Credit Report Score Rating
2010
This question concerns credit and my credit report and score….?
I have quite a few blemishes on my credit report.Most are due to come off within the next 2 years.I have nothing good on there now.If I can at least get up several up to date accounts with timely payments will it improve my credit score even though there will still be a couple of bad reports left on there even after the two years when most will be off?I’m on a two year plan to improve my credit though I know it still won’t be perfect.It would at least be nice to start getting lower interest rates again.Possible mortgage within the next 3 years I am hoping.Suggestions as well as a direct answer to my question would be appreciated.
If these are Collection accounts, you won’t be able to open up any decent credit with those on there. You might be able to get a secured card, but getting an unsecured card would be unlikely. You can try places like Orchard Bank to apply for a secured card.
Also, two tenths gave you a partial answer. Yes you are allowed(and should) to dispute any incorrect information on your report. If they do not verify the record within 30 days they have to remove it. However, if it comes back verified at a later date it can be put right back on there. The other thing you have to be careful about is that if you dispute everything and the credit agency determines the disputes to be frivolous. If this happens they then are no longer under any obligation to research your dispute under the same rules and time limits.
If you wait until they fall off, you will basically have no credit. You would still have to probably start off with a secured card, but you then also might qualify for some Department store credit cards that have lower qualification guidelines, but higher interest rates. You probably want to look at getting something like auto or personal loans as well as the credit cards to improve your report. For the mortgage, most lenders want to see at least 2 years of history, and a good mix of the loans and credit cards will help.
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