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My Debts Are Paid But My FICO Score is Still Low

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sara



Joined: 13 Sep 2009
sara's page
Posts: 31



532 Magic Points

Subject: My Debts Are Paid But My FICO Score is Still Low
 
Posted on Sat Oct 03, 2009 5:14 pm  



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sunnyca



Joined: 10 Sep 2009
sunnyca's page
Posts: 148



955 Magic Points

 
Posted on Sun Oct 04, 2009 1:38 am  

Sara

as you are sayign you just finished paying off the debt, you need to give some tiem for this ifnroamtion to reflect. If youa re debt free that really a good news and probably in few months that will have a good effect on yoru credit score

Wait and watch now
jassica



Joined: 13 Sep 2009
jassica's page
Posts: 76



25 Magic Points

 
Posted on Sun Oct 04, 2009 12:28 pm  

1st I want to congratulate you Sara. Paying off debt is a tremendously liberating feeling. There are many people I correspond with daily who would love to be in your position. After all that work and sacrifice I can understand why you want to see your work rewarded when you see your credit score.

I have good news for you. Your hard work is over, and boosting your credit score will be relatively easy from this point forward. Your credit score is called the FICO score by people in the business, and its formula is partially public information.
jassica



Joined: 13 Sep 2009
jassica's page
Posts: 76



25 Magic Points

 
Posted on Sun Oct 04, 2009 12:30 pm  

Below 3 steps will expan the heavy lifting-

1) Close the newest revolving credit accounts. Keep the two oldest accounts, as these provide the basis of your credit history. Longevity has meaning . Keep these two accounts current, and do not go above 25% of the credit limit.

2) Open a Visa, MasterCard, Discover, or American Express card . Apply for one -- not all of them. If you do not qualify for a regular credit card, then open a secured card . Stay on top of the payments, and do not go above 25% of the credit limit.

3) Pull your credit report and contest any inaccurate information so that it can be corrected by the credit bureaus.

Remember that credit reports are updated every 60 days, and it usually takes 30 days for the updates to be available. As a result, it can take 90 days before you see any change in your credit score.
sunnyca



Joined: 10 Sep 2009
sunnyca's page
Posts: 148



955 Magic Points

 
Posted on Sun Oct 04, 2009 6:11 pm  

I would nto suggest on cancelign any accoutns at thistime.

If you have cards just cut them off and donto use them


Do not apply fornew credit unless you need it or it can lower your score when you apply fornew creditcard

First thign you want to do is pull the credit reportand contest any wrong information
Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1238



28944 Magic Points

 
Posted on Mon Oct 05, 2009 10:32 am  

Hi Sara,

I would suggest you to go through your credit report properly to check if there is any inaccurate information. In such an event, you will have to send a dispute letter to the CRA requesting them to remove it. This will improve the credit score a bit.

You said that you have cleared all the debts. This is a very good news. Let me tell you one thing that it takes time for credit reports to get updated. The time actually depends on the individual credit bureaus. However, you will not be able to find your updated report before at least 3 months. Paying off your debts will definitely improve your debt income ratio and hence give a boost to the credit score. You just have to wait for some time to see that change. Be patient.
_________________
All the Best Smile
Justin

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