what steps can you take (on your own) to repair your credit?

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I heard it is possible to repair my credit score on my own instead of using companies who charge you for it. Please help me!

8 Comments
  1. Reply
    fireball226
    June 30, 2011 at 4:53 pm

    pay all bills on time but it takes many years believe me

  2. Reply
    Lin B
    June 30, 2011 at 5:20 pm

    first off you must obtain your credit report… you can do this online or through your bank…. check the report carefully. do not only look at the number they assign as your credit score, but look at the outstanding balances. if you do not recognize them, or know you did not incurr the bill, call the company immediately and tell them that you did not purchase/incur the bill and that they have to provide you with evidence that it was in fact you who incurred the bill. if not them must dismiss their claim against your credit.
    if you did incurr the bills, then call up the credit companies and tell them that you want to work out a deal to pay them back. more oftem then not, they will immediately take off 10-20% if you pay the remaining balance in one lump sum…. and then just continue down the list, and pretty soon your credit rating will bounce back!!!

  3. Reply
    words_smith_4u
    June 30, 2011 at 6:02 pm

    First, make sure that your report is accurate. Dispute anything that is inaccurate and get it cleared off.

    Take all of your credit cards – pick one and destroy the rest. Pay all of them off and then work extremely hard to pay off the one that you have. Don’t be tempted by new mail offers… just say no.

  4. Reply
    golferwhoworks
    June 30, 2011 at 6:37 pm

    the most obvious answer is to pay your bills on time. With that being said then take a look at what you owe. If you have charge offs collections and judgments, Then start with the judgments first. Call to make a settlement on the account. Get IT IN WRITING FIRST before you send any money. Once that has been satisfied do the same with all collections accounts. The reason for this is all charge off were sent to collections. If not then settle with the charged off accounts. Make sure you keep canceled checks to force them to update your credit files with all three reporting companies. If they do not, remind them about the Fair Credit Reporting Act. They will update your file. If not then dispute the file with the credit reporting companies and send them PROOF of payment. NEVER SEND a COLLECTION Company any Monies without something in writing first. They will all lie to you. Also never give them post dated checks or authorization to your checking account or savings account as they may sweep it clean and you have nothing to live on. You may have to take an extra job to get this accomplished but start with the smallest balance first and work your way up. This gives you a since of accomplishment.
    Good Luck to you!

  5. Reply
    waggy_33
    June 30, 2011 at 7:11 pm

    Pay your bills timely, not just the minimum. Get rid of excess credit cards. You are better off having one that you pay off every month rather than ten where you only pay the minimum.
    Only buy what you can afford. Save for large purchases. Always live within your means. Everyone is not rich as depicted on tv.

  6. Reply
    Scott D
    June 30, 2011 at 7:22 pm

    First of all, you will never restore it back to “perfect” or “great”.
    However, I’ve done it. It’s a long process, but it works.
    #1: Pay up all your credit cards. You must continue to pay your reoccuring bills (utilities, rent, car payment, etc.)
    #2: Once you pay up your balances, get rid of those credit cards.
    #3: Wait about 6 months.
    #4: Get a secured card. Don’t worry. You’re really not using this card. You’re only using it to rebuild your credit.
    #5: Use that secured credit card only a few times. Buy something small like fuel for your car once or twice. Pay it off right away. Do this for about 6 months. Then, pay it off and get rid of it.
    #6: Get another one. Do the same process. This is what you’re trying to do. Right now, you may have 10 bad marks and no good marks on your credit. What you are trying to do is get more good marks than bad marks. Every time you use a credit card, it puts an entry in your credit. Not itemized, but it will say something like, “Current” or “Idle” or “Deliquent”. Then, when you pay it off and get rid of it, you get a good mark.
    #7: Every once and awhile after doing this, try to get an unsecured credit card. You’ll get one. Trust me. Credit Card companies loves giving cards to people. They don’t discriminate. Of course, your first few cards will have a very low limit.
    #8: Keep going on using it BREIFLY and paying it off and getting rid of it.
    #9: Eventually, down the road, your credit score will rise enough.
    #10: The true test whether you’re back on the road to “good credit” is trying to get a car loan or home loan “with a decent rate”. Sure, there’s companies out there willing to give people with bad credit a loan, but with a bad rate.
    #11: But when you can get this type of loan with a decent rate, then you’ve successfully raised your credit.

    It took me about 10 years to do this. Bad credit marks stay on your credit for 7 years from the day you pay it off.
    However, when I bought my first home and managed to get a good home loan, I knew then that I beat it.

    Good luck.

  7. Reply
    alferzz
    June 30, 2011 at 7:46 pm

    First off, DONT close your old credit cards. There is a myth that doing that will somehow help you, your old cards give you more and more history on your reports, especially if they are paid in full. If you dont want to use them, put them in a drawer somewhere but dont close them completely!

    There is a vast wealth of information available at http://www.creditboards.com in the forums, along with many people (myself included) who would be more than happy to help you along. Go to the forums and read, read, and read some more. There are many mistakes you can avoid making by becoming as informed as possible.

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