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Most Effective Way to Improve Credit Score Quick

by DURABLEOILCOM
40 replies
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My girlfriend has bad credit and I am trying to help her fix it just wanted to ask if anyone knows the "LifeHack" for improving Credit Scores Quickly? (No bankruptcy).
  • Profile picture of the author David Beroff
    I urge you to please research this, as I am not an expert, but simply passing along something that I had heard: Apparently it helps to add someone who has good credit to the account of the person who has poor credit. Source: "cash for your good credit" (but replace the word "for" with a digit).

    More legal answer: Maybe you could use your credit instead of hers?

    (Far) less legal answer: Identity theft.
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    • Profile picture of the author David Beroff
      Originally Posted by David Beroff View Post

      I urge you to please research this, as I am not an expert, but simply passing along something that I had heard: Apparently it helps to add someone who has good credit to the account of the person who has poor credit. Source: "cash for your good credit" (but replace the word "for" with a digit).
      Actually, taking a closer look at that site, it looks like it's the other way around. Like I said, I do not know this field. Research thoroughly before taking action!!
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  • Profile picture of the author seasoned
    Originally Posted by DURABLEOILCOM View Post

    My girlfriend has bad credit and I am trying to help her fix it just wanted to ask if anyone knows the "LifeHack" for improving Credit Scores Quickly? (No bankruptcy).
    For the record, bankruptcy HURTS your credit. OK, here are a few simple ways:

    1. Make sure you owe an amount low enough so that your minimum payments are LESS than 30% of your income. If you don't meet that goal, get a raise and/or payoff some debt. ALSO, try to negotiate lower rates.
    2. Make sure that NO revolving debt is over about 60% utilized.
    3. Make sure you have no more than 2 inquiries.
    4. Make sure you have no bad liens.
    5. Make sure you have no government documents on your report.
    6. make consistent payments on accounts.

    Various things can take 1month, up to 6months, or up to 2 years. I believe a bankruptcy can take up to 10 years to clear.

    BTW Opening up a new account generally creates at LEAST 1 inquiry. So even asking for a credit card can hurt your credit.

    Steve
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  • Profile picture of the author wolfmmiii
    The FASTEST way to improve your score is to go to each credit bureau and open up a dispute for the negative items. In at least SOME cases, the creditor will fail to verify the information and the bureau will remove it from your credit file. You must do this for each credit bureau - and you should be able to open the disputes online.

    The credit bureaus have up to 30 days to verify the info and if they can't (creditor doesn't respond), the item comes off and the credit score improves.

    Avoid screwing around with debts over $1000 and with negative entries that are over 6 years old. A creditor is more likely to sue you if your debt is over $1000 so you should "let sleeping dogs lie". A debt that is over 6 years old is going to fall off automatically after 7 years anyway so, again, let sleeping dogs lie.

    If you have a credit card or other item that has a good history, except for an older (>2 years) late status, you can sometimes ask them to remove the old late payment entry as a courtesy. Some will. Some wont.

    Also, as someone mentioned above. If you have a family member with GOOD credit, ask them to add you as an "authorized user" to one or more of their credit cards that have never been late. This can also work to improve your credit.

    One more tip: If you have entries on your credit report from collection agencies, you can often negotiate with them, offering to pay a debt off in full in exchange for them removing the bad entry. They will often tell you this is "illegal". They are lying. There is nothing "illegal" about them removing the entries. It's just their standard reply.

    It takes some work but it's not impossible to significantly raise your score if you know how to deal with them.

    There are lots of other strategies but I'm not going to get into all of them here.
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    • Profile picture of the author DURABLEOILCOM
      Originally Posted by wolfmmiii View Post

      The FASTEST way to improve your score is to go to each credit bureau and open up a dispute for the negative items. In at least SOME cases, the creditor will fail to verify the information and the bureau will remove it from your credit file. You must do this for each credit bureau - and you should be able to open the disputes online.

      The credit bureaus have up to 30 days to verify the info and if they can't (creditor doesn't respond), the item comes off and the credit score improves.

      Avoid screwing around with debts over $1000 and with negative entries that are over 6 years old. A creditor is more likely to sue you if your debt is over $1000 so you should "let sleeping dogs lie". A debt that is over 6 years old is going to fall off automatically after 7 years anyway so, again, let sleeping dogs lie.

