Hello, I just applied for a home loan and they showed me my credit report. I have a collection from a library, under UNIQUE NATIONAL COLLECTIONS. I can't find the phone number anywhere to pay it off! Also, I am trying to build my credit back up, how long does it take to improve once collections are paid off? What's the best and quickest way to build credit once collections are paid?
you need some establised credit. first once you pay off the old credit they are suppose to remove it from your credit report. most home loans arent real perticular on small loans. when i got a morgage for my daughter they just made me pay off the petty thing on my credit report, which i think was a music club. hope this is of some help. ask your bank how they handle it.
Once the debt is paid off you need to keep up with all the payments. Steady savings and less expenditure compared to earning. Rather follow the concept of earning more.
I have a collection from a library, under UNIQUE NATIONAL COLLECTIONS. I can't find the phone number anywhere to pay it off!
You may want to visit the debt forum for the address and contact information for this company, they have tons of people there with collection experience. Just a thought. I was reading through some of the posts there before I came here, trying to decide what forum to join. They have a lot of information there that may be useful to you about collection agencies and dealing with them. Then you can do the credit rebuilding thing here. Goodluck :D
You can access the debt forum from the top of this page, sorry forgot to mention that.
I would appreciate if people can collect information here rather than asking a questioner to sneak peek into th debt forum. Just a suggestion.
Check this one
http://www.creditmagic.org/collections/unc-debt.html
It is also important to maintain the same job instead of job jumping. they look at that too when you apply for credit.
That is true Da. Job hopping reflects fickleness of mind. A company would never prefer a temporary employee. If they are investing money in you they would want you to stay and save the cost of another hire. So random switching of jobs is not welcome.
Suprise!!!
I am in the process of purchasing a home, I have no bills and this suprisingly seems to be working against me, because there is low or no credit in my name. What's the quickest way to build my credit score?
Hi Antonio
There is no easy way to build up a credit score and it takes a year or so. Since you do not have a credit history at all, you will not be able to get an unsecured credit card. Therefore you should go for a secured credit card, which is backed by your own money. Once you get a secured card, you should make regular payments with the card and pay off the debt within the card due date. Doing this will help you to build up a credit history and therefor a good credit score. But make sure, that you do not default on your payments. If you do so, then instead of building up a credit profile, you would be damaging it.
You can get a loan for purchasing a home only if you have a credit score of 720 and above and to build up such a credit score it may take one or two years and there is not easy way to build up credit. As carol said, you can go for secured credit cards as they do not require a credit score and build up a credit history with the help of the card. Pay your regular bills through the card and repay it within the due date to build up a credit history. Now since credit history contributes 35% in your credit score, it will help you to build up a good credit profile if you do not default on your payments.