So Let's Talk About Good Credit And Ways to Restore Bad Credit...Step Inside...

[Fundz O' Plenty]

Bolded on 3 is completely not true.

4. A charge off does not ALWAYS drop off your report after 7 years.

Settling debt does not improve your score all the time either... Depending on how a collection agency or the original creditor updates your report it can have little to no impact on your actual score.

Respect. I said the same thing about that one. I thought it was 10 years if could stay on. Respect on knowledge dropped.

 

[major pain]

Real nigga thread... *props*

Most people don't realize that carrying a high balance for months on end of over 30% of your card limit FUCKS YOUR SCORE UP!!!!

Your credit score is simply a snapshot of your bills when it is pulled. Having a high balance on your cards for 6 months is only going to impact your score until the moment the bureaus show an updated balance and a new report reflecting the updated balance is pulled.

 

[Fundz O' Plenty]

Your credit score is simply a snapshot of your bills when it is pulled. Having a high balance on your cards for 6 months is only going to impact your score until the moment the bureaus show an updated balance and a new report reflecting the updated balance is pulled.

Ok, and I get that. Having the right information is as equally important as having the information. What I appreciate about what was spit in this thread was that it got niggas talkin' about, thinkin' about something other than hoes, cars, and other dumb shit. Even if niggas get half way right info, they should do the research for themselves to make sure it's correct. But hey, jmo...

 

[major pain]

Ok, and I get that. Having the right information is as equally important as having the information. What I appreciate about what was spit in this thread was that it got niggas talkin' about, thinkin' about something other than hoes, cars, and other dumb shit. Even if niggas get half way right info, they should do the research for themselves to make sure it's correct. But hey, jmo...

I agree, dont take what I'm saying as gospel, look it up and see for yourself to make sure you aint getting bad information. I stay on top of my credit and have worked very hard to improve it from my younger days.

 

[King Erauno]

you can get a credit report any time u like. fuck what they say

call the automated joint for each bureau...and just choose the option that says you have been denied. they cant say no u havent been denied. they'll mail you your shit for free. i get one from each bureau every 6 months to check shit on there

 

[blakfyahking]

cats in here putting out wrong info SMH

 

[King Erauno]

Also sometimes bad credit lines or info are directly tied to an address or name on your credit report. Any old addresses, dispute and there is a high chance that a bad credit line (debt) may fall off with it.

Dispute an old address, a wrong address ( if u lived on 17 bob avenue and they put 17 tom avenue, dispute it), misspelling of your name dispute it. it can clear up your reports

 

[freshfromatl]

A lot of misinformation in this thread. 990 is not a new industry standard. The only company that provides industry standard scores is FICO. If you want a truly accurate credit score go to myfico.com and get the free trial. You cannot get an Experian score anymore, but you can get Transunion and Equifax.

Bruh I respect your knowledge...but homie everything I put out is correct. My knowledge of this shit goes deeper than just doing a little research....everything I stated is how I took my credit score from a 525 to a 720 bruh...and my shit is continuing to get better...

Like I said I respect the knowledge, but my shit came from actual implementation

 

[lady_c]

settling old debt isnt necessarily the right way to go, it really depends on each persons individual situation. unless you have gotten it in writing as a pay to remove, paying off a debt can restart the clock on the 7 years that it can be reported to the bureaus. so if the person has already waited years to take care of it, they will essentially tack on a new life to it. also, the longer it has been on your reports, the less positive impact a settlement has, unless of course youve done a pay to remove and have it in writing...

 

[King Erauno]

settling old debt isnt necessarily the right way to go, it really depends on each persons individual situation. unless you have gotten it in writing as a pay to remove, paying off a debt can restart the clock on the 7 years that it can be reported to the bureaus. so if the person has already waited years to take care of it, they will essentially tack on a new life to it. also, the longer it has been on your reports, the less positive impact a settlement has, unless of course youve done a pay to remove and have it in writing...

true...if u have a debt and havent touched it in 2-3 years ride that shit out until it falls off ur report. once you pay on it, you restart the clock on it.

