When will my credit score start improving?
Question by xsaraxamx: When will my credit score start improving?
For the most part, I’ve paid my credit cards on time and have had good credit reports. But last month, I was in a bad financial situation was not able to pay my Shell gas card. I was able to pay it a few weeks after it was due, but now it shows that I have a delinquency on my credit report. When will that go away? Also, it made my credit score go down about 50 pts. If I continue to pay all of my credit cards on time each month, when will my credit score improve?
Best answer:
Answer by bdancer222
If you were only a few weeks late, credit card typically don’t report that to the credit bureau. You get hit with a late fee. The payment usually has to be 30 days late before it is reported. Are you sure it was only a few weeks?
You will need at least 24 months of consistent, on time payment history to overcome that late payments. Most of your score is based on the previsou 24 months.
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Categories: Credit Score Questions Tags: Credit, Improving, Score, Start
How to Improve Your Credit Score
How to Improve Your Credit Score
Having a good credit score is very important today, it can prevent you from having access to many opportunities that are available. It lets people know if you are reliable and trust worthy. There are even some prospective employers who will check your credit score. How to Improve Your Credit Score is a guide to how to raise a bad credit situation.
How To Raise Your Credit Score
A Good Credit Score
Improving Your Credit Score
Improving Your Credit Score Is Just Three Steps Away
How To Improve Your Credit Score The Easy Way
Credit Score Repair
Tips On How To Improve Your Credit Score
You And Your Credit Score: What’s The Good Number?
How To Raise Your Credit Score
How To Improve Your Credit Score
How To Protect Your Credit Score: Active Prevention Of The Bad Guys
Improving Your Credit Score: Ways To Do It Quickly
How To Safeguard Your Financial Life
Instant Approval Credit Cards
How To Improve Your Credit Rating
Why You Should Raise Your Student Credit Score
The Basics Of Credit Repair
How To Increase Your Credit Score
Understanding Your Credit Report Score
Understanding What A Credit Score Is
Improve You Credit Score
Having a good credit score is very important today, it can prevent you from having access to many opportunities that are available. It lets people know if you are reliable and trust worthy. There are even some prospective employers who will check your credit score. How to Improve Your Credit Score is a guide to how to raise a bad credit situation.
How To Raise Your Credit Score
A Good Credit Score
Improving Your Credit Score
Improving Your Credit Score Is Just Three Steps Away
How To Improve Your Credit Score The Easy Way
Credit Score Repair
Tips On How To Improve Your Credit Score
You And Your Credit Score: What’s The Good Number?
How To Raise Your Credit Score
How To Improve Your Credit Score
How To Protect Your Credit Score: Active Prevention Of The Bad Guys
Improving Your Credit Score: Ways To Do It Quickly
How To Safeguard Your Financial Life
Instant Approval Credit Cards
How To Improve Your Credit Rating
Why You Should Raise Your Student Credit Score
The Basics Of Credit Repair
How To Increase Your Credit Score
Understanding Your Credit Report Score
Understanding What A Credit Score Is
Improve You Credit Score
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Categories: Credit Score Products Tags: Credit, Improve, Score
What FICO Score would you give to the US Government?
Would like to know more regarding FICO score? Do you want to enhance your knowledge about credit score?
Most of us are very concern in terms of how they can improve it. By watching this video, you will have the chance to understand better the different perspective of people with this kind of process.
You will definitely enjoy and learning more on the important things you have to remember about FICO score.
So have fun on what FICO score would you give to the US government?
Categories: Credit Score Videos Tags: FICO, give, Government, Score, would
Q&A: How can I raise my credit score after bankruptcy? I had a bankruptcy discharged, can I rem the accts included?
Question by T.J: How can I raise my credit score after bankruptcy? I had a bankruptcy discharged, can I rem the accts included?
I filed for bankruptcy (chapter 7) a year ago and successfully had it discharged. I’m in the process of rebuilding my credit and I pulled my credit report and all the creditors included in the bankruptcy have my accounts listed as “bankruptcy” which is destroying my credit score. Is there any way I can have those accounts removed since they are all closed and were included with the bankruptcy? Does anyone have any tips on rebuilding my credit? My score is currently 530 and I would like to raise it to the average but it seems like it hasn’t been going anywhere. What can I do?
Best answer:
Answer by KL
The key to increasing your score after bankruptcy is 1.) making sure the debts that were included ARE being shown as IN BANKRUPTCY and have a zero balance and 2.) re-establishing your credit.
