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850 Credit Score how does this happen?

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Armadillo Man
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Subject: 850 Credit Score how does this happen?
 
Posted on Thu Dec 04, 2008 11:48 pm  

I am just curious if you can get a credit score this high by going thru a credit repair program like the one the Cowboy has! CODY THE CREDIT COWBOY?
sdchargers_63

sdchargers_63

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1916 Magic Points

Subject: credit
 
Posted on Fri Dec 05, 2008 12:09 am  

I don't know..actually. I haven't gone through his program. But,,,,it would be great if I COULD get a Credit Score that high.
Doc

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1273 Magic Points

 
Posted on Fri Dec 05, 2008 1:43 am  

I have a tremendous volume of credit reports reviewed, and I can tell you that an 850 might as well be a unicorn... Nifty idea, but you'll never see one... Bear in mind that the scoring formula used by most mortgage companies only goes up to 850 anyway...

I've seen a few around 820, but they belonged to people in their fifties, who had been in the bureau records for years and years, having never had any derogatories, and with only the MOST responsible use of revolving credit. (credit cards)
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site...
http://www.omegacreditrepair.com
You can also get tons of information here!
http://www.doccompton.com
sdchargers_63

sdchargers_63

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1916 Magic Points

Subject: credit
 
Posted on Fri Dec 05, 2008 4:48 am  

SOOO, DOC...you're saying that a credit score, that high just isn't 'reality'...or is it? Anything close?
Mary

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17426 Magic Points

 
Posted on Fri Dec 05, 2008 10:56 am  

Hi Armadillo
It is not possible to increase your credit score to 850 just by going through credit repair programs. Credit repair programs can at the most remove some of the negative debt listing from your credit report only if you can make the creditor agree for pay for deletion. It may also remove some hard inquiry listings from your report if the inquiry is unauthorized, but this cannot increase your score to levels like 850. If any credit repair companies have promised you that they will do so, then they may be lying to get a business from you.
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scott

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Posted on Fri Dec 05, 2008 11:08 am  

Yes, I agree with Mary. If you have a bad score and you want to improve your credit score by credit repair programs, it may help you to increase your score by at the most 100 points but not more than that. To improve your credit score to that level, you need to rebuild a good credit history again using your credit cards and at the same time try to pay off the existing debts by coming to a pay for deletion agreement with your creditor so that as soon as you pay off the debt the negative listing goes out of your credit report and your credit score improves.
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anthony

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Posted on Fri Dec 05, 2008 11:20 am  

I think that if you want to improve your credit score, you need to try it yourself instead of going for credit repair agencies. Even if you go to FTC site, you will find that they too recommend credit repair by yourself because you can do what the credit repair companies can do. Now if you repair it by yourself you can save the money which you would have otherwise paid to the repair agencies and use this money to repay the debt. You need to start from debt validation letters to creditors whose name appears in your report against a debt and send letters to the inquirers who had made hard inquiries in your credit report. You can find the sample letters if you visit the letters of credit section of this forum.
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fireyone



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Posted on Fri Dec 05, 2008 11:52 am  

I see this post started out about a high credit score. Does anyone have any idea what the average persons credit score is? You always see numbers that are all over the place like 540, 620,780 so there has to ba just an average credit score number.
Doc

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1273 Magic Points

 
Posted on Fri Dec 05, 2008 1:55 pm  

Once again, I have to respectfully disagree with several items here...

Although it depends largely on where they start out, we REGULARLY raise people's credit scores over 150 points, and a few have even seen closer to 200 point increases... Obviously, if they have a 650 score to start, 100 points is tougher than if they start with a 550...

We DON'T just affect negative items. Inaccuracies in the reporting of POSITIVE tradelines can negatively impact score, and we work on those issues for our clients as well...

The FTC has the famed "Self-Help May Be Best" thing that comes up in every search for credit repair... "MAY" be best. They are simply working to prevent the average consumer with less knowledge than many of the folks on this forum generally have from getting duped by an unscrupulous company... They never say -and wouldn't- that it's a bad idea altogether. The bureaus discourage credit repair as a business because it hurts their bottom line, and successful credit repair brings to light the ridiculous flaws in their systems.

