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Exactly! Credit is your financial power. Good advice.

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Joined Team BC April 4, 2012 at 5:47 pm in Uncle Funky's Daughter hair salon in Houston.
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I agree to try to open an acct w/a credit union. I am a recovering debt addict (YES! I said it.) and opened a secured card. The good thing is that it is pretty easy to build your credit, but as with all things -it takes time and requires consistency and hard work.

For ex: I opened the secured card acct w/$500. I kept an open balance at ~$250-300. So my credit report would note 50-60% debt on open credit accounts. Then I was able to save an add'l $300 & put it in the secured card - Now since my limit is now $800, that $250 open balance represents ~32% open balance. So this decrease in open balance (rom 50 to 32%) actually increases your credit score (maybe only by a few points, but this is the process of increasing that dreaded FICO number).

Good luck.

Does anyone how long it takes for your score to go up? I had a few bad things on my credit report and I recently paid some off and set up payment plans to pay off the others. Will this help raise my score or has the damage been done?

I was looking at my credit report yesterday and saw that there is one company that I did pay late once. The account is now closed and paid in full, but it is still showing up as a negative for that one late payment. The account has been closed for over 3 years now. Is there anything I can do to remove it???

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Its great that you have paid them off but once you have paid all the negative off it will take time. Depending on how old the charge- off account is it may not be impacting your score as much as you may think. The thing to do would be to try and get the company to delete the account once its paid off. Also focus on your good credit. Keep credit card balanced low and never allow anything to go over 30 days late. Ultimately that's what will bring your score up. It can take 3-6 months depending on how diligently you work. Sign up for a credit monitoring program that allows you to check all 3 reports that will include all 3 scores. A lot of banks offer them
at a discounted rate. We pay 12.95 a month for one with our credit union and it is well worth it! I can check my report and scores everyday and sometimes it changes 2-3 times a week.

Not necessarily. Paying off debts doesn't ensure a boost in your credit score if anything it renews the statute of limitations. So if you ran up an account in 2005 and just started paying in 2011, it won't be taken off the credit report until 2018.

The best thing to do is write a "pay for delete" letter to the company stating you will pay of they take the debt off your credit report. Use certified mail to do so you know they actually go it. The company isn't obligated to accept it but it's always god to try. If they don't accept it, then you'll just have to pay it or let it roll off your credit report.

I'm trying to get mine together b/c I want to buy a home.

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Go to scoresense.com I get active credit monitoring. Email alerts when there is any new activity, sex offenders near me. Credit score and a few other things for $1.95 a month.

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