The 2nd is tough and you’ll have to take on some pretty high interest rates, but it will be worth it. Start off with secured credit cards and go from there.
Give your answer to this question below!
Categories: Credit Score Questions Tags: accts, after, Bankruptcy, Credit, discharged, included, Raise, Score
How much will it lower my credit score if I break my lease?
Question by geewhiz: How much will it lower my credit score if I break my lease?
I have to break my apartment lease. I was living separate from my husband, and we are moving with a job transfer to a different city. My credit score is about 750-800. If I break the apartment lease, it will go on my credit report. How much will this lower my score?
Best answer:
Answer by Lauren F
Breaking the lease itself won’t hurt your credit score. It is what happens to the unpaid rent on the remainder of your lease that could possibly hurt your credit score. For example, if there are 9 months remaining on your lease, and you leave without paying those, and the landlord has two choices. Try to re-rent the place, or sue you in court for violating the terms of your contract. If he does the first, then nothing will happen to your credit report. If he does the second (sues you) and wins a judgment against you, that becomes part of your credit score and will drop your score at least 100 points.
Read your lease carefully and see what the terms are for breaking the lease. Sometimes you can pay a penalty of one month’s rent and get out. Other times it is 60 days, and they only let you out if the place is re-rented in that time. Other times there is no “early out” clause and your only option to reduce the expense is to find someone to sublease it from you.
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What does your credit score start out as?
Question by jane w: What does your credit score start out as?
Wondering…I’m young and just got my first real credit card about 3 months ago. I’ve paid everything off every month so far. What does your credit score start as? Before I got it, I had no credit history whatsoever, but I expect to now or very soon since I now have credit. Anyone know what number I may have started at? Would it just be the national average? Or does it start higher?
Thanks!
I mean…I know I had no score at all, but I guess I am really asking: once you open a line of credit, where does your score immediately fall when it is initially opened?
Best answer:
Answer by spifiman1
Credit scores are made up of the following;
1. Pay history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
As you can see 1,2&5 are the most important as far as scoe is concerned but you need much more then just a good score you also need a good profile.
You will need 3 credit card accounts (revolving) and at least 2 cars, boats, homes, furniture or personal loan accounts (installment) all with good long pay historys and your CC balances below 30% fo your credit limit every month.
This mix of credit will give you the best profile and score.
Credit scores always start out at 0. Reportable scores run from 300 to 850. Yours after about 3-months should be somewhere in the 600 range.
Give your answer to this question below!
Categories: Credit Score Questions Tags: Credit, Score, Start
101 Most Effective Credit Repair Tips to Increase Your Score Right Away + Plus Bonus
101 Most Effective Credit Repair Tips to Increase Your Score Right Away + Plus Bonus
101 WAYS TO DECREASE YOUR DEBT AND INCREASE YOUR CREDIT
1. Pay your bills first: It’s important to put the money aside to pay your bills as soon as you get paid. That way you will be sure to have enough money to pay them. Don’t go out and buy things, not even groceries until you’ve put the money aside for your bills. Most of your day to day expenses are likely to have some flexibility in them, you can limit how much you spend on coffee a day or buy a less expensive cut of meat, but the power company wants all their money.
2. Make your payments on time: Every late payment can hurt you, and in more than one way. Many utility companies report your payments to the credit reporting agencies, so a history of late payments can hurt your credit score. It also costs you more if you pay late. Late fees may be small but when you’re working on reducing debt, every dollar counts. Three dollars a month in late payment charges on three bills works out to over a hundred dollars a year.
3. Write down what you spend: Managing and paying down debt is all about taking control of your money. You can’t control what you don’t know, so it’s important to keep a journal of how much you are spending and what you’re spending it on. Do it before you make your budget and you’ll be able to see what you really do spend money on, rather than guessing and coming up short because you forgot to account for something when you wrote up the budget.
4. Know your credit report: Your credit report is your scorecard in the fight against bad credit. If you don’t know where you stand it’s hard to move forward. Most countries let consumers see their reports for free at least once a year. Take advantage of this, you might find a debt on there that you already paid which wasn’t reported to the agency. Reports of unpaid debts can really hurt your credit, so it’s important to make sure those are accurate.
