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Level 2

How to Raise Your Credit Score

Losing a job has got to be one of the toughest things to go through. you have my empathy as my dad went through a rough time 10 years ago with his business and had 2 vehicles repo’d. Well, take it one step at a time. Take an honest look at yourself and ask, “how did I get here in the first place?” Paying off debt is just discipline and patience, but finding the root cause(s) and getting help will certainly place you in a better spot in the future.

Focus on lowest balance first. Put whatever extra you can towards the bill. If you look at everything at once, it can get overwhelming. Don’t take out payday loans. I personally would just let the other stuff sit in collections until you pay the debt that is still open.

Bankruptcy can look tempting (I myself filed) but it’s honestly just there if there is simply no other option. Yes, a chapter 7 will wipe everything away. Yes, a chapter 13 will get you to pay little by little for 5 years then it’s discharged. Either way, it will hurt you for awhile. It’s a decision you have to make. Age, total debt, assets, time you want to be in bankruptcy, figuring your total minimum monthly payments etc, will help you decide whether or not to file. I hope this helps.
Level 3

How to Raise Your Credit Score

If you let those debts go into collections you can be sued and liens put on your property and get your wages garnished .

Level 6

How to Raise Your Credit Score

If you are deep in collections & you have a good job now, file for bankruptcy! You can try to pay those debts slowly & your credit score will never go up. My bankruptcy got discharged a year ago, at the some time my company has been doing well, & so have I financially. After 2 months of my bankruptcy being discharged, I got my 1st credit card offer for a $500 limit with no annual fee from capital one. Now I have 4 credit cards with limits between $1750 (the capital one card), & $3000. My credit score is at 720 & climbs every time these credit card companies show me an updated score. I wish I would have filed for bankruptcy in my 20's because doing so, they flood you with information about building credit & being financially responsible. Resetting your score is easier than trying to build it back after taking so much damage. It's a stupid, wasteful system, but it is the system that is put in place for us.
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Level 3

How to Raise Your Credit Score

Good insite
Level 3

How to Raise Your Credit Score

If you have CC you don’t use or want, what happens if you close them ? I was told it would reduce my credit card. How about reducing the told number of dollars you could have access to?
Level 2

How to Raise Your Credit Score

How can I stop companies from checking my credit report in order to see if they want to solicit me for their credit cards? In other words, credit inquiries I did not initiate?
Level 17

How to Raise Your Credit Score


@Pl130sk wrote:
How can I stop companies from checking my credit report in order to see if they want to solicit me for their credit cards? In other words, credit inquiries I did not initiate?

They are most likely soft inquiries which do not adversely impact your credit score. If you see hard inquiries (for credit applications) that you did not authorize, you can dispute them.

 

See https://www.creditkarma.com/advice/i/hard-credit-inquiries-and-soft-credit-inquiries/

Level 3

How to Raise Your Credit Score

Your issue could be that you dont have a variety of credit lines. Or you dont have enough credit and or debt (yes, debt! 🙂 Heres what's factored in to the formula for score results:
Payment history: 35%
Amount of debt owed: 30%
Age of credit history: 15%
New lines of credit: 10%
Credit mix: 10%
Hope that helps!
Level 2

How to Raise Your Credit Score

I looked at my credit score and I wonder why TransUnion is always so much lower than the other credit companies.
Actually, I have less on my credit cards etc and my score went down with TransUnion. Less debt etc . Clean report and TransUnion is so negative compared to the other credit companies. My credit score is like 59 points higher than TransUnion.
Something is not right the way they decide.☹️
Level 17

How to Raise Your Credit Score


@Wondering 1 wrote:
I looked at my credit score and I wonder why TransUnion is always so much lower than the other credit companies.
☹️

The three majors compile their own reports and there are several scoring models. Obviously, that accounts for the variation.