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Credit Score Booster

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Denon
Guest

Subject: Credit Score Booster

Tue Jul 10, 2007 3:42 am

I have a credit score of 617.I just tried to buy a car.The salesman lead me on to a third party.He stated that because I have a repossesion as of the year 2001($12,000.00).He would rather they take it off for me before it gets charged off and my credit score would shoot up to around 700.This will enable me to get a better interest rate and possible finance a new car rather than pre-owned, not that it matters.Is it worth taking the service.The cost is only $200.00 plus $50 for each adjustments made

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407

34540 Magic Points

Tue Jul 10, 2007 7:18 am

I think the offer is good till it is not reported to the CRA. That might hurt your score.

Denon, if you can afford that minimum cost for adjustments made, then i guess its a good deal for you to make. But be aware of the pros and cons.
_________________
Regards,
Laura.

Sundry
Guest

Subject: New Credit Record

Tue Jul 10, 2007 11:20 am

Hi all,

I am new to this city and the forum as well. Im in Illinois right now. I want to make a good credit record of mine. How do i start? Take some credit cards right away?

Appreciate any help
Thanks
Sundry Smile

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407

34540 Magic Points

Tue Jul 10, 2007 11:36 am

Hi Sundry,

These are certain ways by which you can make a credit record.

* Open a checking or a savings account or may be both. This does not contribute towards the credit building but definitely increases your reliability.

* Make an application for a departmental store card. Make good regular payments

* Provide with the summary of your past credit report to the CRA here. Get the information from your previous bank or the credit card organization as to where they reported to. This credit bureau of your former hometown will be proof of your past credit.

All the best
Hope this helps you.
_________________
Regards,
Laura.

Polly

Joined: 06 Jul 2006
Polly's page
Posts: 63

3035 Magic Points

Tue Jul 10, 2007 11:45 am

Hi There Sundry

Just adding a point to what Laura had to say

You can ask whether you can deposit funds at a financial institution so that they act as a collateral for a credit card. Some organizations issue credit cards with a credit limit of the amount you deposit. You can try this.

When you apply for credit many institutions ask for only your salary and job but there are many institutions that ask for your credit history and turn to the credit bureaus for your credit file. This defines your credibility to attain a credit. thus keep up the courage and keep a good track record for your future endeavor.

Good Luck
Polly:)

Denon
Guest

Tue Jul 10, 2007 3:16 pm

Thanks Laura for the reply.Not sure how this could hurt my credit score and the key is that would it raise my credit score.I suppose my thing is would it affect me in the long run or is it just a temporary fix.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407

34540 Magic Points

Wed Jul 11, 2007 5:18 am

Hi Denon

I apologize. I guess there was a misunderstanding with your problem. As far as my knowledge goes there are many companies who make false promises and put you in a mess.

Tell me something, how did come to know that your score will actually shoot up to 700? Is there any calculation on the basis of which the salesman gave you this information?

I also need to know what kind of adjustments they are asking you to pay for. How many adjustments would be there? There are a lot of scams going on. It can hurt your credit history in a massive way.

If you really want to buy a car why don’t you improve your financial situation first and then go for it? This is just a suggestion. As per my suggestion do not fall for this, it would land you in a fix.

Good Luck
_________________
Regards,
Laura.

carol

Joined: 27 Jun 2006
carol's page
Posts: 375

10293 Magic Points

Wed Jul 11, 2007 5:26 am

Hi Denon,

I agree with Laura. This can be a scam. No one can actually tell you that they can improve your score to 700. How do they know how to do it. the CRA's are very stringent with their rules.

What adjustments are they talking about? Is that $200 a one time payment? Another thing, did they tell you how long it would take them to pay off the $12,000 and improve your credit score. I smell it fishy Denon.

Be careful
_________________
Keep in touch
Carol

Denon
Guest

Fri Jul 13, 2007 2:44 am

Thanks for the reply.I have not had the chance to meet up with them yet.I will be addressing some questions before commencing on anything.I would want them to tell me exactly what they intend to do, how, and if it is legal and what are the long term effects.If they can convince me and authenthicate what they say,. then if it is reasonable then we might move to the next step.However I have yet to set up an apointment as nobody has returned my messages.If they are a fish, that is ok because I am a cat.

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407

34540 Magic Points

Fri Jul 13, 2007 3:28 am

That cat thing was really good Denon. Laughing

Cant help but laugh. Do keep on your guard and let us know what happens incase they actually answer your messages. Keep us posted as to what you did. We will be more than glad to know.
_________________
Regards,
Laura.

carol

Joined: 27 Jun 2006
carol's page
Posts: 375

10293 Magic Points

Fri Jul 13, 2007 3:49 am

Hi Denon,

Great to hear from you. It is good that you know how to deal with the situation. There are people who fall easy prey to these scamsters. We want people to be more aware of such criminal acts. Hope to succeed someday Smile

.

Please keep us informed as to how you go about the whole thing if it works out.
_________________
Keep in touch
Carol

george

george

Joined: 06 Jul 2006
george's page
Posts: 75

2859 Magic Points

Fri Jul 13, 2007 3:55 am

Denon you are really bold. Your confidence gives a boost and feels good that people actually know how to handle these situations. It would be the best if you dont let them understand that you smelled a fish Laughing

and you are a CAT Laughing

as well.

Please share your experiences with us. It would be great.

Good Luck
George

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 891

2654 Magic Points

Subject: credit score

Thu Aug 23, 2007 9:05 pm

I've looked into a few 'credit repair' places. Alot of them 'Promise you the moon". But.....when you actually are 'stuck' with them, and can't pay their fee, etc. The 'credit repair' companies report that you are deliquent on your accounts!! Which can scale your score even lower!! ( Trust me, I know!!) With some of the fees, these companies ask for, you can probably pay an old account off, yourself. As I have learned, a 'good' credit score takes time to improve. Stick with it, and you will be surprised!! " You have to learn to crawl before you walk,etc." ( I like that saying!!)

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1407

34540 Magic Points

Fri Aug 24, 2007 4:21 am

Yes a credit repair company does not do anything that we cannot do ourselves. So why waste the money which can be used to pay off one pending bill?

Quote:

You have to learn to crawl before you walk

This one is really great. Do you really have a store of such inspiring quotes that relate so well to the situation? Smile

_________________
Regards,
Laura.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 891

2654 Magic Points

Subject: credit repair

Sat Aug 25, 2007 12:53 am

Thanks, Laura!! I think it does make alot of sense. Even if you have a low/'fixed' income, you can slowly, but, surely save to pay off debts. You MAY find a company to help you...I don't know. But.....I know there are SOO many people that want things paid off right away ( me, included). But..realilty is..this takes time.

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