credit scores

[msdw24]

I know there was another thread about credit scores but i can't find it so I am going to start a new one.

Yesterday my buddy and I were discussing credit scores, well the subject came up about how to improve a low score. He was telling me that if you talk to a lender/credit card company or whoever you owe, and say "I am going to pay off this bill, but I want you to take the bad stuff off of my credit report."
I was under the impression that a lender won't do this, but he was adamant about it.

So can you really do this? I thought that the only thing that really helped out was time, and paying your bills on time, but other than that you are stuck.

 

[PureTexan]

You may be able to get some things pulled off your credit, but it takes time for the actual score to increase. Even if they pull it off, you've already been hit.

The best way to improve credit is pay your bills on time and don't default on any loans or credit cards.

 

[msdw24]

Isn't it the most 2 recent years that lenders really look at? So if your previous 2 or three years are perfect, but it looks like **** before that won't you be able to improve your score?

 

[PureTexan]

They typically look at the actual credit score. Even if it's been good for awhile and you're below 620, they may lend you some money, but the rate will be very high.

But chances are, if you've been solid for two years, the credit should improve enough.

 

[msdw24]

In reply to:

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[PureTexan]

You really don't know until you run credit and see what it says. I recently bought my first house and had never seen my credit - luckily enough it was real good. I assumed I always had good credit but you just never know.

Have you run credit on yourself before?

 

[CleverNickname]

I have run a credit check on myself. I'm just an early 20s grad student. Costs like 30 bucks, comes back in an hour. Pretty normal stuff. Showed all my credit cards. Had a smudge that was not my dealing (joint checking account with a parental unit opened when I was like 6 that zero'd on account to their financial mismanagement... hey sometimes the teen is more responsible than the parent), so I called up one of the big 3 and got it expunged after I explained the situation. Also inspired me to close a couple cards I never use (men's warehouse, etc) in order to reduce my apparent credit risk. Totally worth it.

 

[PureTexan]

If you get something removed from your credit - make sure you get a letter of some sort - in case it ever pops back up.