      If you have a credit card or other item that has a good history, except for an older (>2 years) late status, you can sometimes ask them to remove the old late payment entry as a courtesy. Some will. Some wont.

      Also, as someone mentioned above. If you have a family member with GOOD credit, ask them to add you as an "authorized user" to one or more of their credit cards that have never been late. This can also work to improve your credit.

      One more tip: If you have entries on your credit report from collection agencies, you can often negotiate with them, offering to pay a debt off in full in exchange for them removing the bad entry. They will often tell you this is "illegal". They are lying. There is nothing "illegal" about them removing the entries. It's just their standard reply.

      It takes some work but it's not impossible to significantly raise your score if you know how to deal with them.

      There are lots of other strategies but I'm not going to get into all of them here.
      Can disputing be considered some type of Fraud?
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      • Profile picture of the author David Beroff
        Originally Posted by DURABLEOILCOM View Post

        Can disputing be considered some type of Fraud?
        What does your heart tell you?

        Let's step back for a second, and consider the ethics of the overall idea here:

        Your girlfriend (probably) misused credit, and that (presumably) led to the credit agencies assigning her a poor credit score. Now she wants to "fix", (i.e., hide, erase or lie about), that score, (probably) because she wants to use more credit than the lenders feel is warranted, given her historical level of risk.

        I'm sorry to be so blunt, Durable, but when you look at it in that frame, doesn't the entire approach feel to you like fraud?
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        • Profile picture of the author bizgrower
          Originally Posted by DURABLEOILCOM View Post

          Can disputing be considered some type of Fraud?
          Originally Posted by David Beroff View Post

          What does your heart tell you?

          Let's step back for a second, and consider the ethics of the overall idea here:

          Your girlfriend (probably) misused credit, and that (presumably) led to the credit agencies assigning her a poor credit score. Now she wants to "fix", (i.e., hide, erase or lie about), that score, (probably) because she wants to use more credit than the lenders feel is warranted, given her historical level of risk.

          I'm sorry to be so blunt, Durable, but when you look at it in that frame, doesn't the entire approach feel to you like fraud?
          It is always on the creditor to prove you owe the money.

          Me, I would go through the list and dispute any that are questionable, or I believe should no longer be reported. Such as those that the creditor reported as a form of harassment - like former landlords sometimes do with "damages" to the former abode, or pay day loan companies. Those that might be from identity theft. Those that have been paid, but are still showing up. Those that are reporting late payments incorrectly, such as car or home loans that get you into the rolling thirty or 60 day late reporting even after you are up to date.

          I have a negative report from a scam company that is for prematurely closing a merchant account.
          I will probably dispute that one as the company is out of business, as far as I know, and they did nothing more than open the merchant account and provide a duplicate website for retailing electronics. They were a phony dropshipper/wholesaler and did a lot of misrepresentation in their offer.

          I think what happens if, say, you dispute all is that it may raise your score until the creditor shows the agencies you do owe and then it goes back down accordingly.

          I'm not a lawyer, so I don't know if disputing legit accurate reports comes under the legal definition of fraud or any other actionable legal term, but I'd go with what I can live with.

          I'd do more research before disputing the ones that might be beyond the statute of limitations for the creditor to take action. I don't know if disputing causes the clock to start over.

          Let's hope Durable's girlfriend has learned her lessons and is just trying to improve her score so she can be responsible in case they marry and want to buy a home, or something like that.

          With respect to putting people on the good credit persons accounts as an authorized user, it seems that you do that, but don't give them access to the account(s).

          Dan
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      • Profile picture of the author wolfmmiii
        Originally Posted by DURABLEOILCOM View Post

        Can disputing be considered some type of Fraud?
        No. In all likelihood, a debtor has no recollection of an exact amount that was allegedly owed (especially when fees and such get added). Simply disputing the amount owed and asking for verification is totally above board.
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  • Profile picture of the author Naim717
    The 2 things that helped me the most was:


    1. Disputing
    2. Asking for a lower rate (Especially when your making a nice size payment)
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  • Profile picture of the author wolfmmiii
    Asking for a lower rate doesn't do anything for your credit score.
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  • Profile picture of the author mkii
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    Originally Posted by DURABLEOILCOM View Post

    My girlfriend has bad credit and I am trying to help her fix it just wanted to ask if anyone knows the "LifeHack" for improving Credit Scores Quickly? (No bankruptcy).
    I won't go into detail since I would be repeating what was already said in this thread. I actually have a website dedicated to this issue. (it would be inappropriate for me to link it so I won't.)

