I have a horrible credit score, a lot of the items on my credit are very old 6-7 years old, i have used credit repair companies over the last two years and have brought my credit score from 380 to 494 currently, I have established a loan for 1 year with capital one for 10,000 secured (i only one 7500.00), a car loan with gmac for 30k short term 3 years financed so i only owe 12k on it now and have been paying on it for two years, i have one credit card with a low limit 300.00 from Continental finance for over 2 years, i do have a mortgage through an escrow service but they do not report to the credit bureau, everyone says it takes time to repair your credit, i am one of the people that any minor change in my credit causes my score to drop 20 points over night, my assumption is that my credit is so heavily weighted on the negative items because they are so old and wont go away, can anyone suggest a way that i can get my credit score up far enough that an inquiry wont drop it by 20-30 points? I messed up years ago and have tried over the past 3 years to make things right, but unfortunately i have a family and really cannot afford to keep waiting, even my auto insurance is ridiculous because of this. thank you
I could really use some advise on this matter, it is very frustrating that in my late 20's and early 30's i made some mistakes and those are truely affecting all aspects of my families life on a daily basis, i understand i have to pay for mistakes and over the past 6-7 years years i have paid and paid and paid, the worst thing is the original creditors sold it to collections who keep selling it over and over this is never going to end, the credit i have been able to establish since then is in good standing but the weight of the other things continue to haunt me making it impossible for me to get out of this vicious cycle. Please help
I understand that it's very frustrating to wait for such a long time to see improvement in your credit scores. 7-10 years is not an uncommon amount of time to deal with bad credit after mistakes have been made, and it sounds like you've been doing a good job at building positive credit history in recent years. Kudos to you for that. Your old negatives are getting close to the magic 7-year mark, and they should be affecting your scores less and less before they drop off. Have you thought about getting added as an authorized user to a family member or friend's account? That's one of the fastest ways to see your scores increase. It also wouldn't hurt to endure some more secured credit cards for awhile as well. That is, at least until you can get your scores back up into the 600s.
unfortunately unfortunately that is one of the reasons i got into this shape in the first place, i was young and didnt have anyone direct me in the woes of credit, heh, live and learn so i do not have family that could do this for me. There are so many terrific opportunities right now that i could be taking advantage of such as more home for lower price, extremely low price on a new vehicle etc. any other suggestions to get me up there quicker?
Well, if you don't have any family members there are companies which do the same . . . be careful of any which make outrageous claims.
