I know many investors have trouble keeping their credit score high so that they can qualify for more loans to buy more properties. I know many people who would like to start buying homes but have no credit. I have found a service that has been working great for me. I had to share this i couldnt keep it to myself. Its called Rent My Credit.
What they do is co-sign on tradelines of credit in the form of loans to help you establish or improve your credit. You pay them small fee each month and they make the payments on the loans. After six months the loans are paid and your credit is either improved or established depending on your situation.
This is a great service for investors, mortgage brokers, realtors, etc. They also help you establish business credit so that you may purchase homes without a personnal guarantee. Oh yeah, they show you how to start a brand new credit file 100% legal.
Hello Everyone, You have heard the saying, “it takes money to make money”. This company only does what you should be doing yourself. It’s just another form of credit repair. There are monthly fees and some programs have activation fees on top of the monthly fees. This is my opinion from what I have seen of the website.
It is insanely easy to fix your own credit. I raised my average FICO from 656 to 728 in less than 1 month. You dont have to spend more than $25 to do this either. Heres exactly what you do:
Get a 3 in 1 credit report from any online “free credit report” service. Dont fall for the “1 free report” because they’ll give you a report but no FICO score so its pointless. Pay $25 to get the 3.
If you have any collections, you need to pay them off. Dont just call and pay them however, tell the collector that you will pay IF they request the debt deleted from ALL 3 BUREAUS. They will always agree because they get commisions only if the debt is paid. If, by chance, they dont agree to this, DONT PAY IT. Paying it w/out deletion will NOT help your score whatsoever. Its extremely rare that they dont agree.
Now, with these reports, you have a online dispute option. I used these options thinking it was too easy to really work. Surprisingly I started getting deletion confirmations by mail within 2 weeks. It works great.
Dispute EVERYTHING wrong or derogatory, regardless if you were/werent in the wrong. I found most places just deleted it rather than invest resources into researching it. Also, if they cant give an answer in a timely manner, the bureaus delete it. Usually 1 month.
Follow up. Get your reports again in a month to 6 weeks. See if the collections or lates are actually off. If the collection(s) are not removed, now you have ammo to dispute it online. More than likely your collection account was noted to send deletion letters and the agency will report this to the bureau through the dispute, and it will then be gone forever.
I cant stress how simple it was. A 728 versus a 656 has opened up a new world to me, literally. Its called prime vs subprime and its huge.
Although this service is for those who dont have the money to pay off all their collections if any. RentMyGoodCredit.com will show you how to start a brand new credit file as i have done without paying anything off. If you have the money and dont mind paying, by all means do what you need to. Although many people either dont have credit, or have seriously damage credit. If they had the money to pay then they wouldnt have bad credit. Those who have no credit and need to establish credit we know how hard it can be to get credit. This is where www.RentMyGoodCredit.com comes in for they will co-sign on new lines of credit with you.
You will only pay one fee per month but you will get up to 9 lines of credit which will all be paid off in six months. This will generate a very good score for those who are establishing new credit. I started a new credit file and signed up for the cheapest program they offer and in only 3 months a score was generated at 685.
I really dont know anything about this service, I just tend to be skeptical of anything with a lot of fees and/or gimmicks. I dont know how you get rid of collections from your credit report without actually settling them. How do you fix your credit without paying off “anything”? Seems like a gimmick to me. I outlined a legitimate, straight shooting way to repair credit. All the power to you if that service is helping you, it just seems a little too credit counsel-like to me. Sounds good at face value, then fees get excessive and they fail to tell you its basically Bankruptcy 13.
It actually kind of scares me. Its masking poor credit individuals so they can get things that legit borrowers should be getting. Im all for people getting help because most everyone has run into a bad streak with bills and might have been adversely affected credit wise but some of this stuff seems like a money making shceme.
HERE IS A LITTLE HELP FOR THOSE WHO WANT TO PAY OF THEIR DEBT.
