The credit Repair Thread
- Thread starter LeVraiPapi
- Start date
That cli helped a lot since my score went up like 6 or 7 points. Especially since I've been stressing about my high balances lately. Nothing I can't pay off within the next few paychecks but I'd rather grind it out instead of paying it off with savings since I know I'll be more inclined to spend money with less thought if my credit cards have no balance. Plus the fact that I've been paying my car down and so has my brother as well as a growing age of credit must've helped boost my score. I gotta just work on my balances, one at a time.
GoldCoastSaint
Yall nikkas hate everything but Tariq Nasheed
Im trying to help my sister whonis unable to work due to cancer:
1. How long does it take for credit to improve with a secured cc?
2. She reached the 7 yr mark and all her debts fell off her report including her 3 student loan defaults. Does she still need to pay the student loans off or are they really gone? Sounds unreal.
3. Due to her no longer having any more debts since reaching the 7 yr mark, her credit is now considered too thin for a credit score. Is this a good thing and whats the best way to get her a score again? I was thinking a secured cc which is why I asked the first question?
Thanks for any help.
1. How long does it take for credit to improve with a secured cc?
2. She reached the 7 yr mark and all her debts fell off her report including her 3 student loan defaults. Does she still need to pay the student loans off or are they really gone? Sounds unreal.
3. Due to her no longer having any more debts since reaching the 7 yr mark, her credit is now considered too thin for a credit score. Is this a good thing and whats the best way to get her a score again? I was thinking a secured cc which is why I asked the first question?
Thanks for any help.
LeVraiPapi
Redemption is Coming
Open an account with a credit union. After 3 months, take 500 to them and open a secured credit card. Ask them first if the card would graduate to a regular card come anniversary time. Then, open the card. Make your payments on time then have it graduate. After 1 year, ask them for a small loan. Better yet, do a secure loan with them. Aim for 1000. The same day, they will give you your money back. Pay off the loan with the interest. Should be 35 to 100 total but it's well worth it. Ask them if they have no credit check loan programs. Best way to increase your score in my opinion.
Pay off those loans on time and you should see a huge increase on your score. That's what helped me out a lot. I took a 500 dollar no credit check loan. Gave me 25 points easily.
Then, you should start getting offers from other companies. Capital One and BoA gives high limits. Try them after a year or two.
Look, credit is a relationship. It takes time to nurture. If your sister is 30 and up, it will be even easier to see her scores go up fast. Your age is another unwritten factor. Let us know how it goes
LeVraiPapi
Redemption is Coming
Great job.
Could you please post your limits and your card and whatever helped you so the whole community can look at your experience and learn from it. Thanks
GoldCoastSaint
Yall nikkas hate everything but Tariq Nasheed
Repped!
I primarily use a CSP which I have a $19,000 limit on. When I got my Chase Freedom I was at $3500 initially and I asked for a CLI and and they upped me to $5000. It's higher now but it took me a year and a half at it paying stuff on time and using my card. I may have been aggressive with it though.
But limiting hard pulls helps also to increase your credit limit thus increasing your score.
That's all I can think of now.
LeVraiPapi
Redemption is Coming
Were those student loans private loans or government loans? I have never heard of anyone not having to pay government student loan. Even if someone files for bankruptcy they would still have to pay their government issued student loans because you can't charged that off in a bankruptcy.
GoldCoastSaint
Yall nikkas hate everything but Tariq Nasheed
They're gov. And I agree, it doesn't seem possible but they are really gone off her reports. I tried researching this online but all info on this is vague. I'm thinking its wont be listed as a debt but she still owes?? Not sure if that makes sense.
How many of her credit reports did you check? If you checked only 1 and not the other 2 the loan might still be showing up on those. The link below might provide you with a little info that can help your search some.
How Long Can Student Loans Hurt Your Credit? | Credit.com
GoldCoastSaint
Yall nikkas hate everything but Tariq Nasheed
Checked all 3 and yeah, I ran across this as well. Im not sure whats going on. We talked to her banker and she saw no trace of the loans either. Not sure what else to do, but alert the gov. If she really still owes then we'd like to get started.
Thanks!
Contacting the government or loan originator would be the route I would go to. You don't want those loans popping up years later when she least expected it. Knowing them they will probably continue adding a gang of interest on them. I'm surprised she haven't even got some sort of bill concerning them. Most students loans are sold around to multiple companies so the new company might not reported it to the credit bureau yet if it was sold recently. I think my loans were sold to 3 different companies before I paid them off.
Also, sorry about your sister. It's good that she have you around to help her out.