 Should I pay off old debts to improve credit? |
I have a few negative credit marks on my report.
I was wondering if I should pay off debts that are only like 2 years old because I am wanting to finance a car and eventually a home...
I ... |
|
 Where can you get a FREE credit report? |
Now, I'm not talking about a website where you are ultimately charged for some sort of package or program -- JUST the credit report itself.
Help?... |
|
 How to Cash My Check? |
HAPPY CHANUKAH!
so I recieved a check for my chanukah from my uncle, how do i cash it? I mean I do not have a bank account at all and I am not going to get one either so how do i cash a check?<... |
|
 I need some extra cash? |
| I work full time but really need some extra cash I would be willing to work from 6pm - 11pm most nights and also weekends. What type of job could I find that would fit in with those hours also any ... |
|
 Bad Credit At 18..but before I was legal.It Wasn't' Me.Help Me? |
| I have just recently turned 18 years old last month.I applied for a credit card but was denied. So I decided to check my credit report.Anyway,I discovered that things such as credit cards were taken ... |
|
 Have you ever been in over $50K of debt, & eventually got out of it? Is it possible? |
I'm talking about credit cards, student loans, lines of credit, financing cars, homes, etc.
How did you do it? I know you had to work, but did you have to work enough to be ... |
|
 Extremely bad situation need credit advice? |
| I got my first credit card when I was 18 thinking I was cool now 23. Now I have 6 in total credits cards all maxed out about 7000 in debt in all 6 not to mention almost all are written off since I ... |
|
 Will they catch me if I...? |
| order a magazine in someone else's name with payment option of "Bill Me Later"... |
|
 21 and need help badly with credit repair.? |
| I am 21 and have a 550 credit score. I am buying a new truck in a week or two. I got an interest rate on 24000 of 23% I have had my credit reprt for about a month. I have about 10000 in debt some ... |
|
 Second Chance Banking or Best Prepaid Debit Card? |
| I've been on a quest to find the best prepaid debit card. I used to have one through Virgin Mobile that allowed you to pay a direct fee monthly and you could use the card as often as you liked. <... |
|
 Where to get a credit card for someone with very little credit? |
| I'm sure many of you have been in the same boat as me. I'm 24, not much credit to my name and I've tried about 5 different places (Amazon, Ebay to name a few) and all have rejected my ... |
|
 I'm new to the USA, how do I start credit? |
Hi, recently I moved to the USA, right now I'm seeking to complete my steps of the USMLE and hopefully getting into a residency program at a hospital near 'home'.
Thing is ... |
|
 Cleaning up credit? |
| I am working on cleaning up my credit after some hard times. I have a few things that have been sent to collections. Is it better that I pay the collection agency or the place where the debt ... |
|
 How do i get out of credit card debt? |
| I am being smothered by credit card debt please ... |
|
 Is a 836 reasonable credit score? |
| I checked it with experian and that was the score is that good for a 24 years old guy?... |
|
|  |
shadowboat | How quickly can a credit score go from 400 to 700? |
lets say i start making regular payments on a condo.. car.. credit cards... phone bill.. electric bill.. cable.. car insurance.. over a 6 month period of time... would it go up 200 points? |
 |
 
farrell h
|
Paying off collection accounts in no way improves your credit and may, under certain circumstances, HARM it by lowering your scores.
Once an account goes into default, it is a derogatory mark against your credit. The derogatory nature, PLUS the "date last reported" combine to cause deductions to the score, even if the account has been paid off. If the date last reported falls within the past 12 months, the deduction can be huge. In the simpliest terms, a credit report is a history of how you have managed debt in the past. So, obviously, the recent past (last 12 months) has the most impact on your scores. Any derogatory mark falling within that time frame is a "score killer". This is the reason that paying off old collection accounts don't help your credit. They often cause the account to (confusingly) appear to be more recent.
The only true way to improve your credit is to pay a collection account in exchange for its' REMOVAL from your credit. Unfortunately, this is not easily accomplished. However it is still worth the effort because that is the only way to actually improve your credit by paying defaulted debts. Raed more from: http://www.credit-card-forums.com/thread/2204 |
|
criolla80
 |
Depending on why your score was low to begin with it could take you 2 years to reach a 700 or higher score.
Do you have outstanding collections? If you do then you will have to pay those off in order to start increasing your score. |
|
Chane
|
It depends how effective you are at cleaning up your credit.
There are many free, legal credit repair methods that could help you achieve your goal.
Learn how to repair your credit here: |
|
Dr. Nightcall
|
A lot longer than when going from 700 to 400. |
|
Brian G
 |
Past due payments stay on your credit report for three years, charge offs, repossessions, foreclosures, and bankruptcies even longer. So to go from 400 to 700, I would guess it will take at least 1 1/2 to 2 years if you keep everything on time that long. |
|
joyceeleann
 |
It takes three months for one credit card to go positive on your credit score.. It can take up to a year to make that large of a jump. |
|
beauty s
|
Paying bills on time maybe 2 years... It takes time |
|
blkmgikwmn
 |
making payments on time helps.pay off a large purchase gives big boost. |
|
sakthi j
 |
hi check this link its good
http://insurancess.notlong.com
. |
|
SCH
|
Really, making regualar payments on phone bills, electric, cable, and car insurance will not affect your score unless you are in default on those things. Usually utilities are not reported to your credit report. So concentrate on paying your mortgage, auto, credit cards (I am not saying neglect your other bills, just make sure the ones being reported to your credit report are being made 1st).
2nd make sure you have no more than 2 major credit cards and that the balances on those cards are less than 40-50% of the available credit. Any more than 2 cards is a major red flag and will affect your FICO in a negative manor. The longer your 2 credit cards are open and have a balance of less than 40% of the avaliable credit the higher your score will go.
The FICO system is specifically designed to move slowly, so be paitent and stay the course...you will see results in time.
Good Luck! |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
9 | 10 minutes(s) ago
| | | |
8 | 33 minutes(s) ago
| | | |
9 | 53 minutes(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
8 | 5 hour(s) ago
| | | |
9 | 7 hour(s) ago
| | | |
9 | 11 hour(s) ago
| | | |
9 | 2 day(s) ago
| | | |
9 | 6 day(s) ago
| | | |
8 | 1 week(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
