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Karazzy

Joined: 09 Feb 2007
Karazzy's page
Posts: 8
Location: State of MASS confusion

657 Magic Points

Subject: FICO SCORE

Fri Feb 09, 2007 4:46 am

Hello I am new and so glad to have found this site. I am making 2007 the year to attempt to a debt free life....won't be 2007 but I am making the attempt. Confused

My FICO is 578. Sad

Last year it was 706.

I got involved in not paying off my QVC cc. It went to "bad debt". I finally bad it off Jan 24th. Does anyone know how long it will take to repair my score? Does this take years and years? Shocked

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Sat Feb 10, 2007 2:50 am

Karazzy,

If you plan things out then the results will start to appear within six months or so.

The credit scoring formulas like to see big difference between the amounts of credit person is using and the available credit limit. If the balance can be brought down below 30% of the credit limit on the credit cards, then it can really help.

The older your credit history, the better, but the problem arises when you stop using those old cards. The card company stops updating the account with the bureaus. Those will be present on your report but won't get much weight in the scoring formulas as much as an active account would get. It really helps to use the oldest cards once every few months by charging some small amount and then paying it off when the statement comes.

Trying to avoid any further late payments is the one of the most important thing to achieve which would help stop your score doing down any more while you attempt to pull it up.

Karazzy

Joined: 09 Feb 2007
Karazzy's page
Posts: 8
Location: State of MASS confusion

657 Magic Points

Sat Feb 10, 2007 4:33 am

Thanks, JUSTIN, I have been paying off some of the small ones I do not even use and closing the account for good. I am reducing all my cc's down to just a few. Trying desperately to pay them all off. How often do they RE-score your current score??

As I work on cleaning everything up how quick do you see your scores go up?? Does it take months??

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Tue Feb 13, 2007 12:25 am

Karazzy,

As you are putting in sincere efforts to build up your score, it is quite certain that you will start to see the results within a few months, say 3-4 months. The score will move slowly and it is not that there will be a jump of 50 points at a time. Keep working on it and I am sure in 6 months you will see positive improvements.

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