My best friend has horrible credit are there any options for her to repair without costing her a fortune?

I agree with the first poster. Have your friend go to creditboards and she can learn how to repair her credit herself.

Never pay anyone to learn how to repair credit!!!!

Sure it takes some work to learn, but that and the cost of postage (to mail her disputes,etc.), your friend can repair her credit herself.

www.creditboards.com

Well there are a lot of credit repair groups out there that will consolidate credit card debt into manageable smaller payments. Just keep in mind that the service will show up on her credit report and many creditors look at it the same as if she declared bankruptcy. So she just might as well declare bankruptcy.
Good luck!

Actually, there are a lot of credit repairers, but I don't know as to how it works.

Is this due to balances still owed?
She can try contacting her past creditors and asking to speak to a collection manager. Then she can try to negiotiate a settlement payment - maybe they'll forgive some of the interest or penalty fees for payment. She can offer to pay in exchange for revising credit reporting.

Suze Orman has a "Find out your FICO score" software package - it's on Amazon - which gives a lot of good tips on how to get the score up. (The higher the # the better credit you have).

If she can get any new credit cards the best thing would be to charge small amounts that can be paid off within a billing cycle and keep those payments going out on time. Even if she were to charge $50 a cycle and pay it in full before the due date - it would go a long way to re-establishing good credit.

I have heard of Lexington Law, I'm not sure if they are pricey but they help you repair credit problems.

These so-called credit repair service are mostly bogus. What they do is cluster the credit reporting bureau's with paperwork hoping that they don't meet a required deadline. TRW isn't run by sissy's - they know the scam and know how to deal with it. If the information on your credit report is correct, then you really cannot fix your credit. You can however pay thousands to these scammers who almost never deliver.

Time fixes all credit. Get a secured card and pay it on time no matter what. You can slowly but surely build up your credit. Providien is one of these high risk providers (be prepared to pay 23% interest)

yep, first thing is to find someone who trust her, and has great credit, to add her name to the credit card, then she will have the same credit, as that person who has good credit, and there is nothing illegal about it. I helped my friend get a car, and now he has good credit, and my credit score went up. years ago I had no credit, now I have almost 800

My suggestion to you #1 is pull your credit reports. Since you have been denied you are legally entitled to a free report by all 3 credit bureaus within a time constraint. Contact them for one. See what is on your report that could be negatively affecting your ability to get a credit card. If there is anything negative - dispute it. Dispute anything from incorrect balances, to credit collectors, etc. This can open up a small can of worms and wake up dead creditors if you have any sitting there, and depending on what is on your credit report - so head over to creditnet.com and creditboards.com for more help on that. You'd be amazed on how much getting one item deleted from a report can raise your score!

#2. If nothing negative on your reports, don't bother with loans. Why pay interest to get credit. Credit is supposed to be a tool, not put you in debt! Go to a local credit union, or search online for a bank that will give you a secured card. Usually after putting your own money down on a secure card and keeping it in good standing for a few months, the bank will upgrade you to a normal credit card, or at least give your score a chance to grow to allow you to get a credit card on your own. Most likely you will only qualify for "sub-prime" cards, crappy interest, money down, etc. So my suggestion is stick to the prepaid secure cards for a while - then repull your credit to see what your score is and go to www.whogavemecredit.com to get an idea of what you can apply for. It's not an exact science, but more of a guessing game - but that site can give you a better idea of what you might qualify for.

#3.) For a really fast credit score boost, have a close family member or friend (be careful with friends money) with good credit add you as an authorized user to one of their credit cards. Make sure the card doesn't have a large balance otherwise that could hurt you more. Also make sure the card has history. When your added in as an authorized user, automatically 2 years of their credit past are added to your report - so obviously paid on time credit cards prefered, since if they are 30 days late etc, that will reflect on your account.

In this day and age, everyone needs at least one credit card for emergencies, etc. Work up your credit to get to that point and get yourself a good card. Don't settle just for sub-prime if you don;'t have to. If you can wait it out a little longer, take my suggestions above and start there. Patience is a virtue, but I tell you after 6 months I increased my credit score 100 points and now have quite a few good rate credit cards, with fat limits.

Also check out creditnet.com and creditboards.com. Lots of great information there to help you clean up your credit - FOR FREE!

Good luck!

Yes, repairing your credit can and should be done yourself and you only need to invest about $20. Go to the bookstore and purchase "Guaranteed Credit" by Arnold S. Goldstein. All the tools and advise you need are in this book. Send your dispute letters certified/registered to the credit bureaus. This will cost about $5 a letter.

they have a credit repair kit here
I think there is a small fee but it is for lifetime membership
and they are not going anywhere they have already been around for a long time
http://andycaine.approval4u.hop.clickbank.net

There are many ways to do that.

1. Try to reduce your balance limit ratio as much as possible
2. Pull out your FICO score once and then keep a watch on your FAKO's and your credit report.
3. If you find any delinquent entries in your credit report dispute with the CRA to remove them asap.
4. Try not to go for new credits
5. Pay off your debts as much as possible and not carry them allover.

The first thing that your friend should do, is map out her budget. Identify her needs verses her wants. Be realistic. She may have to forgo some activities if she is serious about getting out of debt. If she has credit card debt, payoff the card with the highest interest rate first. Don't open any other credit card accounts. And always make your payments on time. Late fees or no payments will sabotage your credit score faster than anything.
Remember, it takes a long time to bring up a credit score, but a matter of months can bring a credit score down.

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