How do I improve my credit score?

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bohmagic1

Joined: 08 Feb 2010
bohmagic1's page
Posts: 1

27 Magic Points

Subject: How do I improve my credit score?

Mon Feb 08, 2010 11:31 pm

I'm trying to clean up my credit history. I have several accounts that were delinquent. I've recently started them on a payment plan thru a credit counseling service.
And have been keeping up with the payments. I may be able to pay all of my accounts in full by Aug of this year.
I want to know if paying off the accounts in full in one lump sum is a good idea or should I continue making on time payments so I establish a new history of paying on time? Many of the accounts will not "re-age" for between 5 - 7 years. I would like to get my credit rating up to over 700 much sooner then that.

what is your recommendation?

Aaron

Joined: 08 Feb 2010
Aaron's page
Posts: 465

8721 Magic Points

Subject: credit score

Tue Feb 09, 2010 6:09 am

Hi Bohmagic,

It is better to do the monthly payments, because it builds up a good credit history. Consequently your score will improve too. The Payment history plays the greatest part in bettering the score.

However you can pay off in full the ones which are small in amount and ask the creditors to agree to a pay for delete agreement. With this the creditor will ask the credit bureau to report the account as "paid in full". This will also help in developing a good credit score.

You should also keep this in mind that credit score cannot improve overnight. You need to have patience regarding the improvement of your credit score. Never ever try to default on your payments.
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