Canadian Credit Repair - Credit ratings - Canada

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RE: Credit ratings

Postby countrygirl » Wed Jun 02, 2010 06:46:51 AM

Hi there,

can you have the creditors agree in writting to remove the entire entry from your credit report alltogether once you pay? They do have the authority to do this (they might say initally they don't be be persistent). If they do agree, very importatnt to get this in writting.

Your debt stays on from date of last activity and acknowledgingyour debt in a letter is considered the date of last activity. For that reason try to discuss everything over the phone (getting the creditor to commit their end in writting otherwise you'll be SOL if they renege). If you do have to write something choose your words carefully. Ie call it the "alledged debt" rather than just "debt".

After you get the baddies taken off, consider to take out a secured visa or mc for $500 and keep your monthly use to 10%and pay it on time. Do not use it more than 10% a month and your points will soar.

Goodluck
countrygirl
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RE: Credit ratings

Postby RichardC » Mon May 31, 2010 11:13:13 AM

Credit scores go up pretty quickly after your debts are settled - around 100 points 12 months after the last settlement is pretty common.
RichardC
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RE: Credit ratings

Postby oopscredit » Mon May 31, 2010 11:00:46 AM

yeah I am not caught in that net, we have been with out credit for so long now we have gotten used to paying up front for what we need. just wanted to know when the scores would start improving instead of sitting where they are.
oopscredit
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Province: BC


RE: Credit ratings

Postby RichardC » Mon May 31, 2010 10:03:38 AM

Your credit won't improve until settlements are paid.

Don't get caught up in the hype about your credit rating being the "be all end all" - when you are drowning in debt, do something about it as soon as possible and forget about what your credit will look like.

Here's my perspective on credit vs. getting out of debt and why most people have their priorities mixed up: http://www.totaldebtfreedom.ca/articles/article_3.htm
RichardC
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Credit ratings

Postby oopscredit » Mon May 31, 2010 09:03:48 AM

we are going through a rough patch and we are considering doing debt settlement, when we settle with the companies we are in debt to (cibc, visa, telus, etc.) what will this do to the credit score we have, its already rock bottom but will it make it worse off because we settled or better because we have paid something at least?
oopscredit
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Posts: 2
Joined: Mon May 31, 2010 08:57:03 AM
Province: BC


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