    AnnualCreditReport.com ->

    Sample Credit Report Dispute Letter of Explanation

    It takes awhile.

    Without knowing what caused the bad credit, it's hard to say.

    If it was late payments and what not, you have to just dispute everything you can and then not miss them for 6 months, then try to renegotiate.

    wolfmmiii, actually got it pretty much covered.

    Side note: if you fix everything you can and do everything right for six months, your credit should dramatically improve. That's about as "lifehack" as it can be.

    As far as his tip: well it's illegal if they offer it up like that, if you suggest it, they're allowed to agree.
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  • Profile picture of the author yukon
    Banned
    If her credit score sucks the last thing she needs is more debt.

    The only reason anyone cares about a credit score is because they want more debt.
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    • Profile picture of the author wolfmmiii
      Originally Posted by yukon View Post

      If her credit score sucks the last thing she needs is more debt.

      The only reason anyone cares about a credit score is because they want more debt.
      Lots of jobs consider credit when making a hiring determination. Refinancing a home at a lower rate due to improved credit REDUCES debt (assuming you don't take cash out).
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      • Profile picture of the author yukon
        Banned
        Originally Posted by wolfmmiii View Post

        Lots of jobs consider credit when making a hiring determination. Refinancing a home at a lower rate due to improved credit REDUCES debt (assuming you don't take cash out).
        Lol, I knew someone would mention jobs. Trust me, it's not that big of a deal because I've worked with a few folks that have no idea how to manage money, they still had good paying jobs.

        Agreed on the refinancing but it's a bandaid. If someone buys a house with a high interest rate they've already proven they can't manage their finances.
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        • Profile picture of the author wolfmmiii
          Originally Posted by yukon View Post

          Lol, I knew someone would mention jobs. Trust me, it's not that big of a deal because I've worked with a few folks that have no idea how to manage money, they still had good paying jobs.

          Agreed on the refinancing but it's a bandaid. If someone buys a house with a high interest rate they've already proven they can't manage their finances.
          It is absolutely a big deal if you are in an industry that looks at it. Gaming and Finance immediately come to mind. Dismissing it just because YOU aren't in and industry that looks closely at it doesn't mean millions of others aren't.

          And your statement about managing finances is asinine. People wind up in financial trouble for all kinds of reasons outside of their control - like I did in my twenties when my mother passed away with no life insurance. Since her and my dad hated each other and were divorced, guess who got stuck with the bill for the funeral?

          $8000 for an unexpected death will wreak havoc on a young family just starting out. It took me years to recover and it had absolutely nothing to do with how I managed my finances.

          So, spare me the "people can't manage money" lecture.
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          • Profile picture of the author irawr
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            Originally Posted by wolfmmiii View Post

            It is absolutely a big deal if you are in an industry that looks at it. Gaming and Finance immediately come to mind. Dismissing it just because YOU aren't in and industry that looks closely at it doesn't mean millions of others aren't.

            And your statement about managing finances is asinine. People wind up in financial trouble for all kinds of reasons outside of their control - like I did in my twenties when my mother passed away with no life insurance. Since her and my dad hated each other and were divorced, guess who got stuck with the bill for the funeral?

            $8000 for an unexpected death will wreak havoc on a young family just starting out. It took me years to recover and it had absolutely nothing to do with how I managed my finances.

            So, spare me the "people can't manage money" lecture.
            An employer checking an potential employee's credit should be illegal. Period. Criminal record, sure.

            That's another reason why I incorporated instead of perusing normal employment.

            So the person has money problems, that's why, you know, they're trying to get a job?

            It's another busted law in the US employment marketplace that consistently treats people like products.
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            • Profile picture of the author GforceSage
              Originally Posted by irawr View Post

              An employer checking an potential employee's credit should be illegal. Period. Criminal record, sure.

              That's another reason why I incorporated instead of perusing normal employment.

              So the person has money problems, that's why, you know, they're trying to get a job?

              It's another busted law in the US employment marketplace that consistently treats people like products.


