Improving my credit score

Submitted by Jessemichael_17 on Wed, 01/07/2009 - 19:30

Now that I have covered and paid all my debt, how long before my credit score starts to go up? Also if I continue to make my monthly payments on time, how often is that reported?

I am not absolutely positive on this, but I think you might have to re-establish a pattern of on time payments---maybe 6 months? This is just a guess---someone else will have to take this one further.

Thu, 01/08/2009 - 07:08 Permalink

Hi Jesse
Even if you pay off the debt in full, the listing will stay in your report for seven years from the date of your last missed payment. Only if you can come to a pay for deletion agreement with the creditor before you pay off the debt, you can get the negative listing removed from the credit report. Normally, one can expect the credit score to increase once the Statute of Limitation expires.

Thu, 01/08/2009 - 09:04 Permalink

If you have open lines of credit and you make regular payments on the debt you can improve your credit history. Justin is correct to some extent because normally it is seen that the credit score starts improving after the Statute of Limitation on the debt has expired. However, it improves only if you make attempt to build up your credit history. If you have credit cards, simply make purchases with it and repay it within the due date. Moreover, you should not close any existing credit cards as length of the credit history helps to improve your credit score.

Thu, 01/08/2009 - 09:30 Permalink
Sally Nachelle (not verified)

Though you have paid all your debt, but the negative items will stay on your credit report for 7-10 years from the date of your first default. When you start making payments on your account, then your credit score will gradually improve. Late payment hurts your credit score by 35%. Therefore, it is better to make monthly payments on time. When you continue to make monthly payments on time, it will be reported on your credit report immediately and your account status will be updated as “Paid-in-full”. In this way, your score will increase overtime.

Tue, 05/31/2011 - 06:26 Permalink may help you to know that after 4 years, from the first missed payment, that CA's can't sue you (you may want to check out what the SOL is in your state). If your debts are close to the 'fall off' dates (it would say what the dates are on your CR) don't do anything with the debt. If you make arrangements to pay the debt, your SOL will 're-start' ..which means the 7 years starts over. Just keep paying on the 'active' debt you have now.

Fri, 06/03/2011 - 23:34 Permalink