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Old 09-02-2021
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Default How long does it take to fix credit score in the US?

Let me give you an example on how credit scoring works in Germany so you could understand my question better. Suppose you owe 100$ to the German tax authorities, they sent you a notice while you were on vacation, 6 weeks later you come back home and you find out the German IRS has seized your bank account and deducted the 100$.

From now on, you have a negative entry for the next 3 years in something called SCHUFA. During these 3 years you won't be able to get a phone contract, rent a flat in a big city where a SCHUFA record is required by most landlords. No bank will ever give you a loan until that SCHUFA entry gets deleted and your score is improved (which will take at least 4 years).


How is it in the US? Suppose the IRS seized your bank account, how long would it take you to fix your credit score in case you pay up and settle everything?
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Default Re: How long does it take to fix credit score in the US?

You won't reply... why should we answer you?
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Default Re: How long does it take to fix credit score in the US?

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Originally Posted by ebaystealth1974 View Post
You won't reply... why should we answer you?


Won't reply to what?
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Default Re: How long does it take to fix credit score in the US?

9/10 threads you make lol
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Default Re: How long does it take to fix credit score in the US?

Anyway... the direct answer to your question is, probably a couple years to build credit back up.

Although, in the US it seems to be a very rare occurrence that the IRS seizes bank funds. I've been upside down with them for large sums... but I always resolved it in a reasonable amount of time.

The STATES, on the other hand... they don't phuck around. Without warning, my state turned both my bank accounts into negative $3,000 each For the same issue that the feds did nothing severe about.
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Default Re: How long does it take to fix credit score in the US?

I think I will be moving to the states in the future, Europe feels like the age of the dinosaurs.
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Old 09-03-2021
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Default Re: How long does it take to fix credit score in the US?

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I think I will be moving to the states in the future, Europe feels like the age of the dinosaurs.
Which state are you feeling?
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Old 09-03-2021
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Default Re: How long does it take to fix credit score in the US?

It's very easy to fix credit scores in the USA. Germany is quite the totalitarian hellhole compared to the US. The IRS "seizing your bank account" would be an absolute last resort after they've made many other unsuccessful collection attempts. You would probably be a lot happier here.

I was able to get my score from 625 to 800 in about 2 years without ever actually financing anything or accruing any real debt. I'm now 50pts from perfect credit. I used a combination of secured loans and secured credit cards until my credit was good enough to apply for an unsecured credit card. "Secured" means I give them the full amount of $ as collateral and then they loan it back to me. For example I did a $5k secured loan with the bank. I had to pledge $5k of my own money and then they cut me a $5k check.

Totally useless system unless you're trying to build credit or you have somebody else willing to put up money for you. I've financed 3 vehicles for family members using this system.
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Default Re: How long does it take to fix credit score in the US?

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Originally Posted by rsot View Post
Which state are you feeling?


The state of bureaucracy
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Old 09-03-2021
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Default Re: How long does it take to fix credit score in the US?

The countries of Georgia and Portugal are interesting and a lot less taxes than USA. I loved panama and Costa Rica until their insane Covid restrictions last December.
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Old 09-03-2021
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Default Re: How long does it take to fix credit score in the US?

IRS is known to seize Paypal account fund.
They are also not afraid to seize your heirlooms,collectibles,paintings on the wall,if they are worth annything
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Old 09-04-2021
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Default Re: How long does it take to fix credit score in the US?

There was discussion about the SSN system being replaced because of over 52% Americans not being able to apply for credit. Ill have to find the article.
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Old 09-05-2021
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Default Re: How long does it take to fix credit score in the US?

some do not have bank accounts,they cash their paychecks somewhere ,then pay their utility bills at supermarkets and use remaining cash to pay their landlord,buy grocery.
American households do not have $400 in savings.
after paying rent,car,student loan,utillities,insurance,food,gas,what is left?
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Old 09-05-2021
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Default Re: How long does it take to fix credit score in the US?

Quote:
Originally Posted by agent006140 View Post
some do not have bank accounts,they cash their paychecks somewhere ,then pay their utility bills at supermarkets and use remaining cash to pay their landlord,buy grocery.
American households do not have $400 in savings.
after paying rent,car,student loan,utillities,insurance,food,gas,what is left?
Yes very true. This is why its difficult for the average person or household to get ahead. Even with two working people together can be difficult to invest that money.
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Old 09-06-2021
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Default Re: How long does it take to fix credit score in the US?

It could take a while, but some credit repair companies say they can fix your credit scores in as little as seven months. But I think it's different for everyone.

Not only does it depend on the situation whether you've made money mistakes that caused errors in your report or if you just had a change in a credit limit that needs to be updated, for example. There are lots of factors involved as well.
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