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Arya
Joined: 19 Aug 2009
Arya's page
Posts: 46
1190 Magic Points
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Subject: Improving Credit After Becoming Debt Free
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Fri Sep 04, 2009 4:50 pm
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| When I went through a hard time financially a number of years ago I signed up for credit counseling. I've since paid off my debt - all on time for five years. When will my credit rating improve? Are there any steps I need to take to raise my score. I am debt free other than 150 on a credit card. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Sat Sep 05, 2009 12:54 am
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| Arya, I am glad to see you made all your payments and are debt free. I imagine this is a big stress reliever. It can take a little time for your score to increase. You may have to establish some new credit to show a good credit history. Did the credit counseling service offer any idea on how long it would take your score to come back up? Others here are always looking for good quality credit counseling. What company did you work with and was you happy with the way they handled things? |
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James Orr
Joined: 07 Jun 2009
JamesOrr's page
Posts: 54
Location: Maharashtra
298 Magic Points
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Sat Sep 05, 2009 7:58 am
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Hi Arya, Yes, That's very good filling while you debt free. As you say you paid of all debt on time for five year. It will take small time to improve your credit score.Credit score improves by your credit history & of course your credit history is good. Keep pay off your all debts to improve credit score faster. No longer time needed for take backup for your current score.
Thanks & Regards.
_________________________________________________________
Secure credit card will help you to improve your credit score faster. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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Sat Sep 05, 2009 12:24 pm
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| Any type of account that reports your score will help improve your rating, I have a store card, (fashion bug) and other payments that have been made on time, like car and mortgage. It helps to diversify your credit too and establish then maintain a good payment history. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4285
127 Magic Points
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Tue Sep 08, 2009 1:30 pm
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| If you already have one card for 150 then you may be able to get another and just keep what you put on that card low. Goodnatured has a good point about diversifying. It really helps when you have different lines of credit. Is there any chance you have or will need a car loan in the future? Rebuilding credit can be a slow process but one that can be done. You should congradulate your self on the accomplishment of getting debt free. |
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James Orr
Joined: 07 Jun 2009
JamesOrr's page
Posts: 54
Location: Maharashtra
298 Magic Points
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Tue Sep 08, 2009 3:18 pm
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I am still learning the exact difference between diversified and consolidated line of credit in order to impove the credit score.
Can somebody shed some light on this issue so that all the viewers here will get some idea about the credit building.
But the solution has to have some evidences, without that it will just be a flowery words.
thanks and regards
_____________________________________________________
Secure credit card will help you to improve your credit score faster. |
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kim09
Joined: 10 Oct 2009
kim09's page
Posts: 22
14 Magic Points
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Sat Oct 24, 2009 4:45 pm
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Have you considered credit repair? I am doing it right now for myself to get rid of a Deed In Lou and a Settled Account from my credit report. I can point you in the right direction, but I don't want to leave any links here since I am new to this forum and don't want to appear spammy. I believe there are other areas on this forum you can find more information on credit repair.
Credit repair does work and is legal.
Also, your problem may be that you don't have a credit history. Typically you should have 3 to 5 tradlines on your credit report. Tradelines should include a Visa and a Mastercard credit card. Since I haven't seen your credit report I have no idea exactly what is going on with your credit. |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 594
99 Magic Points
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Sat Oct 24, 2009 5:23 pm
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Hi arya,
I know you said you went through credit counseling but have you pulled your credit report since then to check and make sure everything is reported correctly. Because if not that could be affecting your score. If it's not reported correctly you can send a dispute letter to the CA and have them correct it. |
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