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Jessemichael_17
Joined: 07 Jan 2009
Jessemichael_17's page
Posts: 1
23 Magic Points
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Subject: Improving my credit score
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Wed Jan 07, 2009 7:30 pm
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| Now that I have covered and paid all my debt, how long before my credit score starts to go up? Also if I continue to make my monthly payments on time, how often is that reported? |
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Lorri
Joined: 15 Jul 2008
Lorri's page
Posts: 299
190 Magic Points
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Thu Jan 08, 2009 7:08 am
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I am not absolutely positive on this, but I think you might have to re-establish a pattern of on time payments---maybe 6 months? This is just a guess---someone else will have to take this one further.
_________________
"Never give up on someone you can't go a day without thinking about". |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Thu Jan 08, 2009 9:04 am
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Hi Jesse
Even if you pay off the debt in full, the listing will stay in your report for seven years from the date of your last missed payment. Only if you can come to a pay for deletion agreement with the creditor before you pay off the debt, you can get the negative listing removed from the credit report. Normally, one can expect the credit score to increase once the Statute of Limitation expires.
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All the Best 
Justin |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Thu Jan 08, 2009 9:30 am
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If you have open lines of credit and you make regular payments on the debt you can improve your credit history. Justin is correct to some extent because normally it is seen that the credit score starts improving after the Statute of Limitation on the debt has expired. However, it improves only if you make attempt to build up your credit history. If you have credit cards, simply make purchases with it and repay it within the due date. Moreover, you should not close any existing credit cards as length of the credit history helps to improve your credit score.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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