Got Bad Credit?? Need It Fixed??
|02-05-2007, 09:05 AM||Joined Feb 2006 - away - #143|
Read up and learn youngsters, the more you know about credit, the better you can manipulate the system to work for you.
HOW TO OPEN A NEW CREDIT FILE
Learn how to loophole the system and create a new credit file besides yours.
There are different ways to open a new credit file each of which works to help one build a new credit file and utilize simultaneously while repairing ones credit or establishing credit. One can use their own name with different personal information. You can also use the same personal information with different first or last name, or use an alias with different personal information. Before you decide which way to go you must know exactly what you are trying to do.Personal information data include birthdate, social security number and address. Variations can be made easily to the address, but other variations including social security number and birthdate require you to be very keen to the inner workings of credit and how credit bureaus work. Most people don’t realize that credit bureaus are private firms that issue rankings on your credit when a credit check is done. People with bad credit are not doomed and there are ways out of the bind.
Understand that a credit bureau is a massive data base and new names are entered every second. If you call the credit bureau and give them your information they are able to pull your credit report and FICO score. All three credit bureaus work in the same way. Any variation in the way your details are presented lodges the details as a new credit file because there is no history of the person. Therefore you have essentially created a new credit file therefore a new identity. Read more articles and tips at
|02-05-2007, 09:06 AM||Joined Feb 2006 - away - #144|
THE REAL TRUTH ABOUT CREDIT SCORING
The truth about credit scoring and how it affects consumers. Credit scoring is a cummulative of various factors that credit bureaus use to evaluate and determine if to offer credit.
Credit scoring is system that most creditors and business use to determine if to issue credit cards or loans to an individual. When you apply for credit, creditors reserve the right to administer a full credit check thereby checking your past credit history. Various factors help creditors determine if to issue you credit or not. Your income bracket, total bills, credit card balances and much more determine if your are a good candidate for credit or not.
The credit scoring system awards points are awarded for each factor toward your credit worthiness. Using this system, creditors can then offer credit to individuals with the most points. For example earning over $1,200 per month gives you 15 credit points whereas earning $800-$1000 per month gives you only 12 points. Age is also a factor 21-28 year old gives you 11 points whereas 28-35 gives you only 5 points. The age discrepancy stems from the fact that most people in their thirties and forties generally have high amounts of debt already. Also having a telephone registered in your name and also in the directory earns you more points. In this day and age many more factors contribute to credit scoring sometimes as many as 15-20 factors can contribute to this, many of these factors are also variable and can be manipulated by the consumer to earn the best credit rating possible.
Credit score cannot legally discriminate on race, s3x, national origin as many people would a.ssume but the cumulative factors can exclude many groups of people therefore creating a general trend toward certain groups. In fact some creditors will even use factors like ownership of a car title and the age of the car. The fact is if you know all the cumulative factors that go toward earning a good credit score you should be able to sort out the variable factors and let them work to your advantage. Read more tips
|02-05-2007, 09:13 AM||Joined Feb 2006 - away - #145|
HOW TO OBTAIN A1 CREDIT USING BANK LOANS
Building credit is actually easier than you might think. It takes a little but of knowledge and the right information and you are on your way to build or acquire credit.
Bank institutions always cater to people who have very good credit and they reserve their loans for these people because they are confident that the client will pay back the loan at the specified interest rate. But if you have bad or no credit it can be difficult to get any of these loans for either a home or a car and even if you do get a loan you will be at a ballooned interest rate, sometimes paying almost twice the rate of someone who has good credit. So what the solution to this? What you should know is that to begin to clean your credit you need to start adding positives to your file, and one of the most prestigious positive lines you can get is a bank loan, even better you can have three at the same time.
To begin you will need about $1000, note that this money is not spent it will be used as collateral to acquire your bank loan. Next you need to find three top banks, consider using Bank of America, Chase bank and Wells Fargo. Once you locate the banks you have know laid the ground work. For the purpose of this article we will label the banks as A,B,C.
Go to Bank A with your $1000 and open a savings account, there should be no problem doing this because most banks will open an account for you without any credit check. Once you have received your bank account go home and wait 3 days. Return to the same bank and tell your bank officer that you want to apply for a loan using your savings account as security. Most of the time they will issue you this loan with no questions asked but be prepared to answer any questions if they might come, for example you might be asked what the purpose of the money is. You might also be subject to a credit check but you should be given the loan because your savings account will act as security. Make sure you tell your banker that you want the loan amotized for 1 year installment payments. Also your $1000 will be frozen for the loan and as you pay it back monthly the exact amount will be freed up for you.
