Category Archives: Home

Dirtybadcredit.com Home page

Majors Bad Credit to Good Credit Story

Leave a reply

  • I was 13 times over 30 days late, 3 times over 60 days late, 1 time over 90 days late and finally charged off for1200 dollars on a local high interest rate finance company loan who financed our fitness club membership. We had gone back and refinanced the loan 2 more times. They sent us letters in the mail all the time saying come finance money for Christmas, a trip or to help with other loans. The next thing I know I owe them 3500 dollars. I started out at about 700. When I lost my job I had paid it way down but I still owed 1200 bucks when we moved. Don’t we all seem to move when we get kicked in the head real hard?

 

I had a 4000 dollar small local bank loan on a lawn mower that my lawn care boss co signed with me on so we could go into business together. Guess what? I didn’t pay that right either and was late more than half the time on a 48 month loan. My ex boss was furious and called me to make me pay as his credit got screwed up too because I was screwing up.

  • I had 2 medical collections from a small walk in medical clinic. One for 345 dollars and one for 145 dollars. I hoped by moving these would go away too.

 

I had 3 utility collections, one for water, one for electricity and one for my telephone. These collections where like 150 buck, 80 bucks and 60 bucks. Nothing big, but big enough to make my credit sink to the bottom of the barrel.

 

To top everything off I got charged off at BP Oil gas credit card for 345 dollars.

Whew what a totally mess. sure it could have been worse and many a person has worse problems. But these were my problems and this is how I got started with credit help and fixing my own credit

 Guess what.

 I had to get a good job and pay back my bills.

 Everything on my credit report was true and accurate. When we moved and I got a good job my wife wanted a house and I went out to get one. My banker who I still talk to today told me. “Shewee Bo Majors you have to clean up your credit and get some good credit before you will ever be able to buy a house.” So I started to work. I got all three copies of  credit reports and credit scores and went line for line trying to pay off, dispute, negotiate or re-open.

  With my new job and remarkable wife we worked for about 1 year and were able to buy a house. Nothing is easy. This stuff takes time. But if I can do it, then so can you!

  • The very first thing I did was work with BP Oil because I knew I had to have good open and current credit. In 1992 I called them and told them I needed good credit and that I would pay the 345.00 and add and extra 300.00 down payment to start new good credit they agreed.

 


I charged gas and paid extra each month for 12 months.
I called and asked the Credit Card to remove anything older than 24 months which was a charge off, 5, 30 days late, 2, 60 days late and 1, 90 days late and they did.
My I checked my credit report and everything with BP Oil now said 400.00+ high credit limit with 0.00 dollars owed and a perfect “no late’s” payment record. 

 


My score jumped huge in less than 13 months.

 

The couple of things I did was call Toyota Motor Credit and the utilities in hops of cleaning that mess up. I had paid off Toyota and most any car of home loan company is not going to go back and change anything more than a month or 2 old. I was up a creek but at least it was paid off.

 

I called the utilities and all I could do with them is pay them off to get my report to show I paid off the collection / charge offs. I did it and got nothing in return as far as taking the bad marks off my credit. BUT they did show collections paid in full.  So at this point I had 3 paid of accounts that showed I was not a good payer or that I was a possible credit risk that did eventually pay. Some people call this SLOW PAY.

 

Next I tried to call the local finance company that financed my fitness club membership. Guess what. I could not find them. They had gone out of business. SO I disputed the account as not mine. Guess what. The bureaus got no response and deleted the account completely from my credit report.

 

Then I tried to contact the banker that my ex boss cosigned for my on. Guess what again. They went out of business too, or they moved or something happened and I could not find them. I disputed the account as not mine and the account was removed from my credit report.

 

Then I went after the medical collections. The collection agency’s would not agree to take the bad marks off my credit and they said only the medical clinic could give them authorization to do that. I called the clinic  and explained, I was a decent guy that wanted to pay my bills but, I lost my job and now was trying to buy a house and this was all that was keeping from doing so. Would they please authorize the collection agency to take this mark off my credit if I paid them in full. The clinic agreed of I paid the collection and all fees. This happened less than one year after the collection was filed on me and I think this helped me. Plus I know the collection agency did not know where I lived since I had moved. They knew I meant business and this might be the only chance for them to get their money back.

 

So now everything was paid off and I had re opened my BP Oil credit card and most of my past bad credit was about a year old since date of last activity.

 

All I had to do was pay my BP Oil card good, keep a god job and after about 1 year my score jumped from 565 to a 670.At first I spent a lot of time trying to call the bureaus and call everyone and find help online. I knew I was not the only frustrated guy out there.

So I made this website with information on the bureaus and how to fix my credit and get free credit help. Now I have helped thousands of people and I hope I can help you.

 

Credit Auto Loan with Disability Income

Leave a reply

Getting approved for a car loan can be a difficult process if you have bad credit. It can even be more complicated if you receive disability income. However, it is not impossible.

Many people on disability who have bad credit have successfully financed a vehicle. You can potentially do the same if you meet certain requirements an

Before you consider financing a vehicle on disability, you should know the initial requirements. To start, you need to have proof of being on disability for at least six months before applying for a car loan. Additionally, you must be able to show that you will continue to receive this income for the full loan term.

It is also a common requirement that you need to have another source of income that can be garnished. However, there are other options if you only receive money from disability.

A Garnishable Income or Co signer

Co-Signer

Co-Signer

 work with a car dealership that is willing to assist subprime car buyers.

If you do not have any garnishable income, the next step would be to find a co-signer. A co-signer is typically someone close to you that agrees to take financial responsibility if you miss payments or default on the loan. While a co-signer will make it easier to get approved for a car loan, he or she risks their credit rating in the process.

