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Credit score high balances.?

Author : Olivia

Submitted : 2018-01-09 06:16:37    Popularity:     

Tags: score  Credit  balances  high  

So I’m trying to get my credit together the only thing that’s hurting my Credit is I have 3 cards that are all maxed out. Totaling about maybe $1,600 or so. This guy who has a legit credit business looked over my report and said he can fix it for $500. I

Answers:

Its a scam. There is nothing this person can do for you that you can't do for yourself.

Here's what I suggest:
1. Use the $500 you have (which you would have paid on this debt repair scammer) to pay down your credit card balances. First make sure you are current on the minimum payments on all 3 cards then put the rest toward paying down one of them. If possible pick one that's under $500 and pay it off completely. If you can't pay one off completely then apply it to the card with the highest interest rate. But don't stress too much about which card you're' paying, just as long as you're paying one of them you'll be moving in the right direction.

2. Stop spending money on the cards. From now on, if you can't pay cash then don't buy it.

3. Once you have a card paid off, apply the payment from that card to the next card. Put as much money against one card as possible and get it paid off, then move to the next one, just make sure you pay the minimum on every card to stay current.

your debt is only $1600 so it shouldn't take very long to work through it. I wouldn't bother with a consolidation loan because the fees for setting up the loan will be more than you'll pay in interest on the cards if you just get focused and attack this with every penny you can find in your budget.

unlemeted

First, there are no legit credit repair businesses.

No one can fix anyone else's credit. If you use a business, then it doesn't matter what is hurting your credit. Most credit can't be fixed, but if a person's credit can be fixed, then that person is the only person who can fix it. It cannot be fixed by anyone else or by any business.

He can't fix it. PERIOD! Ask him how he can fix it. Is it a permanent fix? What he will do is dispute the credit card balances. During the challenge process, one CRA will make an temporary entry will be made saying that the debt is being disputed (two of them don't). During the dispute period, your score will be recomputed, showing a false high score. You see that score thinking he did his job. You pay him.

When the dispute is resolved and verified as valid amounts, your score will return to the point where it currently sits.

he can't.

It's a scam. He'll just tell you to apply for more cards and ask for credit limit increases on the current accounts. That might improve your score SLIGHTLY in a few months but since you appear to be the type to max out his cards anyway, that will be very temporary.

If you can afford to pay this clown $500, just use that to pay down the balance on the card that has the highest interest rate. That will do more to improve your score than anything that that idiot can do.

It IS a scam. Avoid debt consolidation companies if you can. Is it possible to get a personal bank loan? That'd be the best way to consolidate your credit cards, and the interest rate would be much lower. Considering your debt is so low, if you're employed you could probably get a bank loan. Just tell them you intend to use it to consolidate your credit cards. The guy you're talking about will ruin your credit. You can apply on most banks' websites. It would be an excellent way to build your credit, too.

That one is a scam. He lacks the power to fix it. Your notion that your only negative is having 3 maxed out cards is almost certainly wrong. Even if it was right, the ratio of used v. available credit is not something that someone can magically change.

Don't give this guy $500. If you have an extra $500 sitting around, use it all on your credit cards. Pay as much as you can on each card, don't use them as often so the balance can go down and you will see your credit score go up.

Waste of time. Pay down your balances with the $500 and go from there.



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