Bad Credit? - Repair it here yourself!

There're many reasons you may want help for bad credit. We're here to help you understand what affects credit, what makes credit bad, how and what entities define your credit, guide you through the credit definitions, financial concepts, common misconceptions and provide you with information and tools that will help to solve your credit problems. Get help for bad credit now! To achieve this, we provide you with Free Access to a wealth of credit related content, forms, tools and calculators. We show you how to improve your bad credit step by step, reestablish your ability to borrow monies, how and where obtain loans, credit cards, mortgages and other financing. Repair Credit now!

How to fix bad credit

Sun Jul 2, 2006 09:07PM | By Tony

See more in Credit Repair | Permalink | Email | Comments (0)

Q: I need to fix bad credit, and I need to do it very quick. My credit scores are 627, 609 and 603. I was late on 2 credit card payments for 30 days each time in the last 2 years, and I have a medical bill sent to collection agency for amount of $78. I want to buy a house and only have about $20,000 for a down payment. The price range I am looking at is $180,000. I also carry credit card balances of $3,000 and $1,800 for the last 6 months as the cards are interest free for another 6 months. The credit limits are $3,500 and $2,000 respectively.

A: You need to fix your credit, but the scores are not all that bad, and with the down payment you mentioned, I expect no problem in getting a mortgage. The rate will be in high 7s or low 8s, depending on the bank. As far as to fix bad credit, the only remedy I see is to speedily reduce the credit card balances to something like $1,200 and $900 and keep them that way. To pay them off completely is even better. The ratio between the balance and limit shouldn't exceed 35%. Once it gets over and stays that way, just like in your case, the credit score will decrease. See fix bad credit for more information.

Post a comment

Name:

Email:

URL:

Remember personal info?

Comments:

Please enter the code as seen in the image above to post your comment: