Introduction (6)
- Creditors like to see evidence of stability, so if any of the following information is not in your report, send it to the bureaus and ask that it be added: your current employment; your previous employment, especially if you’ve been at your current job fewer than two years; your current residence; your telephone number, especially if it’s unlisted; your date of birth; and your checking account number. Again, the credit bureau doesn’t have to add these, but often it will. (See Chapter 4, Sections F and G, for more information on adding positive data to your credit report.)
I’ve been told that I need to use credit to repair my credit. Is this true?
Yes. The main type of positive information creditors like to see in credit reports is credit payment history.
If you have a credit card, use it every month. Make small purchases and pay them off to avoid interest charges. If you don’t have a credit card, apply for one. If your application is rejected, try to find a cosigner or apply for a secured card—where you deposit some money into a savings account and then get a credit card with a line of credit around the amount you deposited. But don’t try to get new credit or use a credit card you already have while you’re still steeped in financial trouble. The last thing you want to do is continue down the road you’re trying to get off of. (See Chapter 6, Section C, for more information about using credit.)
How long will it take to repair my credit?
If you follow the steps outlined in this book, it will usually take about two years to repair your credit so that you won’t be turned down for a major credit card or loan. After around four years, you may be able to qualify for a mortgage.
B. When to Get Help Beyond This Book
This book can help you assess your financial situation and repair your credit. In some circumstances, however, you may need to take immediate action—or more drastic action—which may be beyond the
scope of this book. Nolo publishes several detailed books on debtors’ rights and bankruptcy, which
may provide the answers you need. In some situations, it may make sense to see a lawyer right away.
Use the chart on the following page to fully assess your situation.
C. Icons to Help You Along
Throughout this book, you’ll encounter the following icons:
- The fast track icon alerts you that you may not need to read some material.
- This icon cautions you about potential problems.
- Suggested references for additional information follow this icon.
Taken From : Credit Repair by Attorneys Robin Leonard and Deanne Loonin
