When I was 18 I got into trouble with too many credit cards and then collection for those cards. They have been paid off (or charged-off, as my report says) for over two years. Currently I have a mortgage and a few low-balance cards that I pay on time and there's nothing outstandingly wrong with my history for the past two years, but my credit score hasn't raised since I paid off all of the bad debt. Are there any ways to bring the score up?
2006-09-23 17:22:17 · 5 answers · asked by JavaGoddess 1 in Business & Finance ➔ Credit
Wow, I always thought that a mortgage was the credit topper... I guess not.
I'm currently cleaning up my credit. I would say to keep all cc balances below 40%, 25% if you can. This brings the credit score up. Having too many accounts can bring down the score also.
2006-09-23 17:28:27 · answer #1 · answered by Marleaux 3 · 0⤊ 0⤋
Yes, but it may take some time. Obtaining a mortgage (presuming you pledged your home or condo or other real property) and not paying a horrendous interest rate is a step in the right direction. If you made good on the previous debts through a work-out plan would have gone much further than having some or all of your prior lenders charging off the debts.
Two things: stay the course and keep paying all of your current loans on or before the due dates (no more late payments, even a day), and see if your town has a local chapter of Consumer Credit Counseling. This is a free or small fee service that utilizes volunteer counselors to assist you. They are excellent resources and their advice should always be taken seriously. Limit the number of credit facilities, try to keep the balances on each at 60% of the maximum, or less. Glad to see you did not take the bankruptcy route, which has very long term consequences. Good luck to you.
2006-09-23 17:37:51 · answer #2 · answered by iiifrdst 1 · 0⤊ 0⤋
Write the credit bureaus and challenge the bad stuff...sounds kinda sneaky but, many companies don't keep accurate records, giving you the benefit in this situation. Some companies just don't want to deal with you, so they will take it off. But, they never take anything off...it's worth a shot and could raise your credit score a bit.
2006-09-23 17:33:28 · answer #3 · answered by Maggie Mae 3 · 0⤊ 0⤋
pay everything off on time or before it's due, your credit score will change dramatically. Some things will never leave the history - even if they have that 7 year rule
2006-09-23 17:41:36 · answer #4 · answered by cortical contusion 2 · 0⤊ 0⤋
Here is the easiest and fastest solution... http://www.cardoffers.com/manage/track/e.asp?ID=100316478 - they contact your credit bureau monthly to update whether a ontime payment has been made... so in 6 months your score could be raised drastically from ONE credit card
2006-09-23 19:30:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