Credit Repair...Legit or BS?

roushtech50

roushtech50

Forum Member
Anyone have any experience with this? I have a few small blemishes I want to address and I'm not familiar with the avenues I can take.
 
I have a question about this too. My credit should be spotless (100% spotless) but from some reason it's like 775, 764, 699. I don't get it. I did see something on the 699 one from DTE, but it's super vague and there is no date on it. I have never been late on anything in 10 years, and I've never been denied on anything in 10 years, and my income/debt ratio is strong.

Edit with the correct numbers.
 
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Anything a credit repair agency can do you can do. What kind of small blemishes are we talking about? If you're talking about slow pays, there's nothing you can do. If you're talking collections, it's easy to fix. Find out who has the collection, call them and offer 1/2 of the balance needed. They will typically take it. They only get paid on the collection of some money, so anything from you is money in their pocket.
 
stalker said:
Anything a credit repair agency can do you can do. What kind of small blemishes are we talking about? If you're talking about slow pays, there's nothing you can do. If you're talking collections, it's easy to fix. Find out who has the collection, call them and offer 1/2 of the balance needed. They will typically take it. They only get paid on the collection of some money, so anything from you is money in their pocket.
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I've never had a slow pay or collection of been late on anything in at least 10 years. Why is my score not perfect lol. I don't get it. If you have few houses does that count against you?
 
Fryguy302 said:
I have a question about this too. My credit should be spotless (100% spotless) but from some reason it's like 775, 743, 699. I don't get it. I did see something on the 699 one from DTE, but it's super vague and there is no date on it. I have never been late on anything in 10 years, and I've never been denied on anything in 10 years, and my income/debt ratio is strong.
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You have to call DTE and find out... My dad had this problem... Even if you're a day late from the mail being slow or whatever... It immidiately goes onto the credit report as deliquent account... You have to call them and it's abunch of BS...
 
ReiKo said:
You have to call DTE and find out... My dad had this problem... Even if you're a day late from the mail being slow or whatever... It immidiately goes onto the credit report as deliquent account... You have to call them and it's abunch of BS...
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Always paid early for 10 years.
 
Fryguy302 said:
Always paid early for 10 years.
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Same with my dad... And it was a fuck up on there end... As my dad says... "It's easy to put shit into the system wrong... But it's a sonofabitch to take it out..."
 
Raj. The problem is that the way they figure credit scores is in more than just the pay area. If you have over 50% of your allowable balance used up, you get dinged. Any time someone checks your credit it looks bad. Lots of debt will be held against you. The highest score I ever saw was an 860. That was on a 3 credit bureau pull. No one has the perfect score, and median score for a good person will be a 720. Most lenders will say anything 620+ is good.
 
Fryguy302 said:
I've never had a slow pay or collection of been late on anything in at least 10 years. Why is my score not perfect lol. I don't get it. If you have few houses does that count against you?
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Credit scores are not only based on paying on time but also how much credit you have. Meaning that if you have a credit card with a 10000 limit and you owe 5000 on it your score will be lower. Same with car loans and such, the closer to $0 you are the higher the fico score will be.If you have a lot of credit you can see how this would hurt the scores.
 
This Credit score shit has always been a mystery to me too. I, like you RAJ have always paid early, and always more than required. I have an excellent rating (was 768 few months back) and also never get turned down and always get the best rates. Doesnt hurt to check you rating every now and then, but I gave up worrying about it! Not worth it....
 
The only sure answer about how a score is calculated is based on the amount of money you push through. The more you push through, the more room for error you have.

I know a couple of business owners that move alot of money, have collections, and still linger in the high 700's, some in the 800's.
 
There alot of misconceptions... things like % of your balance, debt to income, have no impact on the actual point, they are only used for internal credit scoring by lenders to figure out whether or not they want to loan the money to you..

Some companies use consolidated scoring companies like Factual Data, that have their own score, but the true FICO score is just based on $$$

The more credit you use responsibly, the faster your score goes up.

I can promise you, that someone who has never had a credit card or home loan, will never get into the 700's....

I can also find you someone that went into the 800's in less than a year as a business owner...
 
Fryguy302 said:
Didn't know this. If you mean on a single account, this might be the reason.
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Thats what I was wondering.

Is it based on all of your credit accounts combined or if there is one single account with over 50% balance you get dinged?
 
Fryguy302 said:
Didn't know this. If you mean on a single account, this might be the reason.
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yea each account is separate. revolving credit gets you dinged as well.
 
Stalker is right for ONCE! You can contest things on your credit report. He is also right about offering half of what you owe on collections.
 
15 U.S.C. 1681 of the fair credit reporting act,

a wronged party may collect $1000.00 for EACH willful or negligent act whiech results in the violation of the FCRA.

(if it's wrongfully reported on your credit report, contact me)
 
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