 

[major pain]

Bruh I respect your knowledge...but homie everything I put out is correct. My knowledge of this shit goes deeper than just doing a little research....everything I stated is how I took my credit score from a 525 to a 720 bruh...and my shit is continuing to get better...

Like I said I respect the knowledge, but my shit came from actual implementation

Props on the good work for yourself, but I have been doing this for myself and people for years now so the things I am saying are from my experience in the industry. The Vantage score is not something used by enough lenders to merit being accurate for applying for credit. When someone goes to buy a new home or car a FICO score is going to be used based on the models for mortgages or cars. If you are basing 720 off of the Vantage score and not the FICO score your credit still needs major work.

 

[freshfromatl]

Props on the good work for yourself, but I have been doing this for myself and people for years now so the things I am saying are from my experience in the industry. The Vantage score is not something used by enough lenders to merit being accurate for applying for credit. When someone goes to buy a new home or car a FICO score is going to be used based on the models for mortgages or cars. If you are basing 720 off of the Vantage score and not the FICO score your credit still needs major work.

Oh okay...props once again bruh...I get what your're saying now...

 

[freshfromatl]

settling old debt isnt necessarily the right way to go, it really depends on each persons individual situation. unless you have gotten it in writing as a pay to remove, paying off a debt can restart the clock on the 7 years that it can be reported to the bureaus. so if the person has already waited years to take care of it, they will essentially tack on a new life to it. also, the longer it has been on your reports, the less positive impact a settlement has, unless of course youve done a pay to remove and have it in writing...

What other reason would a person settle the debt other than having it removed??

Everytime I've called to settle the debt, I made sure I had the money to pay right then...

Also that's the reason I said earlier...don't talk with those debt collectors unless you're prepared to pay it off.

 

[freshfromatl]

true...if u have a debt and havent touched it in 2-3 years ride that shit out until it falls off ur report. once you pay on it, you restart the clock on it.

I don't know bruh...depending on the person, that could be a long ass time to just leave bad credit lingering...What if you want to buy a car in the next couple of months, or get a crib or something...

My thing is...unless you already own a home and got a car...you shouldn't be waiting around for 7-10 years for debt to fall off your report...

 

[major pain]

I don't know bruh...depending on the person, that could be a long ass time to just leave bad credit lingering...What if you want to buy a car in the next couple of months, or get a crib or something...

My thing is...unless you already own a home and got a car...you shouldn't be waiting around for 7-10 years for debt to fall off your report...

He is talking about the way a creditor or collection agency can still screw your credit up even if you pay the debt. The FCRA and FDCPA (you should read through this if you havent) lets a collection agency "restart" the 7 year time frame if you even BEGIN to start trying to make the account "current" or paid. So in the instance of someone that has a bad debt on their credit for 4-5 years and they decide they want to pay it, the account can be "re-aged" from the date they make ANY payment. Unless you have it in black and white from the collection agency or their legal dept. that they will remove the debt from your report, there is not much you can do, and the negative history will be on your report for another 7 years minimum.

 

[major pain]

What other reason would a person settle the debt other than having it removed??

Everytime I've called to settle the debt, I made sure I had the money to pay right then...

Also that's the reason I said earlier...don't talk with those debt collectors unless you're prepared to pay it off.

If you are only settling this debt, and not having these items removed from your credit, it is not helping you as much as you may think because Vantage may be taking that into consideration, but FICO does not. In the case of a manual (human) review of your credit profile it may help, but most lenders are going with an automated approval system, which basically only takes your score into consideration.

 

[lady_c]

He is talking about the way a creditor or collection agency can still screw your credit up even if you pay the debt. The FCRA and FDCPA (you should read through this if you havent) lets a collection agency "restart" the 7 year time frame if you even BEGIN to start trying to make the account "current" or paid. So in the instance of someone that has a bad debt on their credit for 4-5 years and they decide they want to pay it, the account can be "re-aged" from the date they make ANY payment. Unless you have it in black and white from the collection agency or their legal dept. that they will remove the debt from your report, there is not much you can do, and the negative history will be on your report for another 7 years minimum.

