meet the "same as cash" thing that was written on the contract.

My credit report doesn't show three quarters of the late, missed payments. Is there something that I can do to find out what is still keeping my score so low?

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6 hours ago, reignbeau said:

My credit report doesn't show three quarters of the late, missed payments. Is there something that I can do to find out what is still keeping my score so low?

Even ONE late payment can tank your score quite significantly.  If you don't have any positive trade lines reporting i.e. a line of credit, loan, or credit card with no lates and no high balance that will hurt as well.  It isn't just negative information that will lower a score but a lack of positive information as well.  Average age of your accounts being too low is another factor.

You can start with a free site like Credit Karma.  While the FICO score won't be a true FICO it is pretty good at identifying negative and positive factors that are affecting that FAKO score you see which ultimately is a factor on your true FICO.

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I am using Credit Karma.

It's amazing how cavalier I was with both of our credit. My husband had a score of almost 750  until he started using credit cards and I am the only one paying the bills. His score is 676.

I am thinking about using a credit repair company now.

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6 hours ago, reignbeau said:

I am thinking about using a credit repair company now.

NO!  Waste of money.  ANYTHING they can do you can do on your own for free.

If his CK score is 676 then his actual FICO could be over 700.  That is no reason to do credit repair.  Keep managing your debt and paying on time and that score will go up.  Get actual hard copies of the credit reports and see what is REALLY reporting and then update this thread. If there is anything you need to deal with we can help you.  (for free)

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8 hours ago, reignbeau said:

I am using Credit Karma.

It's amazing how cavalier I was with both of our credit. My husband had a score of almost 750  until he started using credit cards and I am the only one paying the bills. His score is 676.

I am thinking about using a credit repair company now.

I agree with @Clydesmom.  Do NOT use a credit repair company.  You can do the very same thing on your own and free of charge.   Credit repair companies are rip-offs. 

In addition, there's no guarantee that owners or employees of those companies know the law.   The owner of one company posted here a few times, and it blatantly obvious that the person had zero understanding of the Fair Credit Reporting Act (FCRA).   The person actually claimed that merely contacting (by phone or letter) a collection agency constituted "activity" on the account and would change the "date of last activity" on your credit report thereby restarting the 7-year reporting period.

Even after being shown the section of the FCRA that proved she was wrong, she argued.   Now, the FDCPA requires that you send a letter of dispute to collection agencies in order to trigger the 30-day validation period.   According to the credit repair "expert", following the FDCPA would restart the 7-year reporting period on a debt that was disputed. 

Super dumb!

Then you have the fact that some states require credit repair agencies to be licensed.  Many do not follow those laws and are unlicensed.   So, they're pretending to know certain laws while breaking the very laws that apply to them.

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