Credit Repair Questions & Answers

GreenFam asked:


We are hoping that our credit score has improved greatly now that the bankruptcy is off (it was a long 10 years) and we haven’t acquired much debt.

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MM asked:


I just cleaned my credit report up. I tried to get a vehicle with a 527 score and got turned down, they told me to wait till my score went up. Any ideas on how long this takes, or how long I should wait?

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satillarivergal asked:


I have old credit card debt! I haven’t paid in 7 years.-And nobody contacts me anymore.I am not proud of it, and realize I need to do something about it. I got a credit report online from Equifax. It showed no debt. Just one card that was in good standing.What’s up with that? I was hoping to get the names of the card I owe to try to clear up some of the debt.Surely the debt doesn’t go away!Should or Can I just try to rebuild my credit?What do I do?
I am certain that the statue of limitations in my state is 7 years. But certainly, if I try to get a loan, this bad credt will show up? It surely doesn’t just dissappear? Right?

Sarah O asked:


I have a $20,000 credit card debt. I got many phone calls from creditors and I didn’t answer them. I’ve got letters from attorneys saying that I will have to pay them off or I will have to go to court for the debt. I heard from people that it has happen to them before, but they never really had to go to court. They ignored the situation and the amount will charge off eventually. Is it true? If it charge off, how will it effect my credit report? I don’t own a house or a car.

paperclip asked:


I have been told the statute of limitations for credit card debt in Texas is 4 years. After 4 years, the credit card agency can no longer sue you. After those 4 years have passed, are all of the negative items removed from your credit report? Or is it 7 years?

~ Jamie ~ asked:


I am helping my best friend clear up her finances and she has many, many old collection notices on her credit report that are helping to drag her rating down. They are probably 4-7 years old. Do these ever fall off? Or get written off? It seems like they just keep transferring them to other agencies. She also has a Household Bank credit card in collections – should this be paid first or the old debt? She tried to make arrangements with the collection agency for Household but they wanted much more a month than she could give them, and they refused to make arrangements so right now they are getting nothing. Help – I am not sure where to start.

tak3032 asked:


I want to know how do they determine the credit score point system. I know what is credit and how it works. But I want to know the numbers part like if someone runs your credit report it takes off 2points from your score, another is what if your late on your payment how much does it take off then and if I have a loan for a certain amount does that mean I get a big score or a low score? I have some old accounts (5yrs old) that need to be paid off but if I do pay them off will it really make a difference on my score? Next thing you know I pay them off and then my score only goes up by 4 or 5 points or will I even get a point. What would be the purpose then? At the same time if creditors do look at my report yes it would show paid off but the history would still show that I was delinquent for 5yrs. Whose gonna want to give me a loan any ways? Basically what is the point system and how is it calculated? Let me know so I can start to repair my credit. Much thanks and I appreciate it!!!

KrazyKris asked:


I applied for a credit card and was denied now I’m wondering whats on it. Which leads me to another question. If a company broke the rules and you got bad credit because of it where can I report this or get it fixed. Hint; Suncom!

michaelwlr asked:


Today I payed a 4 year old $80 debt and they said it would take 30 to 40 days to put it on my credit report, is there any to get it done faster. Also someone that works in banking or with a creditor how much will this raise my score? My score is 597.

remy186 asked:


How does a secured credit card show up on your credit report. Does it help your credit report?

Angel asked:


How long after you pay all your owed accounts on your credit report will it clear? I want 1-2 emergency credit cards & I want to buy a new car & with my old history I couldnt do that. Now Im more responsible & know the consequences to not paying bills on time or not paying them at all. I just cleared my credit so how long should I wait?

ccdpat asked:


I have had the same “debt” put on my credit report by the original lender, a collection agency over 2 years ago and now a brand new collection agency. I questioned the original debt on my report and they removed it, and now, it has obviously been sold to another collection agency who has put it back on my file. The original debt wasn’t even mine, it was my husbands so I don’t even know how it is getting on my file. If it helps, I live in Ontario, Canada.

Alabastr asked:


I just looked at my credit report and there is a negative that says, “This account is scheduled to continue on record until Feb 2012.” So does this mean that whether I pay or not it will stay for another 4yrs? So if I don’t pay it it will go away in 2012?
So in 4 yrs I will have better credit? When that goes away will my score go up?

Alex asked:


I have 85 hard inquiry’s. I put a fraud alert on my credit report. Is there any way I can erase the ones I did not apply for?

candiceinks asked:


I ordered a copy of my credit report a few months ago and saw an inaccuracy. I notified Experian immediately by letter and I received no response. 45 days later, I sent another letter certified mail with return receipt. It has been a month since I did that and, still, no response. What are my options?

Stefanie P asked:


If I look at my credit report and it says this is on record til 8/2009 and I don’t pay it, what happens to it? Can the collection agency still hound me for the money or is it gone and my credit score go up?

Juan F asked:


My husband owes a chase credit card and i just checked my credit report and they have it on mine as an authorized user. Is this legal?
I live in N.Y. Also I would like to settle with this company before it goes to collections do i send them a letter or call them.

enance asked:


I have a medical bill on my credit report that I would like to make payments on. If I begin to make payments on this debt via personal
check, can they automatically garnish the funds from my checking account?