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  #1  
Old 07-27-2010, 01:17 PM
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Default Rebuilding credit

I have a credit score of 0. I have 4 things on the account. One phone bill, one internet bill and 2 medical bills for a total of $493. There's also 2 other ones an electric bill and a medical but they say no balance due. I think I paid them off. And one eviction that went to court. We agreed on a payment (more or less forced into it) but I didn't pay the guy. I spoke with a credit repair company and they charge $415 to help repair/clear it up. They mentioned an Ox Publishing 5000 revolving credit account and a secured credit card. I think I would be better off clearing this up without their help. Can't see spending $415 to clear up $493. Any suggestions on how to clear the account up and rebuild my credit and how long will it take to do? I need a score of 640 to qualify for a usda loan. I think I got a job driving school bus which will start at the end of aug.
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Old 07-27-2010, 02:04 PM
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DO NOT pay anyone to help you clean this up. See if there is a consumer credit counseling service FOR FREE in your area. Pay off each bill starting with the smallest one. Get a credit card if you can find one that only charges $40 or to have and buy one small thing each month (a tank of gas) on it and pay the bill off every month. In 12 months you will have 12 positive reports and that goes a long way in ameliorating the bad.

I went from pretty bad to 730 in less than two years. I had a bankruptcy and even that didn't hurt after I started building it back up.

Just put a goal in front of yourself -- cleaning them all up -- and do what you can do everyday.

Good luck.
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  #3  
Old 07-27-2010, 03:13 PM
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Credit repair outfits are a SCAM! They cannont remove anything accurate from your credit report and if there are innaccuracies you can have them removed yourself for 44 (the cost of a stamp). Your instincts are right on with this one.
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Old 07-27-2010, 06:08 PM
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I doubt your credit score is 0. First thing I would get is a credit report from one of the free online sites. Next I would go over it and make sure nothing else is on that. Believe it or not most utility companies do report to a credit bureau. AS for that civil matter it may not even be on your report, but if you do have a civil judgement you may want to clear it up since they can attach property or other assets. Stay away from any credit agency that charges, there are some legit ones but they are sponsored by the united way or other charitable groups. They often help those with major problems.
One thing to remember is every time your credit history is checked by a comapany it does affect your credit score slightly.
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Old 07-27-2010, 06:15 PM
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annualcreditreport.com is, I think, the actual legitimate one that will give you all three credit reports once a year for free. If I were you, I'd pay the $20 to get my FICO score, too. Yeah, not sure anyone has a 0! I think the lowest you can get is like 450.
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Old 07-27-2010, 06:55 PM
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Quote:
Originally Posted by Aamylf View Post
annualcreditreport.com is, I think, the actual legitimate one that will give you all three credit reports once a year for free. If I were you, I'd pay the $20 to get my FICO score, too. Yeah, not sure anyone has a 0! I think the lowest you can get is like 450.
you are right on in all you post.. and you approach on your other post was great adviced. Get a dept store card. buy something and make you payments on time everytime
Most of the dept stores weill give anyone a card with a low limt. My daughter was saddled with a bankrupcy and other issues from her slug ex and she did this and now her credit is pretty good.


http://www.ftc.gov/freereports
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Old 07-27-2010, 07:26 PM
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https://www.mygreendot.com/acctmgmt/...ment.aspx#fees

Is this a good secured card to get? Do I understand it right- $4.95 charge to get the card, $10 deposit and minimum limit, $5.95 a month if I don't make 30 purchases, free if I make 30 purchases, can use anywhere like walmart or gas, cost $4.95 to add money to the account. Am I understanding that right or is there something hidden here.
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Old 07-27-2010, 07:28 PM
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you are right on in all you post.. and you approach on your other post was great adviced. Get a dept store card. buy something and make you payments on time everytime
Most of the dept stores weill give anyone a card with a low limt. My daughter was saddled with a bankrupcy and other issues from her slug ex and she did this and now her credit is pretty good.


http://www.ftc.gov/freereports
Any certain dept store I should try?
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Old 07-27-2010, 07:46 PM
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under "scoring" it says...

