Accounts seasoned for improving credit

Seasoned accounts refer to adding some accounts in your file that has a perfect payment history. This will boost up your credit score.

Though some credit repair companies charge a fee for this service but you can definitely do it on your own also.

How can the account be seasoned and charged off at the same time?

Seasoning the accounts is one way of repairing the bad credit account like the charged off ones. Some credit repair companies claim that such negative information like the charged off ones can be removed from your file. They charge $2000 to $2500 for each account.

But, the fact is that negative information cannot be removed from your file before the 7 years period and all money spent for this repair will go to waste.

However, you can try to do some repair by adding those accounts in your file which has a good payment history.

I am interested in adding seasoned tradelines myself to increase my credit score, can you advice onhow to do it effectively?

Mike Cai, your payment history defines your credit scoring system. If you are regular in your payments, your scores will boost up to the maximum. Besides, some inaccurate entries often found in the credit report can lower the scores. If these can be corrected in time, the scores will improve largely. Monitor your credit report closely and see the accounts that need prior attention. If there is negative information in your file, it will take seven years to be off from your report. But you can still improve if you pay off the accounts. No credit repair package can remove the negative information from your file. They are set for a specific time period as per the FCRA laws. If any company claims that they can be removed before the due date, it is a way of making easy money from you.

Check this article and see how you can improve your credit scores.

http://www.debtconsolidationcare.com/forums/credit-check.html

I read a story a few months ago on these companies...they are a bad idea. From what I read, they dispute your accounts on your credit report and they have tricks to it...like sending out letters during busy times of the year, when a lot of employees take off, or they are just busy in general and don't have the time or manpower to respond to such letters, they also do this with old accounts, especially charged off ones that are harder to verify...mostly because the original creditor doesn't care to mess with it anymore, especially if they sold the account. You can do this same stuff on your own...BUT, it can be considered as fraud, if it can be proven that you are doing this with all of your accounts that are actually legitimate, if throws up a red flag, and if you get caught trying to do this you can get in trouble. The best thing to do, IMO, is to just pay or settle whatever you can...that will raise your credit scores, then slowly work on rebuilding your credit.

I'm not 100% sure, but I think it has something to do with the following. Most sub-prime lenders will allow you to have collections and charge offs as long as they have been in the delinquent status for at least 2 years. If in June, your account has been delinquent for two years then perhaps this is what he/she means.

Ask your broker if your lender will accept a letter that shows an agreed upon payment arrangement for the delinquent account. That letter may be enough to satisfy the negative information and get you the loan. I know some lenders do because I was able to buy a home with a judgement for a school loan using a letter showing that I agreed to payment arrangements. The letter was from the attorney on the attorney's letterhead.

Nice input guest. I'm sure members of this forum will find this info useful. Why don't you join this board? Joining is free here ;)

there is a way to remove bad credit you order all 3 credit reports you can claim there not yours the companies have 30 days to reply to the credit letters if not they have to take it off your credit report

Now adding credit it will cost you a few dollars but there is one place you can do it.

but you can do this on your own also if you know someone that has really good credit and has credit cards see if they can order you one in your name off there seasoned account you dont get the card but you are added to an account in good standing which you get there good credit on your report the more you do the better your credit.

Link deleted as per forum rules-Mike