Got Negative Stuff Removed! Now What?

Discussion in 'Credit Talk' started by hotgirlgin, Aug 11, 2009.

  1. hotgirlgin

    hotgirlgin Member

    So I Have Found This Great Company That Is Helping Me Repair My Credit They Have Gotten So Much Debt & Negative Stuff On My Reports Removed! But I Was Disappointed When I Seen The Score It Only Went Up 15 Points :( Why So Little?
     
  2. cap1sucks

    cap1sucks Well-Known Member

    There may be several reasons. One is that most of the negatives may have been fairly old. Another may be that you have done little or nothing to add positive credit nor to decrease your debt/credit ratio. There are any number of possible reasons but now you can start wondering what you are going to do if you get sued by one of your creditors. Out of sight doesn't necessarily mean out of mind. Get sued and all the time, money and effort you put into fixing your credit be down the tube and that will really fix your credit for you.
     
  3. hotgirlgin

    hotgirlgin Member

    Dang What A Blow To My Credit Ego..lol...getting Sued Didn't Think About That!! Yes The Debt Is Old That Got Removed It Was Old Medical Bills From 2004. The Current Debt That Got Removed Was Already Paid. So What Do U Think Now? U Got Me Worried...lol
     
  4. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Instead of worrying about getting sued, focus on getting some new credit, managing it wisely, and building positive payment history.

    What's your current credit profile? How many cards do you have? Do you also have other installment loans, such as a car or home loan?
     
  5. hotgirlgin

    hotgirlgin Member

    I have 2 credit cards and that is it! I had some loans that I paid off and they were paid on time! And my gas bill. What else should I do? My score is only 585 it started out at 480
     
  6. apexcrsrv

    apexcrsrv Well-Known Member

    Ask a friend or relative to add you as an authorized user to some older credit card accounts. If that isn't feasible, there are a few corporations that offer this service for a fee.

    This is the "fastest" way to improve your score. It isn't the only way but, the other ways will take considerably longer.
     
  7. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Getting yourself added as an AU is definitely good advice, but don't neglect building a better credit profile in your own name as well. If you can responsibly manage more than 2 credit cards, you may want to look into getting a few more over time.
     
  8. cap1sucks

    cap1sucks Well-Known Member

    Great advice Joshua. It is quite true that there is no use worrying about getting sued. If you owe money on a credit card, a vehicle repo or any other type of debt it is going to happen provided the debtor can meet certain criteria.

    Most Debt collectors use a scoring model to determine whether they should sue a debtor or not. That scoring model is exactly the same as that used to determine whether you get new credit or not. One of the most important factors is income. If you have an income below a certain level you will most likely be denied any credit cards at all or you will only get low limit cards. That income level is about $1,000 to $1600 per month depending on the CC company. As the applicant's income level increases so will the credit limits offered on new cards they get.

    Another factor is the debt/income ratio of the applicant. If the applicant owes an amount of money greater than he can possibly pay off in a couple of years or so excluding long term debt s/he is likely to be denied. A person earning $1,000 a month and owes $20,000 to $30,000 in debt won't be very likely to get sued and of course won't get any new credit either even if s/he somehow manages to get a sudden increase in FICO from say 580 up to say 680. That sudden jump in score will only signal that something very irregular is going on and great caution should be used in granting new credit. Of course, those companies such as Lowes, Home Depot or other store cards who only pull the score electronically but don't actually check the full credit history may very well get duped into giving out a new card. So with a low score there is less likelihood that you can get new credit but it is also true that the lower your score is the less likely it is that you will get sued.

    If you have a low income and a low credit score and no property then there is not much point in trying to throw good money after bad by filing a lawsuit against you. If you have a good score and a good job and owe money to someone you haven't paid then there is no point in worrying about getting sued because it is only a question of when it will happen. The whole point is that if you owe money to someone other than a debt collector you need to worry about getting them paid ASAP so it don't go to a debt collector. After your debts are all paid you don't have to worry about getting sued and you won't have to worry about how to increase your credit scores. That will happen automatically.
     
  9. hotgirlgin

    hotgirlgin Member

    Ok so if I find a person that has a older credit line and they add me as a AU will that affect my credit as far as the credit company doing a credit check on me?
     
  10. jjgross

    jjgross Well-Known Member

    Generally yes,the older the history the better,also very low balance,no lates ever on the history.Talk to apex they can help.
     
  11. hotgirlgin

    hotgirlgin Member

    will that affect my credit though like as far as the company checking my credit before I become a AU?
     
  12. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    They won't run a credit check to add you as an AU.
     
  13. hotgirlgin

    hotgirlgin Member

    Ok one of my existing credit cards has offered me another credit card because of my "Good Credit" will they run my credit if I am a existing customer and should I get it?
     
  14. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    You've probably received a "pre-approval" from them, but that doesn't mean they won't do a hard pull after you fill out the application for the new card. Who is the credit issuer?
     
  15. jjgross

    jjgross Well-Known Member

    Yes beware they say we can do it without a hardpull they do. But for an approval they do a hardpull, hsbc does this all the time
     
  16. hotgirlgin

    hotgirlgin Member

    Its First Premier I Know They Are Not The Best But Its All I Could Get At The Time! I Would Rather Them Extend My Credit Limit Then Give Me Another Card. Should I Asked Them That Instead...lol! Don't Know If That Will Fly But I Can Ask Or Is That Proper Etiquette?
     
  17. jjgross

    jjgross Well-Known Member

    You can ask but try having them raise their credit limit first.First Premier isn't the best but they listed my account as paid.But also in bankruptcy.
     
  18. hotgirlgin

    hotgirlgin Member

    Will They Do A Hard Pull To Extend My Credit?
     
  19. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    A soft pull is usually required to increase a credit limit.
     
  20. hotgirlgin

    hotgirlgin Member

    how is a soft pull going to affect my credit as far as points wise?
     

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