EXAMPLE:
IF YOUR MINIMUM PAYMENT ON YOUR CREDIT CARD IS $100 YOU NEED TO SEND NO LESS THAN FIFTY DOLLARS EVERY TWO WEEKS. THIS WILL LOWER THE INTREST ON THE CARD BECAUSE IT IS COMPONDED DAILY ON THE BALANCE OF THE LOAN. YOU CAN PAY YOUR CARD OF IN HALF THE TIME OR MORE. :o
Hello, Hopper has a good point. Also, pay a little more than the minimum balance, say $10, (Hopper’s ex: $60 every two weeks) and you will pay it off even faster.
[i][/i]please tell me more about credit repay i also paid debts in FULL and the bureus sent me a letter saying they can accept certain documents…what should i do next…i need this off my report…so i can start my business adventure.
Rentmycredit cannot remove things from your credit! It is no different then getting a new card and paying it like your are supose to in the first place. If you can’t or won’t pay your bills now then using a cosigner isn’t going to do you any good until you can pay all the debts you owe. They don’t have to be paid off you just need to make full and ontime payments every month and your credit will fix its self.
I have been repairing my credit myself as well, and its EASY. All I’m doing is disputing everything by sending dispute letters. I disputed 4 items last month and got 3 deleted. It does take about a month or a little longer but its well worth it. Do not fall for that gimmick crap. YOU CAN NOT start a new credit file, IT’S ILLEGAL. What they are probably doing is giving people a new EIN (Employnent Identification number) and calling that a social security number, please be careful!!! Good Luck
When you mention dispute the recorded collection do you send the dispute directly to the credit reporting agencies or to the agency that is listed on the report that claims you owe them. Thanks I am presently making attempts to repair my credit.
When you dispute items on your credit report you dispute them directly to all three credit bureaus and then the three bureaus investigate the dispute. The bureaus have 30 days to investigate and contact the agency you owe the money to. After thirty days if there isnt anything thats happened it will be deleted. There are several ways to dispute items on your report as inaqurate.
Good luck
I agree with you 100%…I jumped on creditboards.com and read how others did exactly what you said. It took me a little more time but in 8 months I raised my FICO’s from 595 to 725; it changed my life.
KUDOS to straitfromjapan
I did exactly what you outlne and I improved my credit 65 points in less tahn 60 days. I disputed every single item. Guess what? hte big agencies just don;t seem to have the time to respond within the 30 days required period so they just ignore the credit agency request and it gets removed!!!
Hope you folks aren’t disputing charges you realy owe.That would be a bit dishonest don’t you think.What lesson have you learned from the whole experience? You are going to end up right back where you started if you haven’t learned how to manage your credit and debt. :-\
Afterdigital: to dispute your credit, you need to go with a 3 in 1 credit report. This can be done online. I used freecreditreport.com - BUT you have to choose the 3 in 1 option or you will just get Experian (the owner of freecreditreport.com)
This is the cheapest service Ive found. Most are $44.99 and higher, this one is $25.
When you get your reports, go into the “summary of accounts” where it lists every account youve ever had. At the bottom there is a little link for “dispute online”
You really have to look for it, because they dont seem to want to throw it out there real big but it is there. You have to dispute with all 3 bureaus or else your scores wont match up correctly. For example, you might just fix Experian and be at 725 but be 610 and 600 with the other 2. Not good.
When you click the link, it will bring up all accounts that can be “potentially negative” with a button next to them to dispute it. Simply dispute them and it allows for a 1 sentence explanation and a dropdown box of why you are disputing it.
Hopper: It is wise to dispute EVERYTHING regardless of the situation. It is on the bureaus and creditors to decide if it is legit or not. If they dont want to bother looking into it, it is on them, not the consumer. For years the credit bureaus stonewalled the consumer. We still, to this day, do not know how a FICO is calculated.
They give guidelines of how to raise credit, but it is just vague common sense suggestions like “pay down debt” “dont be late with bills” - well no sh*t!!
Follow these steps and you will get the FICOs raised. Please note my first post though, about collections. Youre not going to just get out of a collection. Pay it and tell them youre only going to pay it if they request deletion from the 3 bureaus. They will because they only get paid if the debt is collected.
you just need to make full and ontime payments every month and your credit will fix its self.