              Checking a potential employees credit score became illegal in California as of February 1st, 2013. The state realized that many good people, to no fault of their own, were victims of the recession and took a financial hit. This helped changed the law. Many companies do not know this or pretend not to and have to be reminded. If you see a job offer that states a credit check is mandatory, you can do others a service by letting the business know that they can no longer do this. If a position involves managing a companies finances, the state will still allow a credit check.
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              • Profile picture of the author irawr
                Banned
                Originally Posted by GforceSage View Post

                Checking a potential employees credit score became illegal in California as of February 1st, 2013. The state realized that many good people, to no fault of their own, were victims of the recession and took a financial hit. This helped changed the law. Many companies do not know this or pretend not to and have to be reminded. If you see a job offer that states a credit check is mandatory, you can do others a service by letting the business know that they can no longer do this. If a position involves managing a companies finances, the state will still allow a credit check.
                I hire employees and think the system is massively screwed up and creates massive advantages for employers, which I personally choose not to utilize. I've never checked anyone's credit before hiring them. What a crock of crap. That shouldn't be legal anywhere, it's an invasion of what I feel should be considered privacy and could easily create a situation where employers treat their employees unfairly.

                Say I figure out you have mad debt and you really need to pay it off, so I pay you less and ask more of you because you're desperate.

                Should not be legal............... Anywhere........

                And I know companies across America prey on people with student loan debt to line their pockets.
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            • Profile picture of the author wolfmmiii
              Originally Posted by irawr View Post

              An employer checking an potential employee's credit should be illegal. Period. Criminal record, sure.
              I tend to agree with this but I see why certain industries (like the ones I mentioned) do it.
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          • Profile picture of the author yukon
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            Originally Posted by wolfmmiii View Post

            It is absolutely a big deal if you are in an industry that looks at it. Gaming and Finance immediately come to mind. Dismissing it just because YOU aren't in and industry that looks closely at it doesn't mean millions of others aren't.
            No, it's not a big deal because everyone has the same choice to look for a different type of job that pays the same/similar money.

            You want it to be a big deal to justify your argument. I know from experience it's not a big deal.






            Originally Posted by wolfmmiii View Post

            And your statement about managing finances is asinine. People wind up in financial trouble for all kinds of reasons outside of their control - like I did in my twenties when my mother passed away with no life insurance. Since her and my dad hated each other and were divorced, guess who got stuck with the bill for the funeral?

            $8000 for an unexpected death will wreak havoc on a young family just starting out. It took me years to recover and it had absolutely nothing to do with how I managed my finances.
            That's just people that don't know how to save money for emergencies.






            Originally Posted by wolfmmiii View Post

            So, spare me the "people can't manage money" lecture.
            Take it however you want, either way managing money comes down to common sense.
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            • Profile picture of the author wolfmmiii
              Originally Posted by yukon View Post

              No, it's not a big deal because everyone has the same choice to look for a different type of job that pays the same/similar money.

              You want it to be a big deal to justify your argument. I know from experience it's not a big deal.
              Sorry, you are just wrong. Millions of people are in industries that look at credit. Simply "finding another job" doesn't necessarily work like you seem to think it does. I know you want puff your chest out and all, but facts are facts. When millions of people are affected, it's kind of a big deal, despite your illogical claims.


              That's just people that don't know how to save money for emergencies.
              Because everyone saves money for when they get cancer or are in a serious accident. Please, you sound stupid now.


              Take it however you want, either way managing money comes down to common sense.
              This, I agree with. Problem is, none of what you said, aside from this comment, has anything to do with common sense. You simply lump everyone into the same boat, which is just idiotic.
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            • Profile picture of the author Str8poopin
              Originally Posted by yukon View Post

              That's just people that don't know how to save money for emergencies.
              That's like 97% of a America. The federal government had to put laws into place to effectively force banks to "save money for emergencies."
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          • Profile picture of the author RichBeck
            Originally Posted by wolfmmiii View Post

            $8000 for an unexpected death will wreak havoc on a young family just starting out. It took me years to recover and it had absolutely nothing to do with how I managed my finances.

            So, spare me the "people can't manage money" lecture.
            You're spot on....

            I've known people who ran up their credit cards on eating out, vacations and "stuff." These were essentially "luxuries" they couldn't afford on their income. This is one group.

