Mandy asks…
How can I improve my credit score by 100 points in the next 60 to 90 days?
admin answers:
Reading text to resolve a question or achieve directives does not work with credit repair/improving. Analysis, followed by actions known to improve FICO, along with disputes of negative tradelines, and some ways to add points if feasible to the consumer. Easy to go from 620 to 660. Harder to improve from 720 to 760. Nearly possible to jump from 520 to 560; a score under 600 denotes derogatory items, their removal will get you into the 600's. Manipulation of balances is your likely solution. Statement dates, reporting dates, date of last increase, etc.
John asks…
how does one improve his credit score by 100 points?
due to opening accounts and closing a few it messed with my credit score...i know have 2 open accounts with 1 having a high balance and one with a low....starting this month i finshed paying off 1 account...a 2nd with high balance and putting 15% payment of it per month,,,and the other one paying 20% of it with low balance...were will be at 6 months? or more?
my one account is about 55% in use and is already coming down to to 50%...it was emergency situation and balance trasfers.....like i said i have it control...and paying it off in huge amounts.
admin answers:
The only way to improve your credit score is to first use credit then pay it off quickly. The faster you pay off your accounts the better your score. Late payments can stay on your credit report for years and therefore will lower your credit score. The best way to correct this is through time and establishing yourself as a good credit risk. So... Pay off those credit cards fast!
Paul asks…
How can I improve my credit score?
I have several negative accounts on my credit report. They are all from approximately 4 or 5 years ago. Although, my credit score has raised over 100 points the in the past 3 years, it still needs to be raised approximately another 100. What is the best way to do this? Is there a way of settling the debt owed on my credit report and it helping? I've heard paying off bad reported debt won't do anything to my score. Please help!!
admin answers:
Yes, you can reach out to all the creditors you have accounts that are in delinquency and negotiate with them directly to settle the debts. If you’re interested in debt negotiation, you can either hire a debt negotiation service to represent you to your creditors, or you can contact them on your own. If you want to try a do-it-yourself negotiation, follow this advice:
Be calm, clear, and convincing. Explain your situation in unemotional, professional terms. Remember, they’re not required to negotiate with you, so crying or screaming is not likely to move them to help you.
Don’t give up easily. If your creditor denies your request, explain to them why settling would be beneficial for them. Their priority is their bottom line and you must make it clear that the offer is in their best interest. If your request is still denied, do not agree to anything before you hang up the phone.
Send a debt negotiation letter. The letter should be professional and clearly state your arguments. Send it by certified mail and keep copies of all your correspondence.
Generally speaking when you settle debt and the account is reported with a zero balance it tends to help your credit scores. On the other hand leaving the debt unpaid can continue to hurt your credit scores.
I recommend you read our article, What Are My Debt Resolution Options, to learn more. Please see links below.
I hope this information helps you Find, Save, and Learn.
Best,
Bill
Bills.com
Charles asks…
How do I improve my credit score quickly?
I need to buy a house in December and would like to get my score up at least 100 points
admin answers:
Unfortunately there is not way to repair your credit score quickly, that's why it's imperitive that you keep up with good credit practices...
I would get a department store credit card and buy something every month, and then pay it off right away....that same day even....doesn't have to be anything big....you just need to establish good payment history.
It will take at least a year of this and no other blemishes on your record to effect your credit score.
Helen asks…
How to improve my credit score?
So last year (2009) I was laid off in February, and had just enough in savings to cover my basic expenses (rent, food, insurance) until I started getting unemployment checks in May. So basically, my credit accounts (except for one) when to 60 days past due. I called the CC companies well in advance, explaining the situation, and no one could "help" me until I was at least 30 days over due. At that point (30 days late) called again, but wasn't getting my unemployment check, so had to wait until I was 60 days late. At that point, all my credit accounts offered 0% for six months to 1 year, but the condition was that I had to close my accounts. I agreed, and have paid diligently for the past year, more than was due and early. (My credit went from 710, to 590 almost overnight) I now have a job, and have figured out I can pay my debt off in 1.5 years. But since I have no available balance on my credit cards, my credit score isn't even moving. So, is there a way to get these creditors to reopen my accounts. I don't even care if they just reopen them with the limits that I am at now. My goal is to pay them off, I destroyed all the cards and have little intention of using credit as a crutch ever again. Or do you think I can get a personal loan to consolidate this debt (with a score of 600?)
Why do I care about my score? #1, I also have a side business, that I would like to take full time, but I cannot get a $5000 loan for the technical equipment I need with my credit score. (I've done the numbers, the forecasting, and even have about 30 clients lined up, could pay this off in less than 6 months)
#2 I am looking at purchasing a four plex investment property to gain me $2000/mo cash flow after expenses, but a bank won't even look at me.
Am I stuck in the FICO score abyss for 4-5 years waiting for my credit score to improve, or is there some way I can boost my score 100-130+ in a year? Its not like I was previously irresponsible with my credit, just ran into tough times and was 60 days late, ONCE in a 9 year credit history.
I'm looking for creative ways to improve my score. Waiting around is not an option. Any advice is greatly appreciated.
admin answers:
Credit card companies will not reopen a closed account; they will open new accounts. The only thing you can do is start the application process.
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