Beacon 5.0 score
Beacon not available no qualifying accts available

classic score
not scored: insufficient credit
3

fair ISACC score 2
risk score not available due to lack of credit history

under public record...
civil judgment satisfied

What is SS Death Master? It has my social security number there.
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Old 07-27-2010, 07:48 PM
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https://www.mygreendot.com/acctmgmt/...ment.aspx#fees

Is this a good secured card to get? Do I understand it right- $4.95 charge to get the card, $10 deposit and minimum limit, $5.95 a month if I don't make 30 purchases, free if I make 30 purchases, can use anywhere like walmart or gas, cost $4.95 to add money to the account. Am I understanding that right or is there something hidden here.
That is a prepaid debit card. You can only spend what you load on the card. It is designed for those without a bank account.
SEARS use to be a good card to get and they ussally have some type of promo like 20 bucks off your next purchase. Walmart has a card also along with all the major dept stores. One thing to remember and this goes against just about everything we post here, but do not pay it off as soon as the bill comes in. Carry a small reasonable balance reason is that these companies like to make money off these cards and some companies believe that if you only spend what you can payoff monthly is not manageing your credit but just balancing a check. They are looking steady on time payments.
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Old 07-27-2010, 07:48 PM
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Any certain dept store I should try?
My daughter used macy's . they gave her a limit of $300
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Old 07-27-2010, 10:21 PM
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I actually got a Capital One card (the day my bankruptcy was finalized! How'd they know in advance???) that had a $300 limit and cost me $69 a year. The percentage rate was pretty high at the time, maybe 21%. But I never charged anything I couldn't pay off for sure. Six months in, they raised me to $500 and that happened about every 6 months thereafter until I had a $5000 limit! They dropped by interest rate (last year I paid a total of $11 in interest) and dropped the fee I had to pay. I know a lot of people have had trouble with Capital One, but I thought they were a lifesaver.

It appears you have insufficient credit history for them to score you. This is a good thing in some ways. It means if you can get a credit card,you can improve your score. I'd try JC Penney, WalMart, Target or your credit union if you belong to one.

Good luck.
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Old 07-27-2010, 11:17 PM
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I like my Cabela's Visa card. It's FREE, and i earn Cabela's points every time i use it, no matter where i use it. I pay it off EVERY month, and i have NO problems with the card at all. Once a year i buy sonething from Cabela's, and with the points i earned, i get a good discount... And, the points can be used at any time, even on close out or sale merchandise...

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Old 07-27-2010, 11:21 PM
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I like my Cabela's Visa card. It's FREE, and i earn Cabela's points every time i use it, no matter where i use it. I pay it off EVERY month, and i have NO problems with the card at all. Once a year i buy sonething from Cabela's, and with the points i earned, i get a good discount... And, the points can be used at any time, even on close out or sale merchandise...

DM
What's Cabela's? Never heard of it.
Edit: Searched it... hunting and fishing stuff.
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Old 07-27-2010, 11:23 PM
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I applied with walmart online since I shop there alot. It said something like find out in 30 seconds if you are approved. After I filled it out it said they'd mail me the decision in 7-10 days. I think that means I didn't get it.
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Old 07-27-2010, 11:26 PM
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Quote:
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That is a prepaid debit card. You can only spend what you load on the card.
Doesn't that build the credit score though?
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  #17  
Old 07-27-2010, 11:28 PM
DM DM is offline
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What's Cabela's? Never heard of it.
Edit: Searched it... hunting and fishing stuff.
Along with clothing, cooking and many other things... There's something for everyone at Cabela's, and my card works just fine at wally world too... lol

DM
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  #18  
Old 07-28-2010, 12:19 AM
Aamylf Aamylf is offline
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No, I don't believe a prepaid debit card will build your credit score. I don't think they report to the three credit bureaus. You need an actual credit card.
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Old 07-28-2010, 01:07 AM
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Have you tried Fingerhut? That's where a lot of people start with their credit histories. Order a $25 product, and then pay it off in a month. Do that a couple of times, then move on to a store card somewhere.
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Old 07-28-2010, 05:15 PM
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Go to your bank and ask about what is known as a secured credit card. Which is basically a credit card that is attached to a savings account.
You will have as much credit as you have in the savings account. Once you have that use it for six months being sure you pay most of your balance due each month. Then in six month apply for a non secured card and once you get that close the secured card using your savings account to pay it off. Then start using you new card making sure you never carry more on the balance than you can pay off in 2 months. Once your credit rating has improved to the point you want it go to paying it off monthly or get rid of it completely. I myself got rid of my cards when visa debit came into effect and could be used where ever I went.

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