Hi all, well i am writing today to ask a question my credit was stolen by my older step sister i just turned 18 and found out i disputed all clams and they have been deleted and the cops are looking into it more..my question is.. If all clams are deleted does that mean my credit will go back up? How does it work? i dont know much about this credit thing..
Don't get your hopes up too high. If you clean out your credit report, the good news is you'll have less negative information, but the bad news is you'll have less credit history in general. At 18 and just starting out with credit you shouldn't expect to have a very high score (whether you have a dishonest sister or not) because you haven't established any sort of history of paying your bills. To get a high score, you need a mix of credit that you've paid faithfully over time and that takes, well, time. If you're starting out, don't worry about your score, worry about managing your credit: don't borrow more than you can afford to pay back and don't borrow more than you need. If you do this your score will take care of itself after a year or two. Good luck!
While CCBOB has given you some excellent advice you really don't have to wait any two or three years to build excellent credit. It is also not advisable to use the credit builder methods offered by various car lots and credit card companies. Those methods are extremely expensive and never really build good credit. Of course, you can use the authorized user method which is highly touted here and in other places but there is an even better method which will build solid credit almost as fast and get you excellent bank credit which is even better. You can do it in as little as 4 months with no problem at all. One of the things I do is start new corporations and sell them. In order to do that I need to get excellent credit started quickly. I use what is known as the 3 banks trick to establish new credit quickly. In one day I can start a new corporation, get it's tax number and bank and savings account set up. I can also have it's domain name and web site set up within a day or two and have it showing a solid income that will build up to a fairly sizeable amount in less than 6 months. Within a year the new corporation will have an excellent credit rating, credit cards, almost unlimited bank credit and after two years be ready to sell as a seasoned corporation. It will bring a bare minimum of at least $50,000 when I sell it and it will sell the moment it is ready to market. I have a list of waiting customers with cash in hand to buy it. You can do the same thing with your personal credit and the instructions on how to do it are in my links page where you can get it for free. I don't mind sharing at all in order to help those who can use it.
