Credit Repair - Rio Rancho,NM

Updated on October 26, 2010
M.P. asks from Rio Rancho, NM
13 answers

We are trying to refinance our house and when I pull my credit scores I am above 620 (Which is the requirement) but when my mortgage lady pulled it she got 605. I am in need of 15 points and would like to get my score up before the end of the year so we can refinance and get a new roof and possibly new windows. Has anyone done a credit repair and if so what were the costs involved and how long did it take for your score to go up? Thanks for any advice you can give me.

1 mom found this helpful

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T.W.

answers from Denver on

Contact Todd at ###-###-####. He corrected my credit in a matter of a month or two. It costs ya but it's easy. You won't have to wait until the end of the year.

Good luck.

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K.F.

answers from New York on

STOP right there.

The next big storm that hits you may want to file an insurance claim to get that roof done. This is what one of my friends just did because part of her roof (only a few tiles) were damaged due to a severe storm we had in the spring. She worked with the roofer who filed a report which listed all of the damage to the roof. She now has a new roof, gutters and leaders for no money out of her pocket except her homeowners deductible.

If you can save the money for the windows or get them done a few at a time over time. This way you can rebuild your credit and not have to refinance your home until you really need to or have too.

Just some food for thought.

3 moms found this helpful

T.K.

answers from Dallas on

When you get your free credit report that itsacrazylife told you about, you can dispute items. Dispute every single one of them! You just click in the box next to it to dispute. It gives reasons to choose from. If the creditor doesn't respond they take it off your credit. I've removed more than a few things that way. Now - please send me $20 because that's the 1st thing a credit repair company does is dispute the negatives!
A lack of credit is a differant thing. You could get a prepaid credit card and only use 1/10 of it. You want to show a large amount of available credit.
You can also get letters of credit from your insurance company, phone company, cable, utilites, etc that you pay regularly each moth. That is used as credit when financing or refinancing a home.
Another thing youcan do is check your area for block grants. Our area has a grant that will pay you $20,000 to make "green improvements" to your house. Like replacing windows with more energy efficient ones. :) Check your city, and county for those. Google Home Improvement Grant in your zip code.

2 moms found this helpful
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S.R.

answers from San Francisco on

Here is a good like on what makes up your score. http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx.

The quickest way is to pay on time. If you have lates they will lower your score, the older they are the less they affect it so pay on time for the rest of the year.

If you are maxed out on revolving credit pay it down as much as you can, under 50% if possible. If you have none, get one don't used more than 10% of it. If you have a HELOC that is maxed that is also affecting your revolving available credit. This is the quickest way I've seen people with perfect credit go from high 700's to low 600's. Also, some of your cards may not be reporting a balance which will hurt you. If you are maxed on a card and have others with available you can close them so they are not included in your revolving available.

No inquiries or new credit for at least 6 months will boost your score. Also inquiries from high risk lenders will drop you greatly. They can be anything from a furniture store to Wells Fargo Financial, it all depends on the division.

Definately pull your credit on annualcreditreport.com. It's free once a year and they pull all 3. Dispute anything invalid or that was paid off over 7 years ago.

Good luck.

1 mom found this helpful
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S.H.

answers from Huntsville on

Have you seen a copy of your credit report? What is causing the negative points? If you have debts, then you just need to pay off what you can. My husband's credit score is even lower, because he has old debts. We are planning to *hopefully* pay them off over the next 6 months (or less!!).

I believe I've heard that it takes 6 months to a year for your credit score to go up after you pay things off.

Another thing you can do is to get a credit card or secure credit card (if you don't already have one) and use it a little bit (maybe for gas) but pay it off completely EVERY month. That will build your credit. My problem is that I have limited credit. I believe the last I heard my score was somewhere around 620. I couldn't get a credit card, not even from Wal Mart! ugh! So I have a secure credit card to build my credit up.

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J.P.

answers from Boise on

My understanding is that credit scores are based on your debt to income, and how on time you are with payments. I have never heard of a quick fix, but if you continue to pay on time, and pay down your debt, it should go up. You can also go to your bank and see if they can help you out with any suggestions.

