2007-10-22 08:39:10 · 6 answers · asked by tangerine 7 in Business & Finance ➔ Credit
You have to have at least a 2 year consistent, on time payment history to improve your score.
First thing to do is pay off any current credit cards. Work on them one at a time, highest interest rate first while paying minimum on the rest. Dropping your credit card balances to less than 30% of your limit will improve your score. Paying them off completely is even better.
Next, get a copy of your credit report and start negotiating settlement of your bad debt. Start with the newest and work back to the oldest. The older the debt,the less impact on your score. You can settle old debt for half. Lump sum gets better deals. Payment plans have to be short term. Get any settlement agreement in writing before you pay and don't give them access to your bank account. You can ask them to delete the negative in exchange for payment -- some will, some won't.
Depending on how hard you work and how much debt, you can probably clean it up in 2 or 3 years. If you need help, contact Consumer Credit Counseling Services (CCCS). The offer free counseling. http://www.nfcc.org/
2007-10-22 08:47:25 · answer #1 · answered by bdancer222 7 · 1⤊ 1⤋
Just like a sand castle, hard to built, easy to smash. It would take you a long journy. I would advice review your credit report and you can obtain free annual credit report at : www.annualcreditreport.com ( 1 per year) . Always start from the small debt to big unpaid debt. If a lot unpaid debt would be remains for 7 + years until it paid. Alot inquiries also effects your credit score. High credit card balance put you in high rish. Late payment make you financial unstable person. Improve your credit by pay all bills on time, use only 10-20% on credit card. Just alot to explain.
I would recomemed you seek a finacial managment to help you.
2007-10-22 09:03:59 · answer #2 · answered by beaupamer 2 · 0⤊ 0⤋
Years. It also depends how badly in debt you are. You could pay off all your debt but it will still show on your credit report for 7 years. Buying a car or a house and making on-time monthly payments is a way to repair your credit score. Within a year of paying your bills on time could increase your credit score by 50 points or more.
2007-10-22 08:43:40 · answer #3 · answered by Liberal City 6 · 1⤊ 0⤋
It all depends on how bad your credit it and what kinds of negatives your credit history contains.
If you are ready to start look for credit repair forums on-line like creditboards.com to get some pointers and inspiration.
I've been working on mine for about 2 years and I'm still not done but after 1 year I saw a big improvement.
2007-10-22 08:47:32 · answer #4 · answered by Delaina77 3 · 2⤊ 0⤋
Well it took me almost 2 years.
Fico score 8-01-06- 505
Fico score now 711
2007-10-22 10:18:46 · answer #5 · answered by Crazy cat lady >^ ^< 4 · 0⤊ 0⤋
hablando, que te lo refinancien a tu capacidad
2007-10-22 12:02:21 · answer #6 · answered by Anonymous · 1⤊ 0⤋