Once you have received the loan go to Bank B open a new account depositing the loan amount. Once again you will go through the above process again, and do the same for Bank C. Once you are done, you now have 3 top bank loans which you are making payments on every month, and all this will cost you is the price of interest rates. For example
Bank Savings Balance Loan Payment Amount Total Interest Paid
Bank "A" $1,000.00 $1,000.00 $29.52
Bank "B" $1,000.00 $1,000.00 $29.71 $29.71
Bank "C" $1,000.00 $1,000.00 $62.74 $29.91
The last loan you take from Bank C you will then use to service the monthly payments and as you make payments your money gets unfrozen. After you payments are finished within a year you would have probably spent less than $100 in interest payments and you get your $1000 back, but more importantly you have now lodged three top bank loans which are paid in full into your credit file. Congratulations. Read more tips at
|02-14-2007, 04:21 PM||Joined Mar 2004 - away - #148|
good lookin Shizz,very helpful info.
Also check out Lexington Law Firm Credit Repair,they hooked me up,it was like 100 bucks 1st month 79 for every month after,they went after them bill collectors like they went after me.What they do is make the companies that say you owe them money prove it.A lot of companies will just wipe the sh*t off your report cuz they dont want the hassle,unless its mad money.
|02-27-2007, 09:28 AM||Joined Jan 2007 - away - #149|
Here you guys go
How to Establish A Good Credit Rating
by Jay Anderson, Loan Broker © 1986
As a loan broker, I am often called upon to make a loan to a
new or existing business. After a business has been around for a
year or so, they have usually developed a good relationship with
at least one bank. If an existing business needs a loan for
business expansion, the bank they have been dealing with all
along is usually willing to make the loan. This is especially
true if the business wants to borrow the money up to the amount
of money that they already have in an account. Or perhaps they
will use their existing account as a "compensating balance",
which means they can borrow perhaps $40,000 on a $10,000 existing
This is fine for an existing, established business. But
what does a new business do to establish credit? Maybe you are
someone looking to borrow a sum of money to open a new business
or wish to invest the money in a "sure-fire" investment. In
these cases, unless you have an already established credit rating
in good standing, you will have great difficulty in obtaining the
funds you need.
What I am about to describe is a method that will allow you
to establish credit, even if you have no credit history or even a
lousy record of using credit in the past. I have used these
methods many times when I have a.ssisted my clients in getting
loans where their credit history was the deciding factor as to
whether they would get the loan or not.
Before I describe these methods, let me emphatically stress
the following point. NEVER borrow money with the intention of
going into debt. What do I mean by this? This means that unless
the ultimate outcome of borrowing money will be to make a PROFIT
on this money, then you are not using credit wisely. Ask
yourself these questions before borrowing any money:
* Will the venture I am using this money for ultimately pay
off the principle plus interest, and still leave me with a
* Will whatever I plan to buy on credit outlast the debt?
* Will the interest charges make the purchase a very expensive
* Could I possibly rent or lease the item, possibly with the
option to buy in order to free up this credit for other purposes?
* Do I truly know the actual cost of using this credit?
* Can I realistically make the payments?
Basically, don't treat credit lightly. There a a huge
difference between buying something solely for the pleasure of
owning it and buying in order to make a profit. Keep this clear
in your mind before using your new found credit.
The Bank, Your Best Credit Reference
In order to obtain excellent credit references from several
banks, you will need $500. If you don't have 500 dollars,
perhaps you can borrow this amount from someone, or even save it
up from a weekly pay check. You see, you are not going to
actually spend this money, just a small part of it. Your actual
cost will be minimal compared to the benefits you will ultimately
gain by following this procedure.
Take the $500 and find a convenient bank that offers a day-
of-deposit to day-of-withdrawal type of savings account. Most
Savings and Loans offer this type of account. If you already
have this type of savings account, you will save the bother of
this first step.
A week or two after you have opened this account, apply for
a $500 loan at the same bank, payable in 12 monthly installments.
You will have no trouble getting this loan, no matter what your
past credit history is. This is because you are going to
surrender your savings pass book as collateral for the loan.
Since you have $500 in the account, the bank will not check into
your past credit history since this is a NO RISK loan for them to
make. As a matter of fact, banks love to make this type of loan.
Not only are you a savings customer, but you are taking your loan
business to them and offering as security ... CASH!
Now take your $500 of borrowed money and find a second bank
offering the same day-of-deposit to day-of withdrawal account and
deposit this same amount into the account. Be sure to go to a
totally different second bank and not just another branch of the
first bank. To recap, you now have two savings accounts with a
total of $1,000 earning interest from the day of your deposit.
Now go to the second bank a week or so later and ask for the same
$500 loan using your pass book as collateral. Again, you should
have no problems since this is a no risk loan for the bank.
Repeat this process with a third bank the exact same way you
did with the first two banks. If you have any doubts that this
will work, my clients have done this dozens of times. In only
one case did the banks check with each other only because my
client was foolish enough to write down the names of the other
banks on the application to the third bank. But there are plenty
of banks around, and filling out another application at another
bank solved the problem.
Finally, go to a fourth bank that offers a free checking
account with no minimum balance required. (At the time of this
writing, Roosevelt Savings and Crossland Savings offer this type
of account in the NY City area.) Take the $500 and open a
checking account with it. Make sure the deposit is with cash so
you can start writing checks immediately. Send a check to cover
your first loan payment at each of the three banks, even though
the first payment isn't due yet. A week later make your second
loan payment, and a week after that, make your third loan payment
to all three banks.
