Needing Advice on Credit Repair

Hi, T.:

Check out my website at www.safeharborcreditrepair.org I've been through it and that's how I ended up in the business. I've been in mortgage lending for about 10 years and credit repair for the last three.

Take a look at my website and give me a call. If nothing else, I can give you some advice!

Go to www.annualcreditreport.com to get a FREE copy of your credit report from all three credit reporting agencies. Reports are free once a year. This is the only one I know that does NOT have hidden fees.
Review your credit report for any inaccuracies and work with them for resolution.
Mortgage Brokers and Credit Service Organizations in OK are regulated by the Department of Consumer Credit. You can contact them if you have problems with these businesses or go to their website for more information and a roster of licensed businesses at www.okdocc.state.ok.us
Consumer Credit Counseling is a licensed nationwide not-for-profit organization that may help, too.

There is not an easy way to repair credit. It takes a couple years to repair damage that you have done over the years. If you are too far in debt, look at all your options. If you are just behind a little and able to catch up, you are at a good start. First I recommend what I did. I had to file bankruptcy 4 years ago due to my husband being laid off, my vehicle being stolen, and my remaining car had the engine fall out of it, all right after we just bought a new house.

After the bankruptcy was final, I got 1 credit card with $500 limit (and paid a $89 annual fee) and set it up to keep the balance at around $100. I used it to buy gas, paid it immediately so that there was constant activity, but the balance stayed around $100. Just make sure you make all your payments ontime. I have been doing serious damage repair, and now have my credit score above 700. One other thing I did was use my banks auto bill pay. I set everything to go out automatically. I even averaged my utitilities and notified the utilities what I was doing, so some times during the year, I will have a large credit, but I will never be late. I also have everything going out the same day I get paid so I never really see the money. I pay everything every other friday, so some time during the year, I get way ahead, and have a whole free paycheck, to either enjoy, or pay an extra mortgage payment. Just remember it wont happen over night. Some credit card companies offer free credit scores too. WAMU credit cards offer a monthly credit score, so I use that to watch my progress. Its slow, but steady.

Good luck, I know its a hard hole to dig out of.

Hi T.,

There is an organization called Consumer Credit Counseling Service (CCCS) that is really helpful in situations like these -- they talk you through your current situation and give you concrete ideas about steps to take to improve things. Phone is ###-###-#### (or 1.800.364.2227) and web site is www.cccsok.org

I think they do phone counseling, but if you have the time, I recommend the in-person counseling. It's a non-profit group dedicated to helping people who have gotten in over their heads. Good luck and congrats on taking the step of looking for help!

K.

First, I apologize for getting a response back to you so late. I work for an automobile finance company that helps people with no credit or people with bad credit that are trying to rebuild. Some common mistakes that people make are to get the little payday loans to help reestablish a good pay history. DO NOT do that. It looks like you can not make it from payday to payday on your income alone and makes you look like a risk. Also do not go out and apply for a lot of loans (trying to get preapproved) they hit your credit each time,and that lowers your credit score. You need to go to this website: http://www.annualcreditreport.com
You need to find out what your credit score is, it may not be as bad as you think it is. Then call around to various mortgage lendors tell them what your credit score is and ask them to give you general information with out having to pull your credit. Explain that you are shopping around for the best rate. Now with that being said, they will not be able to give you an exact rate without pulling your credit. Let them know that you understand that, but that you are just wanting a best case and worst case scenario based on your current credit score. They should be able to give you a range of rates based on your credit score and job time. Remember not to give them your SSN until you are ready to make the commitment to apply for the mortgage.

I hope this informantion helps and good luck to you!