I have a low score of 592 and I want to raise it. I have a couple of small debts on my credit.. If I were to pay them off how many points does your credit score go up usually? One of them has P and L writeoff, does that mean I can still pay it off and raise my score? Thanks!
2007-03-10 15:36:39 · 4 answers · asked by littlemaltese 1 in Business & Finance ➔ Credit
They all ready wrote it off, it will be there for three years. Your bank has a program that you pay a monthly fee to help raise your credit. Give them a call.
2007-03-10 15:58:08 · answer #1 · answered by Carlene W 5 · 0⤊ 0⤋
Your score will go up more if you use the credit you have responsibly or obtain new credit and use it responsibly. The higher the credit limit and the lower the balance, the better. The longer the length of time with no late payments on the current credit cards, the better. New credit will help raise your score more than paying off old bills.
I know it seems really strange, but paying off old debts really DOESN'T help your credit score much- if at all. In addition, unless the creditors sue you, the negative reports will come off on their own 7 years after your last payment or promise to pay whether you pay them or not.
You'll need time to establish a better credit rating and save for a down payment, so my advice is to keep a low profile and wait it out. Waiting sucks, but that's part of maturity. The reason you got yourself into this mess to start out with was probably because you wanted things NOW and couldn't wait. At least that's what happened to me!
2007-03-11 00:50:13 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If the debt are with credit card or finance companies then I would pay them off, because it will help your credit.
The best way to build your credit now is to get two credit cards and keep your balances under 50% of the total credit line. This will help you build new credit. Just make sure you make your monthly payments on time.
With a credit score of 592 it may be harder for you to obtain a credit, I located a site at http://www.bad-credit-credit-card-for-people-with-bad-credit.info/ that list secured and unsecured credit card companies that issue to credit to people with fair to poor credit.
2007-03-10 23:51:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
it will not go up, it might go down, get more accounts and pay on time, don't go crazy opening a lot just 4-5 and keep them with a low balance, pay if you can in full the balance and your score will go up Little by Little........but what's the reason your score it's so low????????? that's the question?????
2007-03-10 23:47:34 · answer #4 · answered by 123456789 2 · 1⤊ 1⤋