How do I help my credit score?

Question

I recently had a collection charge, and quite a few past due payments. I have come up to date on the past due payments and will be able to pay off all I owe within 3-4 months on all the credit cards. Also I will be able to pay off the collection charge within a month.

I heard somewhere that I can negotiate with the collection agency for a payment for deletion for the collection account which would remove it from my credit report. Is this true?

I will be moving in about 8 months and my credit score ranges from 520-564 on the three reports and I need to get it up so that I will be able to move into another apartment. By paying all this off will my score increase enough by time I move?

I am not late on any utilities and have never been late paying rent, how will this also factor into getting a new apartment?

Answer 1

You can try to negotiate payment for deletion. Get the agreement in writing before you pay and do not give them access to your bank account. You will have better luck getting the collection agency to agree if you are making a lump sum payment.

After you pay off your debts, you're going to need several years of continuous on time payment history to really improve your score. Late payment really kills you score.

Answer 2

Renting an apartment is an event that focuses on a good previous rental history. You general credit history is considered however, if your Rental History is good you should have no problem getting approved.

Your low credit score may have an affect on the total deposit required to get the keys to the apartment. So stay focused on paying those credit cards debst and do not be late.

DO NOT forget to make weekly deposits to a good high interest Savings account or Money Market account and watch your money grow quickly.

God Bless.

Carlos Cruz

Answer 3

You need a little bit of help but should not lay out a chunk of change for a full blown service to repair your credit for you. I used www.creditrepair101site.com and got my score up 60 points in 3 months. The site guides you through the process of fixing your credit yourself. It was a very satisfying process for me. Good luck!