how can I increase my credit score 100 points within a 7 month period?

Question

Is this possible???

Answer 1

100 points is a tough one. I can only answer from the mortgage banking perspective (home buying) - you can't. For large purchases (like a house), the lender looks at your current picture,and your past performance over several years (at least two, often more). The credit report includes how many late payments you've made on every credit account (credit cards, loans, etc.) for that period. I'm not aware of any loan that would be made using less than a year of data, unless it was for something small.

To improve your score over a short period, you'd have to pay off just about everything, have no late payments at all, not be carrying a high percentage of debt.

Answer 2

It is possible if there are errors and very old delinquent accounts on your credit report. Get a copy of your credit report from all 3 agencies at: annualcreditreport.com. (Depending on what state you live in, one report from each agency is free. You have to pay for your score, though.)

Look over the report - it's possible that there are some mistake on the report, or very old accounts. The reports should identify the bad accounts (with unpaid or late payments, etc.)

If there are errors (and this happens, it's happened to me!) file a dispute with the agency. They will investigate, and remove the items if they really are errors.

If the unpaid debts are yours, contact each company, and ask if they will work with you - see if you can pay off the debts and then request to have it removed it from your report. They may say no, but it doesn't hurt to ask.

Remember, contrary to others' advice, you don't have to pay off all your debt to have stellar credit. Credit card debt is bad, but student, house, and car loans are good. Just make sure all your payments are on time.

I don't know if you can fix it in 7 months, but get started ASAP. Good luck.

Answer 3

There's a lag time of at least a few months from your payment history until it's reflected in your credit score, so there's a limit on what you can actually accomplish, but try to pay off as much of your outstanding balances as possible. Don't apply for any new credit in that time.

Answer 4

You've provided very little information about the status of your credit:

You need to pay off all debts as SOON as possible.

Keep the balances on your open credit card account below 30% of the total credit limit.

Pay all bills on time so there are no additional derogatory items reported to the credit bureau.

If you can pay off some debts that have been "charged-off" or are in "collections" you should ask for a pay-for-deletion. See http://www.creditliberty.com/credit-repair/pay-for-deletion-letter.html

for the necessary form letter to do this and be sure to send the letter certified to the appropriate collection agency/creditor.

If you have tax liens against you -- pay them -- they will sit indefinitely on your credit report if they remain unpaid and pull your FICO score down. After you pay the lien it will sit on the credit report for 7 years from the date of payment -- which means ==> always pay the guv'ment ON TIME and negotiate BEFORE you get to the lien level!

DO NOT allow anyone to perform "hard inquiries" on your account; thus, do NOT apply for any kind of reportable credit during this rehabilitation period.
Good luck.

Answer 5

Only possible way would be to pay all of your bills on-time. Don't apply for any credit or allow anyone to run any credit checks on you in that period. If you have credits cards don't use them just pay on them.You may not raise it 100 points but you can get damn near close. And if you do, please email me so I can follow behind you.

Answer 6

you didn't tell me about your score now but you can do this to know what wrong with your credit to to freecreditrepot.com frist month free then 12$ mo and see if you have collction accout or any late payment and they will give you tips and what's going on with your credit and how you get your score up

Answer 7

get the report...it'll say where you lost points. Then you'll know what the major problems are, and if they're fixable or not. Otherwise, you're just guessing at what will help. Somethings you think will help, won't. Some things you consider minor, they consider major. Better to know where the points came off.

Answer 8

I don't know if it is possible in 7 months.Make sure you pay all your bills on time.You could also get a credit card use it,but pay it off in full each month.Most anybody can get on in store's like wal-mart,or target.

Answer 9

Pay all you bills on time. Take $2500 and buy a one year certificate of deposit. Use that to take out a one year loan for $2000. By the time you pay if off, you will have increased your score, plus the interest on the CD will offset the interest you paid on the loan.

Answer 10

the rule of thumb is 7 years PLUS 180 days after the transaction or interest date. After 2 years, the effect on your FICO ratings in all fairness minimum. you could anticipate a score develop of as a lot as 50 factors.