Buy Here Pay Here Dealerships

Even if you do not have a garnishable income or co-signer, you may still be able to get approved through a buy here pay here dealership. Buy here pay here dealerships typically work with individuals that have any source of regular income. You will need to have a down payment, proof of residence, proof of insurance and a valid driver’s license.

Getting approved at one of these dealerships is easier, but there are disadvantages. You may have to pay quite a bit more than a vehicle is worth over the course of the loan. Additionally, you may have to finance an older vehicle and with higher mileage than what you had initially wanted.

However, the benefits of these dealers may ultimately outweigh the disadvantages. They can potentially get you in a vehicle and many of them report your loan and payments to the credit bureaus. This means you can improve your credit with each timely payment.

Get Back on the Road Today

Regardless of your source of income or credit situation, you can begin the process of getting back on the road as quickly as possible by applying with Auto Credit Express. We have assisted thousands of people with bad credit in the car buying process. Just fill out our quick online application and one of our representatives will be in touch with you soon.

Hidden Risks in Your Credit Cards

Leave a reply

In a way, there’s a parallel between corporations mandating arbitration cases and the investor-state dispute settlement (ISDS) process placed into international trade agreements. Under this process, corporations can sue sovereign governments if they believe regulations violate the terms of the trade agreement. Like arbitration, ISDS stays outside national courts, and corporations can win cash awards based on expectations of future profits lost through the regulatory changes. Private lawyers, not judges, hear the cases. 

So the lesson here is that corporations don’t respect the judicial system as much as they want to bend it to their advantage. As 100 law professors wrote in a letter to Congress and the U.S. Trade Representative this week, ISDS “grants foreign corporations a special legal privilege,” weakening the rule of law. You can say the same things about mandatory arbitration clauses. In both cases, corporations can step outside the legal system and into a process they feel they can control, whether to chill regulations or to stop individuals from suing for relief. 

Both ISDS and consumer arbitration have no appeals process. They feature no public oversight of the arbitrators. They create no precedent on corporations that they must follow. So there’s no accountability, no review and no fairness. The only difference is that ISDS exists as an option for corporations; consumers have no alternative but arbitration. 

The good news is we have a consumer agency now that has managed to study arbitration, with a focus on how it affects ordinary people, not the financial industry. I hope they finish the job. 

Credit Card Debt Trap

Leave a reply

There was no joy like that last mortgage payment, and our parents prided themselves on burning that paper, hopefully before they retired.

These days, baby boomers increasingly are carrying that debt into retirement.

And while there are pluses to that (the interest rate deduction for some), many financial planners now advise their clients to pay off the mortgage. But they are much more concerned with credit-card, auto-loan and student-loan debt.

The Consumer Financial Protection Bureau says the percentage of homeowners ages 65 and older with mortgage debt increased from 22 percent in 2001 to 30 percent in 2011. Among homeowners 75 and older, the rate more than doubled, from 8.4 to 21.2 percent.

And the median mortgage debt for seniors increased by 82 percent, from about $43,400 to $79,000.

The CFPB said, in a report last year, that rising mortgage debt is “threatening the retirement security of millions of older Americans. In general, older consumers are carrying more debt, including mortgage, credit card and even student loan debt, into their retirement years.”

It’s a trend that distresses financial planners and retirement planners.

“My philosophy with regard to debt is when you retire your debt should be retired,” says Ken Moraif, senior adviser at Money Matters in North Dallas, Tex. “We really adhere to that with our clients. If they have debt, we want to embark on a journey of getting it paid down and maybe working longer to generate the cash flow to accelerate the payments to get it paid off.”

Moraif says one of the dangers of retiring with mortgage debt is that the economy and markets may turn bad.

“The money you thought would be there to service your mortgage is not there,” he says. “Now what? I’m sure the bank will not say, ‘I will let you live there for free.’ ”

James Gambaccini, financial adviser at Acorn Financial Services in Reston, Va., notes a stark difference between baby boomers retiring today and their Depression-era parents.

“People who lived through the Depression wouldn’t think about retirement without having all their debt cleared,” he says. “Boomers are not only fine with it, but prior to the crash, they tried to retire with a lot of debt. We had people trying to retire and build that dream home of 15,000 square feet. That is somewhat unique to baby boomers.”

Mark Hebner, president of Index Fund Advisors, says the retirees with the least amount of stress and the most financial freedom are those with the lowest fixed expenses.

“One of the problems with debt is it contributes to your fixed expenses in retirement,” he says. “The more you have, the less room you have for variable expenses, such as entertainment and travel.”

So what can you do if you’re preparing for retirement and believe you have too much debt?

Reduce expenses. “What we like to do is see how we can pay down that debt to their comfort zone,” says Roger Stinnett, managing director of planning at First Foundation Advisors in Los Angeles. “We will create a budget. Where can we reduce other expenses so we have more cash flow to apply toward paying debt?”

Pay off credit cards first. “For sure, you have to pay that off,” Moraif says. “You cannot have $20,000 in credit-card debt and pay that out of your retirement.”

Pay down the mortgage faster. If you’re an avid saver, it may make sense to redirect some of that money you’re putting into your retirement savings to pay down your mortgage earlier.

Delay retirement or work part time to pay off the debt. “I advise clients to keep working to pay off debt,” Moraif says. “Maybe spend another six months or year working. You will spend the rest of your life with no debt. It’s worth it.”

As Stinnett puts it: “We want our clients to sleep well in retirement. If you can sleep well with no debt, then that is the answer.”