I paid everything off that was negative on my credit report now what can I do to raise my credit score?

Question

Does paying off delinquent accounts and charge offs even raise your score at all? I paid EVERY single piece of negative credit will that help me? Also does anyone know where I can look to find loans and or credit cards to boost my credit?

Answer 1

Takes seven years for negative items to disappear from your credit report.

Answer 2

Make sure that you get receipts or a letter from the companies listed on your report stating that the amount is paid in full and send copies to the credit reporting companies asking to have the negative information removed. After 30 days you should receive an updated report. Review it carefully to make sure everthing is removed.
Keep up the good work and make sure that you pay any future bills on time and you may want to start with a type of credit card that is pre-paid and then apply for other store or like a mail order company credit and pay it off in full by the due date.That will help establish a good credit history. Good Luck! It is worth it.

Answer 3

Well, there is not much you can do with your negatives from past delinquent accounts at the moment ...

The effect from these negatives will decrease with the time but I would assume you do not have a time machine to accelerate it.

The only effective way to increase the credit score for you at the moment, is to pay in full all your revolving accounts, i.e. credit cards. Or at least pay as much as you can, keeping debt to credit limit ratio as low as possible.
This will boost your credit score considerably up.

Applying for more loans or credit cards would not help your credit score in mean time and will actually decrease it, as you will have more recent inquiries on your credit files.

The best solution is to apply for one low rate loan (not a credit card) to allow you paying all your credit cards at once.

Important - do not close credit cards where you had delinquencies. It would not help your score but may harm it.

Our days the best way to get a loan with a bad or damaged credit is go for people-to-people lending - http://www.prosper.com

There are many sources of information, like http://www.loanmadeeasy.org and Prosper forums on how to make your loan listing attractive and get lower rates.

Good luck!

Answer 4

Keeping your debt low affects your credit rating. Dont start charging to raise your credit score. One important thing to remember when applying for a loan is what is called "Debt to Income Ratio". Which means the less debt you have the better your ratios and the more likely lenders will lend to you. If you have absolutely no credit score (scores won't show up below 450) then you can apply for a low balance credit card, use it for small purchases and pay it off completely each month. That will increase your score over time.

Answer 5

Increase the amount of money in the bank, save. Increase your net worth, make investments that bring in income even almost nothing is a lot over time.

The thing I like the most is borrowing my own money. If you put $1,000 in the bank and borrow against it, you have $1,000 to spend and the payment history is good for your credit. What I did was used my $1,000 loan to get a car for someone. They paid me $1,500 - I put this $1,500 in another bank and used it to make the bank pay if I could not cover it at the time from my pay check.

I had to go 2-3 years without using credit. But when I started my credit rating was good. Try spending one night a week doing any job that pay anything and you will amass a lot of money.

Answer 6

This is what I did to take my credit from the dumpster to A1 credit.
Every month, take a piece of notebook paper, fold it in half and draw lines for Date Due, Due to, Total Due, Minimum Due and Paid.
Now list each creditor you pay, I had Rental Company, Electric co, Gas Co, Phone, Cell Phone, Visa#1, Visa#2 and Mastercard. Now list the dates and amounts for each as they come in, and make sure you pay them on time. Then for the credit cards, decide how much money you have to spread around, and pay the ones with the highest percentage charged first. This way, you can look everything over and budget how much to pay each.

Paying your bills on time will help. Finding zero balance transfers will also help. Call your credit cards companies and ask if they have any offers for balance transfers, and if they can offer you a better rate.

write if you have questions.

Answer 7

Total debt does not effect your credit score as much as people think. Infact, the way credit scores are strcutured you basically have to be in debt to get a decent credit score these days. I think you may see a little pop in your score, but dont expect it go up all that much. I was 20k in credit card debt with a perfect payment history and credit score 707. I sold a life insurance policy to pay it off and my score did not really change much at all. Your payment history is MUCH more important then your total debt.

Answer 8

Well from past experience it will take awhile for your credit to build back up once you have paid off everything. It might be hard to get any kind of credit once things are paid off because it will take awhile for everything to show it was paid off. But there is a site you can go to once a year and view your credit report at no cost www.annualcreditreport.com it won't show your beacon score but it will show you what accounts you have.

Answer 9

keep all the prof that things are paid. make copies and send them to all 3 credit borrows and asking them to update the records. if they do not come off in 6 months resubmit the paper work again. keep an eye on your credit for new things to pop up from the past. husband had a old srp bill come up about 6 years after the fact because it was sold to a new collation place.

Answer 10

Wait seven years and try to start over again. No credit and try to save. A big bank account will impress a bank. You are not going to raise your score anymore than had you keeped yor money or went bankrupt