Question:
we spoke with a financial advisor who also does home loans. she said she could raise my husbands bad credit from a 540 to a 620 in less than 6 months. does this sound legit?
Answers:
Well, aside from that, there are some strategies that she may use to boost his score. It depends on what's on his credit. There's a chance that there may be some delinquencies that may be falling off soon, and the prospect of rapid rescoring would benefit. I would definitely ask questions as to what her plans are before proceding.
Yes, probably, a 100 point raise in credit score is pretty easily obtainable. I have used this service myself and it worked.
It sounds as if she is suggesting credit piggybacking and the loophole that allows this practice will be closed in September 2007 and it will be retroactive so if you did it your score will be lowered to what it was before the law went into effect. No one can legitimately fix your credit that fast anymore.
Get the book Young, Broke, and Fabulous by Suze Orzman--- it is seriously amazing and will answer all of your questions and tell you exactly what to do in laymans (Sp) terms. I work at a Bank and this is good stuff, i suggest to everyone.
100 points should be easy. You can raise it more it you are willing to pay for it. There are services that allow you and your husband to be on other peoples credit cards as authorized users. The people who actually have the credit cards have very high credit ratings and the credit cards have large credit limits like $20,000. Once you are on as an authorized user, say of two cards then the credit services see that you have $40,000 of available credit. You FICA score will sky rocket. Then you will qualify for the House Loan, once you get the loan you are removed as a authorized user, and your credit score will drop again but it doesn't matter you already got the loan for the house. This kind of service can cost up to $2,000.
Nope, no financial advisor can guarantee a point increase of any kind. Mainly because credit repositories DO NOT publish ANY information on how the score is calculated: it's private, propriatory information.
Are they asking for money to do this?
It's not legitimate by any stretch of the immagination.
According to the 2007 edition of the Consumer Action Handbook and I quote "If the information on your credit report is accurate, only time and hard work will improve your credit report. Credit repair companies advertise that they can erase bad credit for a fee. Don't believe it".
Under the Credit Repair Organizations Act credit repair companies can't require you to pay until they have completed the promised services. They must also give you:
A copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract.
A written contract that spells out your rights and obligations.
Three days to cancel without paying any fees.
Be very smart and make sure you get everything you are supposed to up front and if she leaves anything out you know she is trying to scam you.
Don't pay her a cent for her credit repair service. Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.
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