ALSO, the manual issued for furnishers of credit data says VERY CLEARLY that paid accounts SHOULD NOT be deleted from consumer files, but instead reflected to indicate a paid status. In fact, furnishers will often get chastised for deleting paid accounts...

Paying off charged-off or collection accounts DOES NOT positively impact your credit score, and DOES NOT mean that the item should be removed from your credit. In fact, PAYING a debt like that is more likely to harm your credit than help it, since the collection agencies often manipulate the date of last activity to make the accounts appear newer once you make a payment.

[deleted] Violation of forum rules - Richard
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site...
http://www.omegacreditrepair.com
You can also get tons of information here!
http://www.doccompton.com
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Fri Dec 05, 2008 4:58 pm  

I have to agree with you on the point that paying off a debt that is in collections is sometimes the owrst thing to do. I try to tell people if the debt is protected by their states SOl then their best move is to leave it be and let it fall off. You have got my interest in a few things you have posted here. You say:
ALSO, the manual issued for furnishers of credit data says VERY CLEARLY that paid accounts SHOULD NOT be deleted from consumer files, but instead reflected to indicate a paid status. In fact, furnishers will often get chastised for deleting paid accounts...

Then how can they offer pay for deletes? You do see them often. Is this maybe why some people have problems getting the debt collector to hold up to their end of the bargain?

Also what flaws are in the FTC systems? I hear of people having problems wiht them frequently.
Doc

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1273 Magic Points

 
Posted on Fri Dec 05, 2008 5:23 pm  

They offer pay for delete letters, just like they do all theother CRAP... Illegally!

Not flaws in the FTC systems... Flaws in the credit reporting systems.... Truthfully, it's a terribly inaccurate system.

The FCRA allows for the completeness and accuracy of credit information on consumer files.... Almost all derogatory info is SOMEHOW inaccurate or incomplete, hence, our ability to remove it, or correct it...!
_________________
-Doc Compton, Omega Credit Repair
I provide info for free, & all I ask is that you visit my site...
http://www.omegacreditrepair.com
You can also get tons of information here!
http://www.doccompton.com
fireyone



Joined: 26 Feb 2008
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Posts: 4246



123 Magic Points

 
Posted on Sat Dec 06, 2008 3:01 am  

Thats great. I always tjhought once it reached your report then you were pretty much a goner for the next 7 years. I hop some of your clients come here and stand behind you. You seem an honest person.
Cody The Credit Cowboy

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Subject: Answers
 
Posted on Sat Dec 06, 2008 4:16 am  

Average credit score before this melt down was 692, now its im guessing around 630 to 640. Ok Credit Repair because FTC says different? Credit Bureaus are not owned by the goverment, they get paid to report items for creditors and collectors. So let me ask you this if you were getting kick backs from millions of peoples info from creditors and collectors why would you want to tell as mass of people how to fix it. Also look at it this way, if 300,000,000 people have items being reported and recorded and the average credit report has 8 accounts, and there are 3 major credit reporting agencies , and the people doing the data entry and reporting are only human, how often do you think errors happen? These are all food for thought, you do your own research and shead some light on these issues. I hope this sheads some lights on these issues. Yes I am real, and I help real people with goals. If you are serious about repairing your credit to buy a home, refi, get a new car, or just improve your credit rating contact me.
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fireyone



Joined: 26 Feb 2008
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123 Magic Points

 
Posted on Sat Dec 06, 2008 3:42 pm  

Well finally some sensible advice. I see your points here on the credit bureaus. what really surprises me is that thee are only three reliable ones. With it being such a big business you would think more and more comapnies would appear trying to cash into the dough. Why are there only three?
goodnatured



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490 Magic Points

 
Posted on Sun Dec 07, 2008 5:59 am  

cody, I know you can not give a real hard price, but can you put at least a scale here as to what it would cost people in different people in different scenarios. I am really curious on what it would take to clean up a credit report.
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