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The Truth About Your Credit Score: Common Sense Information About Your Credit Score
The Truth About Your Credit Score: Common Sense Information About Your Credit Score
Everyone knows you need a high credit score in order to get a good loan. It’s the single most important factor lenders use when determining whether you’re a credit risk or not. But fortunately no matter what your credit score looks like today, there are simple steps you can take that will boost it to its highest level possible.
That’s why in this hour-long interview you’ll meet Dave. Dave is a credit consultant, newspaper columnist, and author of How Credit Really Works. And according to him, anyone can bring up their credit score – you just need to know how. But the bad news is: your score may be lower than you think. Dave says the credit scores you get online are not the ones most lenders see. In fact, your real score could be more than 100 points lower!
Because there are multiple scoring models used to determine different credit scores, there are sometimes huge discrepancies in what you think your credit score is and what lenders are seeing. So it’s important that you know exactly what determines your score and how you can improve it.
Key Concepts You’ll Learn From This Interview…
What is the ideal credit mix – how many credit cards you should have, how often you should use them and what kind of balance is okay to maintain
What “credit inquiries” are, why they show up on your credit score and how to avoid getting too many of them
Why you should never close a credit card account – even if you’re not using the card – and what you should do instead
Why you should only use finance companies as a last resort
What you need to know about balance transfers, debt consolidation and pre-approved credit card offers
The best place to find credit cards when you need them
And much more
Dave’s been dealing with credit accounts for a long time and he knows all the tricks of the trade. So when he does a consultation, he tells you exactly how to handle every account and discrepancy. He tells you what to say to collection agencies – and what lies you can expect them to say in return. In other words, he tells you how to take a proactive approach to your credit score.
But the key to good credit is in knowing how the system works, and this interview is a great place to start. And after you listen to it, if you’re interested in a detailed evaluation of your credit score, Dave’s including a free copy of his book with every consultation. Enjoy.
List Price: $ 0.99
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Categories: Credit Score Products Tags: about, Common, Credit, Information, Score, Sense, Truth
What Is A Credit Score?
You may have heard about the good and the bad credit score, but let’s get back to basics. What is a credit score? Why is it so important?
First and foremost, a credit score is a three-digit number given to those with a social security number and the range is from 300 to 850. The higher the number, the more creditworthy an individual can be. The software used to come up with the score is the Fair Isaac and Company (FICO), which is why credit score can also be called FICO score.
It is given to a person based on how he or she pays the bills. When you have loans, your creditors report your payment records to the three credit bureaus namely Experian, TransUnion, and Equifax.
When you pay your bills on time and in the agreed amounts, it will have a positive impace on your score. Otherwise, your credit score will suffer. Thus, you are forced to pay higher interest rates compared to those who have good ratings.
What makes it harder for people who have low credit scores is getting approved for a loan, be it a big ticket item or mortgage. Boosting your credit back up is not only difficult, but it can get confusing at times as well.
When that happens, it is best you seek help from someone who is more experienced or skilled as they may give you sensible advices to get your score improving.
In addition to that, your credit report can have errors in them, that is why it is highly recommended to have it monitored regularly. If you fail to do so, the errors will generally drag your rating down.
Categories: Credit Score Articles Tags: Credit, Credit Score, Factors, Score
What Credit score do I need to get the best rate without a co-signer?
Question by David L: What Credit score do I need to get the best rate without a co-signer?
I have around $30K in private student loans that I had my brother co-sign with me on. I am paying Prime + 0% which is really nice, but I wanted to consolidate and use the LIBOR rate (which is lower than prime, I would save over $2000 in 10 years by dropping just 1% point). I have what I think is a very good credit score (760) and wanted to get the best rate so I could try to avoid asking my brother to co-sign again. Is my score high enough to go in alone without a co-signer and get the best rate? Thanks in advance.
Best answer:
Answer by spifiman1
Your score is fine. It depends on what your score is made up of.
Credit score is based on the following;
1. Pay history 35%
2. Time in bureau 15%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%
As you can see 1, 2, and 5 are the most important as far as score is concerned.
The problem that people run into is that they have nothing to qualify them for what they are attempting to borrow money for. Lenders look for whats called “like credit” when they look at a application.
I see people every week with 700+ scores that are made up of nothing but 1 credit card with a $500.00 limit paid 15-times and a couple of student loans and I can’t get them approved to buy a car because they have no “like credit”.
Score is not everything no matter what anyone says.
Know better? Leave your own answer in the comments!