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!
projected credit score improvement
Hi JustJenni,
Welcome to this community :)
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
There no fix time limit to improve your credit score. It depends on your regularity in payment schudle.
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Repairing your credit – getting rid of the negative credit report information and caught up on past due bills – will raise your credit score some. To increase your score to a level high enough to get loan approval and better interest rates (which happens to be above 720 these days), you’ll have to rebuild your bad credit. That means proving that you can handle credit responsibly. Getting started might be difficult, but once you build momentum, you’ll be coasting your way to a good credit score.
It's a good idea to pay off your debt on time. It will help to rebuild your credit score. But there is no fix time how long to improve your credit score. In this situation, you must to apply your PATIENCE. There is no a magic to improve faster your credit score. It takes time. First thing to do is, improve your credit score first or clear all the negative information from your credit report. It could help to pay on time.
Suggestions to improve credit status
It sounds like you would really benefit from credit repair services to help your situation improve. But if you are willing to do it on your own, here are some suggestions:
It is a great first step to apply for a secured credit card to help build a positive credit history. That will eventually help increase your credit scores after making a few monthly payments on time.
You can write goodwill letters to the creditors that you are 30 days late and stick to your commitment of paying on time in the future. You can also dispute the late payments that are more than 60 days with the credit bureaus.
You really need to dispute the collection accounts that you paid because I'm certain those are hurting your credit scores. Just because you pay a collection account, it does not improve your credit score, it just updates the account to paid collection, but it is still judged as unfavorable to other future creditors so it still negatively affects your scores. They need to be removed completely.
If you need more information on what you can do, please let me know.