You are now three months ahead in your loan payments to
three banks. This serves the following purposes:
1. You have freed up an amount equal to the three payments in
your three savings accounts.
2. You now have an excellent source for a credit reference ...
3. You have savings accounts at three different banks plus one
free checking account.
4. You still have most of your $500 intact as about 1/3 or
more of the interest is offset by the interest you are getting
on your savings account.
5. You can now walk into any bank or lender and offer 4 banks
as a reference, three of which you have borrowed from and paid
6. Credit card companies will discover your excellent repayment
habits when they investigate any application for credit submitted
A credit investigation at this point should no longer make
you tremble in your boots. In fact, you should welcome these
investigations at this point. The great thing is that you have
accomplished all this at a minimal expense and under 30 - 45
In the next article in this series, I will show you how to
use your new found credit to obtain credit cards to your heart's
content. But as I stated earlier, unless you are going to use
your cards to make you money, you are not using this resource
|03-04-2007, 11:21 AM||Joined Oct 2004 - away - #150|
Letters to the Original Creditor
This is a "Delete for Payment Letter" you will send visa, time warner, etc... the people YOU KNOW you owe money to, once you have a certified copy of your credit report from Equifax, Trans Union and Expedia. This is the Credit Report you get after disputing everything or the things you know to be false on your credit report.
666 Evil Street
Hades, Hell 00000
Re: Collection Account for Original Creditor
Account #: 00000xxxx
To Whom It May Concern:
This letter is to inform you that the validity of this debt is disputed. I am not sure of the account number, as I have never heard from you regarding this account. The account number I have is the one listed on my Experian credit report – which omits the last few digits.
In the spirit of compromise, I am willing to pay this account IN FULL (or settlement percentage) if you agree to immediate deletion of this account from any and all credit reporting agencies (Equifax, Experian and TransUnion). The purpose of this settlement is merely to have this item removed from my credit files. It is not to be construed as an acknowledgment of liability for this debt in any form.
If you agree to the terms and accept this agreement, certified funds for the settlement amount of twenty-five dollars ($25.00) will be sent to Collection Agency in exchange for full deletion of ALL references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.
Collection Agency agrees to delete ALL information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone, excluding your client on this account. If contacted by any third party, including credit-reporting agencies, Collection Agency will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.
If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the same terms as the above settlement offer and have it signed by an authorized representative of Collection Agency. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.
Your response must be postmarked no later than 15 days from your receipt of this settlement offer or this offer will be withdrawn and I will request full validation of this alleged debt, as provided for by the Fair Debt Collection Practices Act.
Please address all correspondence regarding this account to:
125 Boxden St.
Slumz, NJ 01234
|04-30-2007, 06:45 AM||Joined Apr 2007 - away - #156|
I am not giving anyone financial advice but just my opinion. Pay off everything that you have owe in the past 2 years paying off anything older will sometimes hurt your credit score believe it or not in the beginning just concentrate on the recent 2 years.If you have alot of credit card debt take those debts and spread them evenly so all your accounts have about the same try not to go over your limit keep it at a 30 percent so when you have your credit increased your amount of debt will decrease automatically because of the 30 percent you have of unused credit this will also automatically boost your score.and if you are married you can always clean one spouses credit up because you can always put your name on the title of what you buy if you are the one with bad credit.
|05-02-2007, 01:56 PM||Joined Nov 2004 - away - #157|
Golden thread, one question though...
Everyone in actuality has really 3 different credit ratings due to the 3 different credit reporting agencies
When say trying to apply for credit with someone, whether car dealership or whatever... can you see just exactly which of the 3 agencies they will get at for credit check beforehand? For example if you know your credit report & score is substantially better with Equifax then say... TransUnion which may have substantially more negative information that may get you turned down if that was to be checked.
|05-22-2007, 07:15 AM||Joined Jan 2004 - away - #158|
I have a question on Statue of Limitations.
I know that all states have a different SoL, but say i get a loan in one state, dont pay it, then move to another state? Does the SoL for that particular state follow me, or does it change to the the SoL for the new state?
|06-02-2007, 03:51 PM||Joined May 2007 - away - #159|
*statute of limitations .... Its usually 3-7 years. And I believe it depends on where the contract was agreed upon. Generally, the statute of limitations for collecting debts begins the moment you sign a credit contract. However, just about every state has specific rules on the running of the statutory period and some even have provisions to adjust (toll) this period.
The term “toll” or “tolled” means to "stop the running of a statutory period for a certain period of time". Many states use this term in their statutes of limitation rules and civil codes for debt collection.
For example, lets say that you live in Florida where the statute of limitations on credit card debt (open ended credit) is 4 years. You do not make any payments to your credit card company for two years leaving only 2 years to go before the statutory period is up. Suddenly, you decide to move to Georgia, stay 12 months and then move back to Florida.
Florida statutes say that leaving the state or making a voluntary payment tolls (stops) the running of the statutory period. So, on the day you move back to Florida, the remaining 2 year statutory period begins running again.