How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jack R. Your Own Question
Jack R.
Jack R., Attorney
Category: Legal
Satisfied Customers: 6147
Experience:  OH/TX Practicing Attorney focusing on Family Law, Foreclosure, Landlord-Tenant Issues.
14472836
Type Your Legal Question Here...
Jack R. is online now
A new question is answered every 9 seconds

Hi, I didnt file for bankruptcy but I do, however, have a

Customer Question

Hi, I didn't file for bankruptcy but I do, however, have a couple of right offs. How can I rebuild my credit?
Submitted: 4 years ago.
Category: Legal
Expert:  Jack R. replied 4 years ago.

You will need to rebuild your current FICO score. If you haven't already you should get a copy of your credit report. On the report you will see the negative credit being reported and the amount of out standing credit you have. You can get a free copy of your credit report from each of the three major credit reporting bureaus through annualcreditreport.com.

 

Starting reducing your debt load. Pay off your credit cards. If you cannot fully pay them off make sure you pay on time and if possible pay a little more than is due. Late pays can be detrimental to your score. Your should try to get you debt ration under control This ration is the amount of debt divided by the amount of credit. So for example if you have $100,000 of credit and have an out standing balance of $30,000 yo are at 30%. Your number should be under 10% if possible.

 

If you do not have a credit card, you can try to get a secured credit card. These are cards that you pre-load with funds. As you use them you will always be on time and not increase your debt load. They won't necessarily improve your credit, but it will help you control your debt.

 

 

This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.

 

 

 

 

 

Customer: replied 4 years ago.
yeah but as I said, i already have a couple of right offs... what do I do about them?
Expert:  Jack R. replied 4 years ago.

You can do nothing about the charge offs. Over time these will disappear from your credit report ( 7 years).

 

 

This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.

Customer: replied 4 years ago.
so whilst I have the charge offs, I can't rebuild my credit and have to wait 7 years from the time of the charge offs?
Expert:  Jack R. replied 4 years ago.

You credit score will improve over time just from your judicious use of credit. There is nothing you can do to remove the impact of the charge offs.

 

 

This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.

Customer: replied 4 years ago.
Hi my judicious use of credit? Does this mean I can still get credit after the charge offs?
Expert:  Jack R. replied 4 years ago.
It means that you pay your bills when do ( no late pays) and you limit your use of credit. The key however is paying all your bills on time.
Customer: replied 4 years ago.
Ok so for the next 7 years I cannot get any credit?
Expert:  Jack R. replied 4 years ago.

You currently have some measure of credit. Your credit score is presently vety low I am assuming (you should get a copy of your credit report and score). Over time the number will increase as you use your credit wisely. It may increase for example 50pts per year. Once the charge off are gone you will have a clean credit report. What having a poor credit score means is that you may have to pay more for credit, or some companies will not extend credit.. I have spent quite a bit of time with you. I would appreciate your giving mean positive feedback so I can get credit for the time.

 

 

This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information.

Jack R. and 5 other Legal Specialists are ready to help you
Customer: replied 4 years ago.
i thought i have accepted the answer!?
Customer: replied 4 years ago.
dunno how to give you feedback :(
Expert:  Jack R. replied 4 years ago.
you did and I thank you.