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Old 02-07-2008, 08:00 PM   #1
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Credit Repair ?'s

I want to help my girlfriend get her credit score up(she doesn't owe anyone, just late payments and such from a few years ago) but i don't know what all to do. . .I've already opened a secured credit card in her name and monitor her activity and payments monthly. I also considered taking her to "cash advance" places and taking out small loans and repaying them quickly to show stability. Do any of you have any experience in this sort of situation? If so, what should we do and how should we do it? Am I on the right track here? Next month I'm going to take her to the bank and help her get a small loan. What else can i do? Thanks for looking. JET
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Old 02-07-2008, 08:08 PM   #2
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i don't think i'd do the cash advance thing... i would think that would show instability and lack of budgeting ability
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Old 02-07-2008, 08:14 PM   #3
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i agree those payday loans are a ripoff and really don't establish your cerdit.

small cards paid off on time, and the balance remaining open.
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Old 02-07-2008, 08:28 PM   #4
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Old 02-07-2008, 09:44 PM   #5
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Any loan that you take out you want to have it for atleast six months in order to receive credit but remember that you don't want to go applying every where because you're only allowed 8 inquiries per 2 years if I am not mistaken after that you loose 3 points per inquiry and it shows instability due to the fact that most credit scoring is done by computer. When the computer picks up multiple inquiries it reads it as if you need funds asap and that, that is why you are applying every where.
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Old 02-07-2008, 10:50 PM   #6
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buy something on credit(they finance anyone, but they may ask for like half down)

they hit your credit 3 times as much and faster than anyone else.

buy something you need, something small at first, and keep buying.
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Old 02-08-2008, 12:10 AM   #7
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Did she have late payments because of an isolated incident,i.e. loss of job, injury, etc? or was it poor money management? If it was the latter, she may find herself on a sinking ship... I am speaking from experience. Just be careful.. if the behavior is the same, the same thing will happen. If she continues paying her bills on-time, time will help her credit score. Around 80% of people who get credit cards and loans to "build" or "repair" credit, end up in more trouble. I've been down that road and will never go there again. Just my .02.
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Old 02-08-2008, 12:15 AM   #8
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Quote:
Originally Posted by 1mudbug View Post
Pay day loans hurt you. Go to a credit union and get a $500 credit card. Use 100 and pay 50 offin two weeks. Just never use more than 49% of the max amount.
Mudbug is right we help people all the time when their "credics is actin up" when she gets her credit up let me or mudbug know and we may be able to establish a high line of credit
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Old 02-08-2008, 04:46 AM   #9
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Quote:
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we may be able to establish a high line of credit
How so if you don't mind me asking. Kind of in a similar boat as well...
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Old 02-08-2008, 09:31 AM   #10
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Old 02-08-2008, 10:25 AM   #11
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you can clean up credit Scott???
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Old 02-08-2008, 10:55 AM   #12
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None of the above is going to help her at this point and I can't imagine her credit score being all that bad if she only has a couple of late payments. Her best thing is to keep revoliong credit off of her report and give it some time while hopefully her income increases.
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Old 02-08-2008, 10:58 AM   #13
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None of the above is going to help her at this point and I can't imagine her credit score being all that bad if she only has a couple of late payments. Her best thing is to keep revoliong credit off of her report and give it some time while hopefully her income increases.
Not doubting you, but questioning. How would that help? If you don't have revolving credit (aka recent payment history) how could your credit go up other than stuff falling off the bad end by getting old? Income doesn't show up on your credit score. They have no knowledge of your income. :dontknow:
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Old 02-08-2008, 10:59 AM   #14
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Old 02-08-2008, 11:04 AM   #15
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Old 02-08-2008, 11:19 AM   #16
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Old 02-08-2008, 11:21 AM   #17
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Old 02-08-2008, 11:35 AM   #18
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I think its a combination of things. first step would be getting a credit report if you havent already done so.

The credit card bit is good just make sure its way less than 1/2 your credit to debt ratio. They also not only want to see you making payments on time but that you are consistant. So making purchases on a card and then paying them right off is not going to show any payment history.

Ive heard that having more than one banking/checking account can affect your score. Dont know how true that is.

Id suggest doing a signiture loan for a set amount and period of time. this way your not tempted to go over your limit like credit cards yet your still able to get the same result with showing steady and consistant payment history. This takes time raising your score, i dont think there is a quick way about it.
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Old 02-08-2008, 11:39 AM   #19
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Not doubting you, but questioning. How would that help? If you don't have revolving credit (aka recent payment history) how could your credit go up other than stuff falling off the bad end by getting old? Income doesn't show up on your credit score. They have no knowledge of your income. :dontknow:
Your income will almost always over shadow your credit score if the numbers are right and personally avoiding credit in general usually helps. I guess having one card and paying would help but, avoiding credit is usually a good idea in the personal finance world.
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Old 02-08-2008, 12:06 PM   #20
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Encourage her to build her savings first. Pay herself, before she pays anyone & realize she doesn't need the latest Coach bag or Pliner shoes. Believe me, you can never have enough in your savings.

- If you have a high number of revolving credit cards with balances of over 50% of their max limit, that counts against your score.

- If you have late payments that will knock your score down.

- If you have little to no credit history, that too effects your score.

- Your score is effected negatively by applying for too many cards/loans.

- If you were busy paying off all your cards and decided to cancel them, think twice about canceling cards that you have a good payment history of and have held more than 7 years. Long credit history with good payments is a plus.

- Home loans paid on time - usually a plus.

Anytime you have late payments or late payment history, you're just gonna have to buckle down and work to clean your score.

Life events and credit can be tricky. My credit was so good at one point, when I purchased my house I bought a point & my builder bought a point, leaving my interest rate less than 5% (this was over 15 years ago). After I retired from the Army about two years ago I couldn't find a job for about 6 months and the job that I did find was making 1/2 what I used to - the debt was and still is crushing.

If you get in over your head, get help & not from the shady places that offer to clean your credit for dollars.

Check your credit monthly and verify any credit checks etc. Good idea to opt out of credit card offers etc.
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