What can I expect next?

Question

I got out of college 2 years ago and have come across 4 credit card accounts. One is in the process of being paid off, and the other three have been "settled in full". Currently, without being reported yet that they are settled in full my credit score is about 632.

How much, if any will my FICO go up? Will I be able to go for a loan on a car with a score under 700? 700 is my goal. I would like to have that as a credit score.

Currently I have a 632 with a judgement im paying off by April and also 3 "settled in full accounts" that had been delinquent for years.

What's next? I have and am obtained copies of all statements released by the collector's for my records. Will I be out of the woods?

Answer 1

Getting those things paid is a great start. I've given you a couple websites with some pretty good tips for working on getting your score up. I hope they're helpful and good luck. The second website is several pages long so make sure you click on page 2, 3, etc.

Answer 2

Start with a secured credit card. You put 300 into a savings account and they issue a credit card with a 300 limit. Use it once a month for something you would purchase anyway, maybe a tank of gas. When the bill comes in, pay it right away. Do not ever max out the credit card. Lenders not only look at debt to income, and slow pays, but also how much of your credit is maxed out. Establish a pattern of paying on time.

Answer 3

Join a Credit Union, and then ask them about their car loan program. They will probably be eager to make you a car loan, no matter what. Whatever happens, you'll save a lot of money with a credit union account, instead of a bank account.

Answer 4

paid in full accounts should come off your credit report for the LAST date you made a payment to them

Answer 5

your score could be alot lower. after they are paid off see if you can get them off your credit but disputing them. it's not honest but that's what the credit repair companies do.