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D.N.

answers from Chicago on

Don't waste your money. A friend of a friend paid over $800 for someone to fix her credit. All the guy did was remove erroneous info. The $800 was on top of a charge of $20 per report from each of the 3 agencies. Order your free report from www.annualcreditreport.com This is the site the government got setup so we can view our reports. You can get 1 free report per credit agency per year. Pull one report from one of the agencies and see if it has any wrong info. Then work on getting it cleaned up. After you do that, pull one from another agency. If you have a credit account with a high loan to balance ration, get that paid down. It is better to have a lot of cards with a lot of credit available than a few cards with no credit available. the recommended ratio is 50% or lower of credit owed (credit limit of $5000 should have no more than $2500 balance due). Also, closing a card you have not used in some time can lower your score because it lowers your available open credit. The credit grantor will not, does not, have to remove the account from your report just because you closed the card. A few months ago I got wrong info removed from my husbands report with Trans Union and his score jumped 20 pts.

1 mom found this helpful

C.M.

answers from Detroit on

Hello! You don not have to pay a penny to do the credit repair yourself.

I pulled all 3 reports and call each company 1 by 1 and made arrangements, told them to get items off my credit because it had been paid years ago, sometimes i had to call back and say "hey you did not remove the item" but i did just that! I joined free credit report.com and i checked our credit like it was a good book i had to read everyday sometimes more than once a day. YOU CAN DO IT!! AND YOU WILL FEEL SO MUCH BETTER when you do it because you will then know exactly how the system works.
And i believe it took us 3 months to get our score up.

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S.H.

answers from San Antonio on

wait, it's one thing to refinance to get a better interest rate (but only if you are going to be in your home for a long time) but it is a really bad financial decision to refinance your home so that you can get new windows. Those 10K in windows will cost you 30k by the time you've paid it off. Why not just pay yourself in a savings account until you've saved 10K and buy the windows? The money you save on energy costs with new windows in the lag time does not compete with the interest you pay on the loan! I don't mean to sound preachy, but most people really don't understand the ins and outs of loans and I think all Americans could use a class on this.

It takes about 6 months to repair a credit score. They are looking at long term responsibility. Also, each and every time a credit report is pulled on your name, it negatively affects your credit score. Have the lender e-mail you a copy of the one they pulled. They're not supposed to but they want your business. I am refinancing my home (at a 4 percent fixed rate! Very excited) and the broker e-mailed me a copy of my report. Cost me nothing and didn't affect my score.

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A.J.

answers from Indianapolis on

My husband is a really good source to ask any questions you may have about improving your credit. He used to own a non-profit Hud approved credit counseling agency and helped so many with their loan modifications, home buying, and credit problems. Currently he is a licensed mortgage broker as well as a credit repair agent for a company called Financial Education Services. You can simply call him or email him if you like about any questions you may have. He's really knowledgeable and super helpful and kind. He loves to help people :)

Here is his contact information:
[email protected]____.com
###-###-####

His name is AJ

Best of luck to you!

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P.F.

answers from Phoenix on

Hi,

I was reading the responses and they seem like good advice, except for one. Do not try to wait until a storm and report the entire (if any) damage to your insurance company. That is called insurance fraud. There are people out there that actually investigate insurance fraud (my father was one of them. A lot of them are retired FBI - yup my dad). Be careful of a contractor that will tell you he will submit the damage as completely done by a storm. Insurance adjusters come out and take a look and if they feel your are not being truthful, you could lose your insurance on your home and be responsible for the entire amount of damage. I am not trying to scare you, I am just trying to protect you from getting involved in something that is just not on the level.

All the best to you!

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S.T.

answers from Oklahoma City on

I wouldn't pay someone either. There are easy ways to do this, look it up on line. I have had to rebuild my credit and the fastest way I found was to have some one very reliable with good credit (i used my mom) add me to a card she has no- to little balance on and has paid on time for a LONG time. Boom! That goes on your credit... Plus the lower balances and items other suggested work, i would save the money and pay off some bills.

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A.S.

answers from Eugene on

If you have any extra store credit cards you don't use you can cancel them. Call and ask they be taken off you credit report. Too much credit, as well as debit lowers the score. Even unpaid parking tickets, can lower a score. Use your money to pay your bills not for credit repair. Pay on time of not a day late the bills you have. You are ranked if you pay with in 30, 60, or 90 + days. So pay with in the 30 days for the best score. Don't apply for credit that even makes your score go down. 15 points isn't a lot just focus on your money and at the end of the year you could have it. Good luck!!!

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