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Plight · Posted: Tue May 20, 2008 12:42 pm Subject: Taking loans to repair credit?

So ive started repairing my 500 credit score (shudder).

The wife has pristine credit. If she were to cosign for me on a loan of say, $1000, and I were to pay it back over 6 months (repeating every 6 months for 2 years), would that be a good way to increase my score at a decent speed.

Of course, I would not actually be spending the loan, I would simply put it in a seperate account and pay the bank back their own money.

Posted: Tue May 20, 2008 12:44 pm Subject:

you seem to be forgeting the interest you would also have to repay.

Plight · Posted: Tue May 20, 2008 1:36 pm Subject:

I know it would not be the cheapest way to do so, but would it not be the fastest to get out of this slump?

Posted: Tue May 20, 2008 5:36 pm Subject:

Well, if your wife has good credit, why not just ask her to take the loan out on her own? Then you could pay off the debts, have them send you the paid letters, then fax the documentation via fax to the Big 3. They would update your credit reports in 5 business days, your score would go up, then you can let me know and I'll send you a complete list of which CC companies report to which Big 3 so you can get your scores up again. No biggie.

Posted: Tue May 20, 2008 5:38 pm Subject:

Hey wait a second lol. Ok, so you are just trying to get a loan to boost up your scores? What are your 3 scores, do you know? Hmmmm Ok, i may need to take back my earlier post lol. Too many postings, i'm getting delirious lol.

Plight · Posted: Tue May 20, 2008 5:40 pm Subject:

My scores average out to 515 Sad

Posted: Tue May 20, 2008 5:47 pm Subject:

Ok, well an average is not what I am asking. You need to find out what your exact scores are. Scores are not calculated on an average. You don't need to tell me, but the point is that each score is different and each report has different items on it.

I guess I am not really sure what exactly you are asking or what you are suggesting that you do. Perhaps one of the other regulars can chime in... Is the question" what is a good way to increase your score quickly?

Posted: Tue May 20, 2008 6:12 pm Subject:

Adding positive tradelines will always help your score ... To what extent depends on the rest of your credit. If you have lots of collections, then just a few good accounts really won't drastically raise your score. Or if the collections are recent, then they are likely to keep your score very low.

The older those collections get, the less weight they have on your score. As the collections get old, and you have consistently added positive accounts over time, then your score will greatly improve.

If you have open collections, the best thing you could do to improve your score is to pay them; and try to get them off your credit report.

I guess that I am assuming collections are what's bringing your score down... you never said.

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