Projected Credit Score Improvement?

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JustJenni

Joined: 15 Jun 2010
JustJenni's page
Posts: 4

88 Magic Points

Subject: Projected Credit Score Improvement?

Tue Jun 15, 2010 3:13 am

My husband and I are looking to build a house next spring, but our credit scores are not good (mid 500s). All collections are paid and we are dealing with trying to get some deleted and such. We each have a student loan with lates in the past, now in good standing. Our current mortgage is in my name, also with some 30 day lates in the past, current as of 3 months ago. Two car loans, one with sporadic 30 day lates, current as of 3 months ago and now paid off; and the other with one 30 day late about six months ago and otherwise paid as agreed. No credit cards, but we are thinking of getting a secured card.

My question is.... if we continue to pay all loans we have on time and accrue no more collections, how quickly can we expect to see our credit score increase? TIA for all input!

Aaron

Joined: 08 Feb 2010
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Posts: 2675

48566 Magic Points

Subject: projected credit score improvement

Tue Jun 15, 2010 7:12 am

Hi JustJenni,

Welcome to this community Smile

I am afraid there is no such time limit within which you can improve your score. However, if you continue to make on time payments on all your accounts, your score will definitely improve. You will have to have patience to improve your score. In addition to this you can try to remove the negatives by sending goodwill letters to the creditors. Sometimes creditors agree to remove negatives from accounts when requested with goodwill letter.

However, one way in which you can improve your score in minimum time is by getting added as authorized user. Authorized users are added on to other's account who has a good credit score. Such users are not responsible for paying the debt, but the positive and negative aspects of the account affects the authorized users credit score. Thus, you and your husband can get yourselves added as authorized users on your relatives, or friends account who has a good credit score.

Hope this helps.

Regards,

Aaron
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tinkle

Joined: 06 Aug 2010
tinkle's page
Posts: 5

47 Magic Points

Fri Aug 06, 2010 9:57 pm

There no fix time limit to improve your credit score. It depends on your regularity in payment schudle.

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