Anyone ever try a credit repair expert?

[marktim]

I’m looking to pump up my credit score from 640-to 700 to get a better interest rate on my mortgage. I’ve heard opening new credit card accounts can help (some say it could hurt) the score but i doubt that would be enough. I surfed the internet and read about credit repair experts that could help. Has anyone tried these guys? Do they really help and if they do how much can they help. The agency i talked to there name was Lexington, but not sure if they can help as much as they say they can.
Thanks for the advice.

[imthatguy]

Actually you can do it your self. I did my girlfriends and mines and got a total of 13 items deleted between the both of use within 2 1/2 months.

[jscan]

Embarrassingly Ive never heard of a credit repair expert ?

[GreenBean]

jscan, I would not call them 'experts' more like money sharks. Some specialize in preying on people in financial troubles. Have you heard of fox symes here in OZ? They deal with credit repair ..... at a high cost
for anyone.

[macmilen]

Agree about the credit repair companies. It's not that hard tp build up your FICO. Over 1/3 of your score comes from payment history, and just under 1/3 comes from proportion of balance to available credit. So here is what you do. Pay all of your existing credit cards down to less than 20% balance, pay them off if possible. If you cannot pay them off then continue to make payments of them (not the minimum) and stay under that 20%. If you can pay them off, DO NOT CANCEL THEM, with the exception of department store credit cards or any other type of consumer credit card (Best Buy, Office Max, etc.). Now, let's say you have zero balance and 4 open cards. Use a different one every week to get something small that you would normally buy with cash, say a tank of gas. Pay each one off before the end of the billing cycle so as not to incur any interest charges. You are getting the benefit of the consistent payment history, with the benefit of low balance to available credit ratio, and it's not costing you any extra money to use those cards. Keep that up for a while and your FICO scores will be up there with the best, the right way.
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[ebayhateluv]

HI Guys:
Owning many businesses over the years and funding them from your personal cc's, can lead to a boat load of debt.. At one time my husband and I had well over $140k in cc debt,,

YES- I called a credit counselor-who "claimed" to be able to get your debts all paid off, for LESS than what you owed for a "fee".. BUT with more research, they were in effect offering your cc companies less than you owed, thus you would get some type of derog remark out of it on your credit file--So for me..
Only thing that worked--- when they want $15--send $100, when they ask for $140--send $300..
IN a nutshell--thats all that gets em paid, cuts down your interest, and will raise your score eventually.. I paid all of our ccs off, from my ebay sales..it took several years..

--AT one point, I couldnt even get Cable in my name, as i was considered "over extended",,after about 20-24 months, I started to get preapproved apps in the mail again, that was over 6 years ago,maybe 8,, NOW,
we force ourselves to pay it off when it comes in, and we cut the check the same day the bill arrives,
>>
I learned something very valuable in an AL Williams COurse--- WHY would you want to keep say $30,000 in the bank in a savings acct even getting 5% interest, when you have $30,000 in cc debt, at 17%??

It made sense to me.. so nowadays, we pay as we go..
>.This method takes ALOT of discipline, and some sacrifices.. even buying alot of generic s sometimes, going without Sodas, making the kids drink Koolaid and bottled waters instead, etc.. (you may laugh--but in my house--a 12 pk of sodas is $3.29--I can buy 4 of them, and theyre gone in 1 day)..

Everyones having Pepsi withdrawals, in the morning, but I say to them,,we gotta cut back somewhere...

[yogarelax]

Do it yourself... I did mine , my kids, It is just a matter of ,like ,alot of investigation. Of course, I like things like this... getting the cable cheaper, lite bill lowered. My favotite method for anything is : the dumb blond with the big smile and sweet voice. I am really great on hotel deals.{ I always mention my 90 year old mother} that was where being able to read upside down came in handy. Just look all over the internet for ideas.
Gosh I hope I don`t go to hell for this behavior.

[imthatguy]

Originally Posted by GreenBean

jscan, I would not call them 'experts' more like money sharks. Some specialize in preying on people in financial troubles. Have you heard of fox symes here in OZ? They deal with credit repair ..... at a high cost
for anyone.

Not really. Its true. They are not scams just some people may expect more or what not. Do you know you can disptue you credit report like disputing items with paypal or your credit card. Then its up to the collector to prove you owe the debt and if they dont it gets erased..