Is it possible for credit score to go up and be good in 6 months???
I have been working hard on my credit. My scores are.. Equifax 622, Experian 636, and Transunion 644. I am proud of myselfe because this time last year my scores were in the 400 range. About 2 weeks ago I was able to get 7 collections(hospital) deleted off my reports. I took out a 3000 loan from my bank and paid the collections off. Ok Currently I have 1 installment acct. I might have two, but I dont know whether to consider a line of credit from bank an installment loan or not because payments dont have to be paid at a certain time. I also have 1 secured card with bank for 300 this acct has been open a year. I recently got a cc from capital one with a 300 limit. Should I open another installment acct or should I get another credit card. Or just dont do anything and make payments on the accts that I have for six months. Is it possible that my score could hit 700?
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July 21st, 2010 at 11:58 am
Scores are important, but not everything.
you really only need one credit card, and one ATM card.
your creditworthiness depends upon only 2 or 3 things.
your income
your credit history.
your savings history.
What you buy is pretty important. If you have been making payments to your local bookie for gambling loans…..thats a problem regardless if you’ve been on time every week.
Looks like youve done very well taking care of past bills and lowering your Debt/equity ratio. dont raise it again by getting more cards.
those CC’s are Potential Debt that hurts your D/E ratio. keep a low limit and a zero balance. save for what you need and NEVER put CRAP on Credit.
Smart decisions with the money you make and the money your save is a big deal Bigger than anything else.
wer
July 21st, 2010 at 11:58 am
It’s possible. another cc would increase your available credit and the amount of unsed credit helps determine your score.
story and links here
http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/CreditCardSmartsDyn.aspx?cp-documentid=6391903>1=33001
July 21st, 2010 at 11:58 am
Don’t take on any more credit for at least 6 months. Pay everything on time. Don’t carry balances on your credit cards. Only charge what you can afford to pay in full at the end of the month. After another 6 months, you may want to get a regular credit card and get rid of the secured card if it has any fees.
Getting those derogatories removed will help your score. But you will still need at least a 24 month consistent, on time payment history to see more improvement. The longer the history, the better the score.
July 21st, 2010 at 11:58 am
if you pay down your debt you should be good in six months