kaser1

199 Contributions 322 People Helped Top Contributor

Member Since: March 2010

About Me: Jason Hall
Certified Credit And FICO Score Expert
jason@rapidrescorecredit.com
949-505-9971

My Website: http://www.rapidrescorecredit.com/

Most Helpful Contribution

How to increase credit score

Jun 19, 2012
Helpful to 92 out of 97 people

Open and active credit helps.  You need more than just 1 credit card to excellerate the rebuild.  I advise my clients to have at least 3-5 revolving credit card accounts, and 1 installment loan if possible.

Activity (199 Total Contributions)

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How to increase credit score

Feb 23, 2011
Helpful to 82 out of 82 people

Lawrence, you need to keep your accounts active.  If you don't use them for a year, they'll potentially close.

Go make a small purchase to keep that account alive!

Jason Hall

Board Certified Credit Expert

How to increase credit score

Jun 19, 2012
Helpful to 92 out of 97 people

Open and active credit helps.  You need more than just 1 credit card to excellerate the rebuild.  I advise my clients to have at least 3-5 revolving credit card accounts, and 1 installment loan if possible.

How to increase credit score

Jan 11, 2014
Helpful to 7 out of 7 people

Shiprecked, 

If you have collecitons and don't know what to do, you need to settle the accounts either in part or in full.  Make sure to ask for a "deletion letter" at time of payment.  Some will give that to you.  

With a deletion letter, you can "rapid rescore" the collection off of the report in a matter of days.

So if you're trying to get your scores up always remember to settle collections, pay down credit cards below 30% of limits (and keep them there), open new credit if you don't have any open accounts.

You can also look into "authorized user" accounts that your parents or other family can add you to their good credit cards with low balances and on time  payments.  The account will show on your credit report in 30 days.

For more ways to strategize a good plan to raise your credit scores, contact me and I'd be happy to consult with you.

Can I remove paid off delinquent accounts from my credit report?

Jun 19, 2012
Helpful to 6 out of 6 people

Yes, you can dispute that item in writing.  The bureaus will investigate the request and if it doesn't get validated, it's deleted.

Do it in writing.

How to increase credit score

Jun 19, 2012
Helpful to 6 out of 6 people

Apply for either Orchard Bank, Capital One, or First Premier.  They are good "starter" cards that will give you a small limit to prove your credit worthyness.

Advice about collections that keep being repurchased...

Jun 15, 2015
Old collections
Helpful to 18 out of 21 people

If you're playing the waiting game for an unpaid collection to roll off here's what to consider:

1. Paying a collection will stop the "re-aging" of the collection which most collection companies do monthly.  The credit scoring models view this as a "new" collection.  If you can afford to pay an actively re-aging collection then do so.  This will stop that process and also give you a better chance of deletion through a dispute or even a "pay to delete".  When making payment request the deletion, you might get lucky.

2. If the debt is reaching the 7 year mark since the original debt went 120 days late, and it's not re-aging you may want to wait.  Paying a "dormant" collection that's not re-aging will drop your scores (if they don't agree to delete for payment).

The best you can do for your credit in general is to settle your active collections, maintain low balances on credit cards (below 30%), open new credit if you don't have any, and keep payments on time.  Do this and over time you can have good scores again.

If you need more advice I can be reached through my profile, I solve clients credit score issues for a living.

How to increase credit score

Jan 27, 2014
Helpful to 3 out of 3 people

If your bank denies you for a secured card, go to Open Sky Secured Visa.  They dont pull credit to approve you, you just need to have a bank account.

same account two different listing on my credit report

Jan 12, 2011
Helpful to 3 out of 3 people

Paying your bad accounts (collections/charge offs) doesn't remove them from your report.  It simply changes the "status" of the account from unpaid to paid.  The negative account is to remain on your report for up to 7 years.

As the account ages, the less of an impact to your score. 

BUT, if you plan on paying the collection, you will have a 1 time opportunity to have the account deleted permanently.  

When making payment request a "Deletion Letter" from the collection agency.  Not all will give you one, but some do.

With the deletion letter you can have the account permanently removed from your credit report.

Contact me if you need more info through my profile.

So if I lower my credit card utilization my credit will go up? Will that be immediate or over time?

Jun 15, 2015
Balance reporting
Helpful to 2 out of 2 people

Good question,

Your credit card balances are typically reported to the credit bureaus at the statement date, not the due date.  So to stay one step ahead, pay your cards 4 days before your next statement.  This will insure that you receive the highest score possible based upon the balance you have on your cards.  

Credit cards are designed to be paid off monthly (no interest).  But for those that make large purchases and carry a balance you can see your scores go down, some times significantly by maxing out credit cards.  

I've seen some of my clients scores go up 60-100 points by paying off their credit cards and we rapid rescore the balances which take about a week for us to update at the bureaus.

my credit score is 540, do u recommend that i file for bankruptcy? if yes how and where do i start?...

Dec 31, 2014
Helpful to 2 out of 2 people

Just because you have a low credit score doesn't mean you have to file BK.  If there are debts you can't settle then BK might be something to consider if you can't pay.  But understand that a collection typically is settled for much less than the balance.  It's best to setup a personal plan to settle the accounts one by one.  Over time it'll help your situation.  

When a BK hits your credit report, it's a major derogatory and will further lower your scores.  The impact can be long lasting so you really need to see if you can settle the accounts.

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