Jen M asked:


Our mortgage broker gave us some advice to raise our credit score quickly. Action number 1 was to prove we were never late on an account that has been reported as a 30 day late in October of 2006. We received proof from the lender, who apologized and said they would notify the credit bureaus (we are also sending in documentation with a dispute), Action number 2 was to obtain a secured credit card, which we mailed in the application and money order yesterday, and the app said it would be 7-10 days before we receive our acceptance letter, Action number 3 was to negotiate with a collector to delete an account in exchange for full payment. We called the collection agency, and told them that we had no clue what this account could be for, but that we are willing to pay it in exchange for deletion, and they declined. After that, we pulled up our own copy of the Transunion report and it said that account is estimated to be deleted this month. So, my question is, are credit scores refigured after each action on a report, or is it once a week, or once a month based on all actions during that time period?

secured credit application

Casey asked:


Hi. I recently just got my first credit card ever and used it to make a $1600 purchase. The credit limit is $3000, so obviously I’m over 50% of the balance, and I just learned that’s bad for credit scores. I expect to be able to pay off the purchase in the next two or three months. Will my credit score go back up immediately after I get the balance on my card down, or will it take a while? Thanks.

credit card

teammandich asked:


This is a general poll.

The answers will be used to develop a seminar on how to operate your credit. Please submit some questions that would be helpful to you so that we can have real questions from real people answered. Thanks for your help.

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Eyes asked:


Suppose you have a card/debit card and there are monthly subscription services billed on it (no contract saying you must pay monthly for x years or anything). Just the kind where you basically are paying on a monthly basis for a service and you cancel anytime.

What happens when you cancel the credit card/debit card account? My common sense is trying to tell me they would just realize they can’t get money out of the credit card number and just cancel/suspend the account, but are there adverse effects to doing this (affecting credit scores, etc)?
I don’t see how I would get sent to collections if they don’t provide service though. If they suspend my account cause I didn’t pay, why would they bill me?

Basically the way the my subscriptions work is you are paying for the month in advance. I’m just talking about services like Xbox Live or Rhapsody.

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