Your Questions About How To Fix My Credit
Richard asks…
How do I fix credit report when the credit card company is no longer in business?
I am in the process of trying to buy a home and recently reviewed my credit report. I noticed that one account was still reported as opened with a balance.
About 4 years ago, I had a credit card account with Conseco Greentree Financial services. The balance was sold off to another company when Conseco went bankrupt. I’ve since paid off the balance. I called the company that serviced the loan and they said there’s nothing they can do since they don’t appear anywhere on my credit report.
How cn I get this fixed? I can get Conseco to fix this since they are no longer in existence! HELP!!
Joe answers:
Dispute the credit account with the credit bureau. The credit bureau will try to contact the credit card company and when they find out they do not exist anymore you should automatically win the dispute and the account will be removed.
Good luck!
Daniel asks…
How to fix credit and raise credit score?
I’m trying to fix my credit and raise my credit score what are the steps to do that. I read that if you have any debt on your credit report over 2yrs. do not pay it because it lowers your credit score. Is this true.
Joe answers:
It’s a pretty easy process…. But it takes a long time. You have to be patient. I would consider cutting up most of your credit cards and then adding everything up and decide which one to pay off first. Then when you’re done with that one, say you paid $50/mo, add it to the next one. So if you were pay $50 on the next one, you would now be paying $100/mo.
And you probably heard wrong about not paying credit cards. You should pay them, but if you haven’t paid them and you are close to the statute of limitations for your state then do not pay. When you reach the SoL you legally do not owe that money any more.
Also, as far as your credit score it will take a while to go up. Even though credit companies are suppose to report every month, sometimes they don’t. Or they only report the bad, not the good.
And your credit score is a calculated formula, so if after you pay off most of your debt, but still have many cards open & with balances, your credit (FICO) score may still remain high until your debt to income ratio goes down. So, if your income goes up, your credit score can also have the ability to go up.
I agree with the previous poster….. Do not pay for someone to give you advice. If anything go to your local CCCS.
Good luck!
Email me: vetsmom_rgv
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Mandy asks…
How long does it take to fix credit after paid all debts?
I’ve had a credit card which I paid last year , a student loan that I got out of collections 6 months ago and had a car loan that went to collections which is also paid as of last week. How long till my credit starts getting better? I can’t get credit on anything now and wondering how long it takes to start to clear up?
Joe answers:
They stay on your report for 7 years if paid off or charged off your account they make notes that you paid off the debts
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