My credit is beyond repair how do I start all over again fast (I have Repos and foreclosures)?
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Answer:
In order to build up credit and establish a good credit, you must show a number of stabilizing attributes. Most notably, your report must prove to the lender that he will get his money back. Here are some suggestions:
OPEN A BANK ACCOUNT
Open a bank account and use it responsibly. This is the first step in establishing a financial history.
CO-SIGN
One way is to piggy-back onto someone who already has a good credit history established and is willing to co-sign. Once the co-signing has occurred, you simply make payments on or before the due date. In time you will have established a credit history.
SECURED CREDIT CARD
Apply for a credit card. Shop around and only apply for a card if you can meet the lender's requirements. Responsible use (spending within your budget and paying your bill on time) will help you build a good credit history.
DEPARTMENT AND GASOLINE CREDIT CARDS
Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is sometimes easier to establish. It is also a great way to establish credit.
This website can be very useful for you:
http://www.howtoestablishgoodcredit.com/...
I think you can claim bankruptcy but its stays on your record for like 5-7 years and your interest on things will be higher.
The long and short of it is..
You can't repair it fast but you CAN repair it!
It takes time and paying everything ON TIME from now on.
Look over your credit file and file disputes if there are errors. It doesn't hurt to dispute and you never know...they might take something off! I am speaking from experience on that one. Just need to take the time to fill out the forms. You can do it online with some of the agencies but even if you have to mail in the forms it is worth it!
You can't wipe anything clean.
You certainly won't be financially clean after bankruptcy!
You should call your creditors individually and explain your situation and discuss payment arrangements. If you've gone so far as to be faced with the immediacy of these actions - bankruptcy may be your only alternative if you cannot meet your obligations.
You repair credit by being credit-worthy for an extended period of time. Making on-time payments.
There is no such thing as a shortcut. Anyone who says otherwise is trying to scam you! (they usually say that they can help you for the low low price of .)
It took you time to make this mess, and it will take you time to clean it up.
If you choose not to use a bankruptcy, then you will need to contact the creditors directly, and work out a payment plan.
Nobodys credit is "beyond repair". It will just take time to get back.
On the flip side, I know of many people who live without the hassle of credit. I personally have no credit cards, and will only pay cash for items. Instead of making interest payments to credit cards, I put it into a saving account.
Good Luck
I think you can repair your credit. I was a bankrupt once, and it's not fun.
I found you a good site where you may be able to work out a plan(legal)
http://www.bankofamerica.com/financialto...
Bankruptcy is the only way out. Keep one good credit card that is current and wipe all the others off. Be aware that if you declare against a lender that you have collateral securing the loan like a car they will take the collateral. So if your car loan is clean or can be brought up to date, do that and do not include them in the proceeding. a home is another problem, talk to our bankruptcy attorney.
1) Ask for credit reports from the bureaus.
2) Look out for any errors in it.
3) Prepare a Credit Dispute Log recording the details of problems and errors.
4) Contact telephonically the original debtors with whom you are having a dispute. Record the details of the call, especially the name of the person with whom you spoke and a brief overview of the agreements.
5) Send the certified letter to the original debtor.
6) Send letters to collectors, disputing the bill. Also, send the proof of payment to the original lender.
7) Fill out the dispute form available at the credit bureau.
8) Write a letter for each disagreed item separately and send it to the credit bureau by certified mail. Attach the proof to support your claim.
9) The bureau will provide you a reference number. Call up the bureau with this reference number and find out the progress of the matter.
10) Maintain a Credit File containing detailed records of your case.
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