Credit-Repair-Guy answers:

A credit score is based on a 12 month activity. It usually goes up between 5 to 10% per month. All you need is 2 major credit cards. One for everyday use, the other for emergency only.If you pay on time the next 24 months, it should boost it over 660/749 which is good. Excellent is 750/840.

Credit-Repair-Guy answers:

The 2nd poster has the right ideas. As for the bad debt, there are some things that can work in your favor. One’s called the statute of limitations. There’s the 7½ year federal statute of limitations for reporting the debt on your credit report and a seperate statute of collecting debts that vary from state to state. (To find out yours, click here ==> http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml )
Every day, consumers pay off collection accounts and charge-offs which they do not have to pay off because the Statute of Limitations has already expired for the open account. Consumers pay off these accounts because the accounts still appear on their credit reports.
This information can be a powerful weapon in unburdening yourself of old debts, as creditors have a limited time in which to sue you. Remember: the Statute of Limitations begins to run from the day the debt – or payment on an open-ended account – was due. Also, this has nothing to do with how long an negative credit item can remain on your credit report.

Consumers also pay off these accounts when they are not on their credit reports. Even though an account was removed from their credit file, a collector watched their credit report for any activity (actually the computer was watching any credit activity). When the collector spotted the activity, he called the consumer for payment. All the consumer needed to say to the collector was, “I have an absolute defense–the Statute of Limitations has expired.”

The Statute of Limitations does not cause your debt to go away after it expires. If the creditor files suit, the consumer has an absolute defense. The consumer must offer the new evidence to avoid a judgement. The evidence will consist of papers the consumer files to support his claim. If the creditor sues you, and you do not prove to the court that the Statute of Limitations expired, you will have a lost lawsuit and a judgment against you.

Click this link to see the different ways you can settle debt.

Http://www.creditinfocenter.com/debt/settle_debts.shtml

Credit-Repair-Guy answers:

The first thing that you need to know that knowledge is power. In order to fix your credit, you should know how your credit is scored and how it affects you

1. Payment history- 35%
2. Total debt owed to avialable credit ratio-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%

With that said, there’s 2 things when it comes to bad debts and collection items that you should be aware of, the FCRA and statute of limitations. These are 2 diffferent things. The FCRA(Fair Credit Reporting Act) is the timeframe that negative items can remain on your report which is 7½ years from the date it first went deliquent. For example if a debt first became delinquent July 10, 2000 the legal limit that the debt can be reported would be January 10, 2008. Also, there is a seperate statute of limitations that varies by state on how long a debt can be legally enforced. This is different from the FCRA, because depending on which state you live in the statute may or may not expire before the FCRA.

Here’s a link for that

http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml

Another important thing to know is that negative items that are less than 2 years old are hurting your score the most. It’s possible that you can settle much older debts for far less in exchange for getting them removed from your report altogether. This is called a “pay to delete”. I posted several links explaining this in detail

http://www.creditinfocenter.com/debt/settle_debts.shtml

http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml

http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml

http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml

http://www.creditinfocenter.com/debt/debt-negotiation.php

Credit-Repair-Guy answers:

Pay all on time and in 6 months you will be updated on your credit report and it will slowly begin to increase. You do not want any lates or missed payments.
Do it for 2 years and you will be surprised how much it has increased.
That is the down and dirty

Credit-Repair-Guy answers:

About 4 months ago, I pulled all three of my reports and disputed 4 items. One item is still on all 3 reports and another item is only on one report. The rest were deleted. Disputing doesn’t hurt anything unless you are seeking credit from a lender in the 30 days it takes to dispute. They may see your disputing as a sign and deny you. However, after 30 days it doesn’t show as disputed any longer. It’s usually verified to be yours or deleted. Also, if an item is deleted and the creditor later verifies it indeed is yours, it can be put back on your report at anytime.

Your profession isn’t figured into your credit score. Lenders can consider your professions when extending credit though.

Your other questions could or couldn’t not be myths. I haven’t heard any of them before now though.