I've been reading around here a bit and am impressed with all that I've found! My husband and I both need credit repair... bad! We own our house, purchased it one year ago this weekend actually! And that's where things spiraled out of control... We got in over our heads, foolish mistake on our part, and we let bills start to slip. At one point six months ago we had 8 items in collections, 2 closed bank accounts (due to over drafts) 1 credit card more than 90 days over due, 1 other revolving credit account over due and missed 1 house payment. Since then we've got back on track for the most part, slowly paying off our collections, getting our revolving accounts back on track and keeping up on things. (no more random spending for us!) However I just have no clue where to start repairing our credit! (Thus I am here!) We are needing to buy a new car, and unfortunately will have to finance it... (we're thinking something in the 6-8,000 range) but I definately need to get things fixed before we can do that! I suppose I have lots of reading ahead of me, but any advice will be helpful and appreciated!
welcome to the board! there are five things you need to do before doing ANY credit repair: 1. get copies of all three credit reports 2. have all inaccurate and old personal information deleted 3. opt out 4. post results here 5. read until you dream about credit repair
I am SO there - ugh....but my dreams about about screwing up and turning to my CC's for money...and then remembering that I cut up all my CC's! Nightmares I tell ya...
You've already taken the first steps before joining in here. You've gotten your payments back on track and have begun assessing the damage and living within your means. The rest is just following all the wonderful advice you'll find here and on other boards. Congratulations and good luck. Things will improve, you will see.
How are you using your credit cards? More than 30% of limit is a no no. Are you able to pay off all of your purchases each month? Do you have a 0% bal transfer Credit card? The fact that you own your home is a positive. Try to save 3 monthly payments. You can also split your home payment in half by making payments by weekly save on interest. As 4 new car financing try for a 0% balance transfer cc. Use it to pay for the car. After buying car transfer the balance to the cc. 0% interest for 12 months. Keep doing this until car is paid 4. You will need a new card in 11 months to transfer to. your payment should be around $240 at 3% of total. Car paid for interest free in 34 months.
