Repairing Credit

[Crazier]

I finally have enough of money to pay off all my credit problems!
So... to anyone that works in this field or has gone through this before, please give me any info that may be helpful. I have received a copy of my credit report. I owe about $6000 to about 12 different companies. 1 of the companies that I have a debt for $2300 is no longer in business... seems they had to many Crazier's on their hands that couldn't pay their bills... anywho, what should I do about this? Ask for proof of purchase so it is removed? The company went bankrupt, they didn't sell the business, Avco financial is no more. That would be nice to see "disappear."
Also, with the other companies that are on there. If a debt is say $500, is my best bet to contact the companies individually to see what they will negotiate too, and if a negotation is agreed upon, does it show as paid and positive, or does it look negative since there was a negotiation? I've been a poor mofo with bad credit for the past 6 yrs (since I was 18); and now I want to pay 'em all off, and any advice you can give would be appreciated!
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[Weapon X]

1.) Contacting the copmpanies is usually a good idea. They will often allow you to make affordable payments at a lower interest rate.
2.) You can usually also get a secured credit card which will only allow you to charge as much as you have in your account. This will help you to rebuild your credit record.
3.) I don't know what to say about the company that went out of business.

 

[mike peters]

there's books at amazon.com about credit repair. Once reported negative it usually sticks w/ your report for 7 years. Now for the one who went bankrupt, write they asking them to verify that you owe them. Since they're in a jam it will pretty hard for them to prove it, then you can get it erased. The library has books on the subject as well. We're just a number in there system. You'll learn how to challenge a company until they give up and have it erased. Your credit is more important to you than them keeping you negative, therefore you have more fight in you. Good luck w/ your battle. Peace

 

[MP5]

At the end of your credit report there should be a "contest" section where you argue with what is listed. On the one that is out of business, write on the report that you paid it. They credit agency then contacts the company and if they don't respond within 30 days they have to remove it from your report. On the ones that are still around you had better just contact the collection agency and pay them. They will update the report I think every 60-90 days or so. It will take further loans or credit paid on time to build your credit back. And, they do stay on for 7 years. I am a loan officer and when people like you plead your case...unfortunately we just look at the credit score number only to make the decision, sorry.

 

[nitlyan]

At the end of your credit report there should be a "contest" section where you argue with what is listed. On the one that is out of business, write on the report that you paid it. They credit agency then contacts the company and if they don't respond within 30 days they have to remove it from your report. On the ones that are still around you had better just contact the collection agency and pay them. They will update the report I think every 60-90 days or so. It will take further loans or credit paid on time to build your credit back. And, they do stay on for 7 years. I am a loan officer and when people like you plead your case...unfortunately we just look at the credit score number only to make the decision, sorry.

If you had ties with sub-prime lenders you could make a hell uv a lot more money MP5. Whatever BANK you work for, look to get out and wok for a Mortgage broker with shady ties. FUCK the BANKS...It doesn't matter what yer score looks like people. It's who you know to do the loan!!!! So what if yer interest rate is 8.5% pay yer mortgage on time for 6 months and refi the mofo!!! Don't let an ignorant Loan Officer stear you wrong...many ways to get loans. Loan offs won't tell you how to get a better rate even if they know because they want yer Business!!!!!!!!!!!!!!!!!!!!!!!

 

[MP5]

True, the underwriters where I work are ruthless.

 

[nitlyan]

True, the underwriters where I work are ruthless.

MP...you should check into a local Mortgage firm....they usually carry ties with lots of different banks and have very good relationships with the underwtiters..hell, you can even pick your own underwriters....I used to fuck one! haha easy loans bro easy!

 

[MP5]

How do you loop in people for a mortgage? Do you just call them and ask them if they plan on buying a house? I always wondered how the hell you cold call someone for a mortgage.

 

[nitlyan]

How do you loop in people for a mortgage? Do you just call them and ask them if they plan on buying a house? I always wondered how the hell you cold call someone for a mortgage.

Can you refinance loans MP5? That is where the cash is! Trying to find a buyer is tough. You can solicit people to refinance their mortgage when they need extra money. They cash out the equity and you refinance the new amount. Whatever the appraisal is said to be.....I had friends in business with Bail Bonds Men...some people get tossed in the slammer for whatever reason and need $20, 000 for bail....guess what...the wife does a refi and has them out in a month. If they own a home....You would be surprised how many own homes!

 

[nitlyan]

MP5...one more hint..I can talk more about tomorrow or whenever....I'm on here a lot just reading and laughing...

Find neighborhoods that have been built in the last year or two....homes in the lower end to middle end prices for your area....most of the people will have used the builder to finance their loans, usually at a point or two higher to people with sub par credit....just to selll(build) the damn house. Now you come strolling through with a loan 1.5% lower and save them Thousands over 30 years and a couple hundred a month. Maybe even cash out a little Equity to pay off credit cards??? Use yer skills bro!...most people love it and don't realize they will move 7 times before they retire, but by that time you made yer quick couple of G's and have snorted , drank, whatever you do with the commission!!!!! Hopefully you have got 10-20 of the newly weds refiing with you!! BIG time cash