            The second group of people have "unexpected and significant" expenses..... or may have health issues that keep them from working a 9-5 job... They "end up in a hole" debt wise.

            Sure, it would be nice to be debt free and have an "extra" $100,000 sitting in the bank for emergencies. In most cases, that is not possible especially when you are being responsible and aggressively paying off your debt.

            It is very easy to pass judgement on people. But, you need to know the entire story...... not just how much debt a person has.
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    • Profile picture of the author butters
      Originally Posted by yukon View Post

      If her credit score sucks the last thing she needs is more debt.

      The only reason anyone cares about a credit score is because they want more debt.
      Sounds weird but your credit score gets better by paying off debt on time. Maybe she should take on debt she can afford to actually pay and that will work to get her score back on track. Well, that works in the UK, dunno about USA
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      • Profile picture of the author BrownBeard
        Originally Posted by butters View Post

        Sounds weird but your credit score gets better by paying off debt on time. Maybe she should take on debt she can afford to actually pay and that will work to get her score back on track. Well, that works in the UK, dunno about USA
        T' me that doesn't sound weird at all. Your credit score be thar t' represent your ability t' use effectively use credit.
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  • Profile picture of the author mkii
    Banned
    Tip, if you take out a loan to build a site about credit repair, you can use your site to repair your credit, because you're not going to rank for sh__.
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  • Profile picture of the author bizgrower
    It's been a long while since I was in the mortgage business, but I think it helps to:

    close credit accounts she is not using and that do not have a balance

    ask for a lower credit limit on existing credit lines, perhaps keeping in
    mind the 60% ratio Seasoned suggested. Too much available credit is bad.

    keep current on payments, but make effort to completely pay off a debt
    and then the next and then the next (keeping in mind wolfmmiii's comments)

    Dave Ramsey is a very good resource on this stuff.
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  • Profile picture of the author DURABLEOILCOM
    Great information here, I was wondering if I add her as an Authorized user on one of my Credit Cards will it improve her credit or just destroy my credit because of her bad credit?
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    • Profile picture of the author wolfmmiii
      Originally Posted by DURABLEOILCOM View Post

      Great information here, I was wondering if I add her as an Authorized user on one of my Credit Cards will it improve her credit or just destroy my credit because of her bad credit?
      Adding her as an authorized user on your account won't hurt you at all. Yes, it will help her - but not immediately. As long as you continue making payments on time (and have no existing lates on the account), being an AU on the account will help her.
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    • Profile picture of the author yukon
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      Originally Posted by DURABLEOILCOM View Post

      Great information here, I was wondering if I add her as an Authorized user on one of my Credit Cards will it improve her credit or just destroy my credit because of her bad credit?

      You're crazy as a loon If you put anyone else on a credit card, any other type of debt or line of credit.

      You're responsible for the debt regardless who creates the debt, assuming you lose your mind & add other people to your credit line, especially people that already have bad credit. They've proven they can't be trusted (hence, low credit score).
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      • Profile picture of the author wolfmmiii
        Originally Posted by yukon View Post

        You're crazy as a loon If you put anyone else on a credit card, any other type of debt or line of credit.

        You're responsible for the debt regardless who creates the debt, assuming you lose your mind & add other people to your credit line, especially people that already have bad credit. They've proven they can't be trusted (hence, low credit score).
        Done it for all 3 of my older kids when they were starting out. Didn't affect me at all, especially since they were never given a card.

        You are in way over your head on this. Quit while you are behind.
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        • Profile picture of the author yukon
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          Originally Posted by wolfmmiii View Post

          Done it for all 3 of my older kids when they were starting out. Didn't affect me at all, especially since they were never given a card.

          You are in way over your head on this. Quit while you are behind.


          Lmao, your handing out credit cards to kids & think someone else is in over their head.

          Good luck with that.





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          • Profile picture of the author wolfmmiii
            Originally Posted by yukon View Post

            Lmao, your handing out credit cards to kids & think someone else is in over their head.

            Good luck with that.


            Would have been a clever reply if it was accurate. Too bad you screwed it up. If you'd just take a breath instead of rushing out to argue with me, you'd come of as a little bit more educated about the subject. Instead, you just come off foolish by misquoting virtually everything I say.

