I got a credit card after turning 18 and i was doing good with the payments at first but being young and dumb i didnt pay after a while and had creditors started calling etc. now im 20 and i have paid all of my debts in full except for one or two left which are under $200, So since everything in the past was paid in full is my credit good, or has my credit score gone up? Please let me know!!!
2007-02-21 07:19:44 · 14 answers · asked by Anonymous in Business & Finance ➔ Credit
You have a chance to improve your credit rating and therefore brighten up your financial future by being patient, a conscious effort, and a personal debt repayment to improve your credit report. The most practical and effective way to truly improve credit is through a number of practical steps designed to help you not only improve your credit rating but also to maintain a decent credit rating once it has improved. No matter how bad your credit is, taking following steps will make it better.
STEP 1: Dispute Inaccurate Information or Frauds in Your Credit Report
STEP 2: Pay all of your bills on time
STEP 3: Reduce the number of credit cards you carry
STEP 4: Avoid bankruptcies, tax liens and collections
STEP 5: Request for Lower Credit Limits
STEP 6: Get a Small Loan or Credit Card with Co-Signer
STEP 7: Get a Secured Credit Card
STEP 8: Periodically Get a Copy of Your Credit Report
Find complete explanation for each step at:
http://www.howtoestablishgoodcredit.com/Credit_Articles/index.php
2007-02-21 10:54:51 · answer #1 · answered by Anonymous · 0⤊ 1⤋
You can find out your credit yourself for free 1 time every 12 months.
Free website they mentioned already: www.annualcreditreport.com
It's the only actually free site for credit reports from all 3 bureaus.
When you get them check your report carefully and make sure all your information is up to date.
If anything is wrong, you can dispute anything and a creditor has 30 - 45 days to respond and either correct it or let you know why they believe what they have is correct.
You still have lots of rights on making sure anything on there is what it should be.
Be aware of the Fair Credit Reporting Act at:
http://www.ftc.gov/credit/
They also have the Fair Debt collection practices act which has rules on how a creditor can contact you about debts and has a lot of good info you can use.
2007-02-21 08:26:54 · answer #2 · answered by dmh7593 3 · 0⤊ 0⤋
It is possible that your credit score has gone up, however, the deliquent payments will show up for about 7 years. 30, 60, 90 day late payments are there for awhile. I was in the same boat...I moved when i was about 20 and didn't get a credit card statement and didn't pay the bill, so it went on my report. When I applied for a mortgage, they asked what happened, I put it in writing, and I still got the loan.
2007-02-21 07:26:30 · answer #3 · answered by rainman_1999_76 1 · 0⤊ 0⤋
It doesn't work the way you think. Late payments hurt your credit score also.
Find a bank that will give you a secured credit card. Make a plan to use it (not too much, not overboard) for a couple of years. If you do this, it should raise your standing because you will be making regular payments ON TIME.
2007-02-21 07:30:27 · answer #4 · answered by Jed 7 · 0⤊ 1⤋
Well, paid is always better than NOT paid, but I'm sure your credit is still not that stellar. But, hey, why do you even care about your credit score? You only need one if you plan on going into debt & that is a very bad plan. Please go immediately to the website below. If you follow Dave's plan (like we do) you will be debt free & have money to buy what you need (like a car) w/o going into debt.
2007-02-21 07:31:50 · answer #5 · answered by Tom's Mom 4 · 0⤊ 1⤋
After you've racked up credit card debt, I believe it takes several years (like 5 or 6) for your credit to be considered good again.
This section on leading financial education website "The Motley Fool" should be able to help you out with any further questions:
http://msn.fool.com/ccc/check/check.htm
(don't worry....... one of the main aims of this site is to teach you how to look after your money in an easy to understand way, without boring you to death in the process like traditional resources for learning this sort of stuff)
2007-02-21 07:30:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can find out for yourself at the site below. The report is completely free and contains information from each of the 3 major reporting agencies. If there are errors, you can file to have them corrected. You can get this report free once per year.
2007-02-21 07:28:08 · answer #7 · answered by Enchanted 7 · 0⤊ 0⤋
your credit will look better with the paid accounts. but it reports on your credit history for 7 years.
2007-02-21 07:28:13 · answer #8 · answered by Lady Rhianan 4 · 0⤊ 0⤋
until they are all paid it is unlikely your credit rating would improve maybe after 6 years things would show better providing no more credit blips in the future
2007-02-21 07:29:33 · answer #9 · answered by DARREN A 1 · 0⤊ 0⤋
no. you need to write to all those creditors and have them remove the negative comments on your file. every time you were late they posted so on your credit. if 30 days late it shows, also 60 and 90. all those negatives reflect on your credit until you have them removed.
2007-02-21 07:27:05 · answer #10 · answered by John R 1 · 0⤊ 0⤋