exactly...the only difference in reporting before the pay off and after is that it will report as "settled" or paid off but will remain as a negative item. furthermore, if you settled for example a $1k debt for $200, yeah that collection agency or original creditor may show that you have paid off $200, but unless it's in writing that they will not, they can in turn sell the remaining $800 to another collection agency. this will not only allow them to have another collection agency reporting to your bureau, but if they can validate the original debt (usually unlikely) they can collect on the remaining $800 legally. so agreeing to settle may have caused 3 more problems: restarting your clock on the first item, creating a new item for the unpaid portion of the settlement, and allowing for a new round of collections. all of which could be avoided if you have it in writing to have it removed altogether and that the remaining portion cannot be sold to another collection agency. most ppl assume that if they pay it off they are good, when in fact depending on the amount and age of the item that may not necessarily be true. once the debt is years old, it being reported as paid, settled, or written off really all have the same basic effect. age is one of the main factors in credit scores. UNLESS you are trying to pick up a mortgage. if so, every negative item on your reports will have to be removed either by dispute or paid off before they will finance you.

 

[freshfromatl]

exactly...the only difference in reporting before the pay off and after is that it will report as "settled" or paid off but will remain as a negative item. furthermore, if you settled for example a $1k debt for $200, yeah that collection agency or original creditor may show that you have paid off $200, but unless it's in writing that they will not, they can in turn sell the remaining $800 to another collection agency. this will not only allow them to have another collection agency reporting to your bureau, but if they can validate the original debt (usually unlikely) they can collect on the remaining $800 legally. so agreeing to settle may have caused 3 more problems: restarting your clock on the first item, creating a new item for the unpaid portion of the settlement, and allowing for a new round of collections. all of which could be avoided if you have it in writing to have it removed altogether and that the remaining portion cannot be sold to another collection agency. most ppl assume that if they pay it off they are good, when in fact depending on the amount and age of the item that may not necessarily be true. once the debt is years old, it being reported as paid, settled, or written off really all have the same basic effect. age is one of the main factors in credit scores. UNLESS you are trying to pick up a mortgage. if so, every negative item on your reports will have to be removed either by dispute or paid off before they will finance you.

Props on the knowledge

 

[freshfromatl]

He is talking about the way a creditor or collection agency can still screw your credit up even if you pay the debt. The FCRA and FDCPA (you should read through this if you havent) lets a collection agency "restart" the 7 year time frame if you even BEGIN to start trying to make the account "current" or paid. So in the instance of someone that has a bad debt on their credit for 4-5 years and they decide they want to pay it, the account can be "re-aged" from the date they make ANY payment. Unless you have it in black and white from the collection agency or their legal dept. that they will remove the debt from your report, there is not much you can do, and the negative history will be on your report for another 7 years minimum.

Wow this is some very shady business right here...

I have never heard of a credit agency pulling this act...Wow...

Every agency I paid off a debt they sent me a letter stating I have been released from that debt and my credit score relected that...I even backtracked and called a few I paid off a minute ago and asked about this...The chick I spoke with actually gave me the "no sir...we do not handle our business like this" speech, lol...if you wanna find out here's the number: 1 (800) 771-5361...Diversified Consultants...

But this is very troubling though...How often does it happens?

 

[major pain]

Wow this is some very shady business right here...

I have never heard of a credit agency pulling this act...Wow...

Every agency I paid off a debt they sent me a letter stating I have been released from that debt and my credit score relected that...I even backtracked and called a few I paid off a minute ago and asked about this...The chick I spoke with actually gave me the "no sir...we do not handle our business like this" speech, lol...if you wanna find out here's the number: 1 (800) 771-5361...Diversified Consultants...

But this is very troubling though...How often does it happens?

It happens quite a bit, but if their letter says that they are removing it from your credit it would not be in their best interest for them to put it back because you could sue. The other thing you have to worry about is if you settled on the debt they can send you a 1099-C for the difference. I'm not trying to discredit your hard work, but you should immediately sign up for the myfico free trial to get your current FICO score, because that model is what most mortgage companies use and it is not taking into consideration that you paid a settled debt. You will probably see a significant difference in your score between Vantage and FICO.