Ask Terry Questions Repairing Credit

Repairing Credit

By Terry Savage on August 13, 2015 | Credit/Debt

I need to fix my credit due to past issues (dismissed bankruptcy, car repo, late payments). Is there any value to using a credit repair agency, and if so, can you refer me to a handful that have been effective and are not too expensive?

Thank you.

Terry Says:  There is no such thing as “repairing” your credit. What’s on your report will stay there –as long as it is not in error — for a long time, at least 7 years if you haev a bankruptcy.  So what you really need to do is start to build good credit that will show up immediately on your report. Do that by getting a “secured card” — a card with a line of credit secured by a deposit in the issuing bank.  Then use it monthly, and pay IN FULL AND ON TIME ever month.  The issuing bank will report your credit use to the credit bureaus and you will start rebuilding your credit. To search for a secured card go to  Some require larger deposits but you can find one with a $500 minimum.  It looks and works like a standard VISA or Mastercard, except you can’t go over the limit set by your deposit.  That’s the way to rebuild your credit. Don’t fall for those ads from “repair agencies.”



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