credit and debt

Credit score

my credit score is in the low 500's. i recently paid off two past debt through settlements. how soon will i see a rise in my score. i pulled my credit report last year and have been picking one debt to pay off at a time when i can. i make just enough to pay rent, car, insurance and utilities. any help will be greatly appreciated.

Answer this question

Liked this question? Tell your friends about it

Facebook Windows Live Yahoo Twitter Digg Google del.icio.us Reddit

Link

Embed

Copy and paste the text above to share this Q&A

5 Answers

Order by: Oldest to Newest; Newest to Oldest; Votes

nica65 Answered:

first and foremost, you need to understand what makes a FICo score, once you do then you will understand what factiors are important ir order to improve your score.

So having said that, let's define the 3 most important factors of a FICO score which are: History, Balances and derrogatives. so how much history do you have with your current credit, how old is your credit, one year, two or three?? , next your balances should not exceed 30% of your credit limits, are they? and finally how many derrogatives do you have on your credit report?

Once you anwer these questions, you should have a clearer picture of where you stand when it comes to your FICO score.

I hope this helps!

Evelio Areas

Posted 2 years ago

<a href="http://evelioareas.com/" rel="nofollow">http://eareas.blogspot.com</a>

Add a comment

Helpful? (0)

Report

Pete Answered:

The rise in your credit score will only come after a long period of good credit. If you have had debt settlement in your past then it may take some years to cover that up.

Posted 2 years ago

Here are some useful links for information on <a href="http://www.budgetplanners.net/bankruptcy.html" rel="nofollow">bankruptcy</a> , <a href="http://www.budgetplanners.net/" rel="nofollow">debt consolidation</a> and for getting help with <a href="http://www.budgetplanners.net/credit_card/debt_advice.html" rel="nofollow">credit card debt</a> .

Add a comment

Helpful? (0)

Report

archercredit Answered:

Both posters above are correct. A good credit score won't come from just paying off bad debt. You need some good payment history on some other accounts and you need some time to show you haven't had a derogatory account for a while.

Unfortunately, by just barely paying off your owed debt, the timetable for this account has just begun again. You may want to try some credit restoration services if needed. They can help remove late payments that are inaccurate or errors. 35% of all credit reports contain errors, so make sure you double check yours and make sure it is correct.

Hope you get your credit score up.

Posted 2 years ago

<a href="http://archercredit.net" rel="nofollow">Credit Repair</a> <a href="http://ilovecreditrepair.com" rel="nofollow">Credit Restoration</a> <a href="http://creditjerk.com/" rel="nofollow">Credit Questions</a> <a href="http://questfor700credit.com/" rel="nofollow">700 Credit Score</a>

Add a comment

Helpful? (0)

Report

Seethegreen Answered:

Erase Debt Legally
Learn the Secret of how to do this today
www.secretdebteraser.com

Posted 2 years ago

Add a comment

Helpful? (0)

Report

jdwitt1 Answered:

You need help with this. www.creditboomerang.com They can assist with removing these negative items from your bureau. No charge till the job is complete. Good Luck!