My first experience with real life hack was when i got my credit card hacked in 2016. I was left with nothing but a low credit score and loads of debts. My life since then has been from one trouble to another not until i met a hacker known as Royal Group, personally at a event I can't disclose. I was opportuned to meet him by luck and i tell you, i have never been so fortunate in my entire life. He increased my credit score and also cleared all my debts. I'm wise now and most importantly, BACK!.
Step 1: Tell the credit reporting company, in writing, what information you think is inaccurate. Use our sample letter to help write your own. Include copies (NOT originals) of any documents that support your position. In addition to including your complete name and address, your letter should identify each item in your report that you dispute; state the facts and the reasons you dispute the information, and ask that it be removed or corrected. You may want to enclose a copy of your report, and circle the items in question. Send your letter by certified mail, “return receipt requested,” so you can document that the credit reporting company got it. Keep copies of your dispute letter and enclosures.
The scoring system wants to make sure you aren't overextended, but at the same time, they want to see that you do indeed use your credit. 30% of the available credit line seems to be the magic "balance vs. credit line" ratio to have. For example; if you have a Credit Card with a $10,000 credit line, make sure that never more than $3000 (even if you pay your account off in full each month). If your balances are higher than 30% of the available credit line, pay them down. Here is another thing you can try; ask your long time creditors if they will raise your credit line without checking your Credit Report. Tell them that you're shopping for a house and you can't afford to have any hits on your credit report. Many wont but some will.
If you are using a great deal of your available credit, it can count against you. Create a plan to pay down your debt a little faster. Honestly evaluate your expenses, and cut back. Use the money you save to reduce your debt. Try to get your credit utilization down to 30% or less. If you can reduce your debt, the credit utilization portion of your score will improve, and help your credit overall.
Bad credit is not a life sentence, which is good news for the roughly one-third of people with credit scores below 620. So if your credit is damaged, there are indeed steps that you can take to rebuild. After all, rebuilding credit is a process that takes time and requires focus on the fundamentals. And we’ll explain exactly what you need to do below.
Even if the debt has passed the SOL in your state for suit (variable by state) and even the federal SOL for reporting (roughly 7 years from when the debt discharged) a collector may still pursue you for this money if you owe it. They will just never be able to collect it or report it if you don't allow them to, although they will certainly try and hope you are ignorant enough of the law that they get money from you.
Credit utilization is the ratio between your available credit (all of your credit limits) and your total used credit (all of your credit balances). When you divide your balances by your credit limits and multiply by 100%, you should end up with a number under 30%. This represents a “healthy” credit utilization. It also leads to a very high credit score.
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2. Negotiate. You can’t deny that you stopped paying a credit card bill when you were unemployed last year. But you can ask creditors to “erase” that debt or any account that went to collection. Write a letter offering to pay the remaining balance if the creditor will then report the account as “paid as agreed” or maybe even remove it altogether. (Note: Get the creditor to agree in writing before you make the payment.)
Just to give you an idea of the type of results to expect, Lexington Law claims that their clients have an average of 10 negative items removed from their credit report. Most companies do offer a money-back guarantee if you're not satisfied with their service. In addition, most services offer a free case evaluation so they can see if they can help your situation before you decide to sign up.
If you have missed payments, get current and stay current: the longer you pay your bills on time after being late, the more your FICO Scores should increase. Older credit problems count for less, so poor credit performance won't haunt you forever. The impact of past credit problems on your FICO Scores fades as time passes and as recent good payment patterns show up on your credit report. And good FICO Scores weigh any credit problems against the positive information that says you're managing your credit well.