            Comprehension son... Learn it... Even took the time to bold and highlight for you...

            Originally Posted by wolfmmiii View Post

            Done it for all 3 of my older kids when they were starting out. Didn't affect me at all, especially since they were never given a card.
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            • Profile picture of the author BrownBeard
              Originally Posted by wolfmmiii View Post

              Comprehension son... Learn it...
              Wow, Sick Burn.

              You just roundhouse kicked him back to middle school with that post.

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            • Profile picture of the author yukon
              Banned
              Originally Posted by wolfmmiii View Post

              Would have been a clever reply if it was accurate. Too bad you screwed it up. If you'd just take a breath instead of rushing out to argue with me, you'd come of as a little bit more educated about the subject. Instead, you just come off foolish by misquoting virtually everything I say.






              Originally Posted by wolfmmiii View Post

              Comprehension son... Learn it... Even took the time to bold and highlight for you...
              Thanks dad, now STFU & give me my credit card.
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  • Profile picture of the author onSubie
    Originally Posted by DURABLEOILCOM View Post

    My girlfriend has bad credit and I am trying to help her fix it just wanted to ask if anyone knows the "LifeHack" for improving Credit Scores Quickly? (No bankruptcy).
    The following can work very well to remove bad credit items from your report:

    1. Get a copy of your credit report
    2. Send by registered mail (not email, not phone) a letter disputing each negative item
    3. The Credit Company has 30 days to mark the items as disputed on your report
    4. After 30 days check the report. 90% of the time the disputes will not be acknowledged
    5. Send a registered letter to the credit agency stating that they failed to mark the indicated items as disputed. Due to their failure to comply with the law you would like the items removed from your report. If the items are not removed from the report, you will commence legal action to have them removed

    It is much easier for the credit company to remove the items from your report than fight you on their failure to comply with the law.


    Edit: I missed some of wolfmiii's posts that follow the same idea

    From discussion:

    It is not fraudulent to dispute a post on your report

    If the credit company fails to post a notice of dispute, they have failed to comply with the law. It does not matter whether the disputed item is legit or not.

    Some credit companies will reply to you to dispute your claims. This is irrelevant. They are required to post on your report that the items are disputed. Arguing with you about whether the items are valid does nothing.

    In precedents, courts have sided with consumers over credit companies who fail to comply. Courts have stated that the validity of the credit entry is irrelevant. It is the credit companies responsibility to comply with the process and the law.
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  • Profile picture of the author Kay King
    The "dispute" laws were designed to protect consumers in the US from incorrect information posted in their credit files.

    Many "clean up your credit" books recommend the dispute method. If the debts are old there may be good reason to try it. The lender may be out of business, the debt may have been written off, the company may have been sold or staff downsized.

    BUT - if this is fairly recent credit card debt - it won't work. Those credit issuing banks will re-verify every month if necessary.

    Let's face it - the reason for "disputing the claims" is to improve credit - so you can USE credit again. Is that the reason for asking for a "quick" way to improve credit?

    Are these old debts - or recent? Are there write-offs - settlements? - are they "slow pay" or in default? If there one reason for failure to pay - or is this a case of overspending and under-paying? Credit cards companies will often accept less than the full amt - there are free services to help you negotiate lower payments. Bankruptcy (Chapter 13?) should also be on the table if there's no way to pay the debt.

    One good list on the link below - ck out #5....
    http://www.creditcards.com/credit-ca...rrors-1270.php


    P.S. Adding your kids as they grow into adulthood to help them establish credit is one thing - adding a non-relative with a history of bad money management is a totally different ball game.
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  • Profile picture of the author onSubie
    A timely report by John Oliver:
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  • Profile picture of the author wolfmmiii
    Many "clean up your credit" books recommend the dispute method.
    ALL books could recommend this method as it is the very first thing you do when trying to clean up credit. If a book doesn't recommend this tactic, throw the book away.
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    • Profile picture of the author DURABLEOILCOM
      Originally Posted by wolfmmiii View Post

      ALL books could recommend this method as it is the very first thing you do when trying to clean up credit. If a book doesn't recommend this tactic, throw the book away.

      She has "Active Negative Reports" and then she has "Closed/Charged Off Negative Reports" do you recommend to dispute just the active negative reports or all both Active and Closed.
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