Jan
18
CREDIT Report?
Filed Under Credit Report
what are some ways to make your credit score to go up?
I have mostly hospital bills on my report, I do have some other things on there too just five.
also when they get paid off how long does it take for the company to remove it off your credit report?
is there something out there that can consolidate your credit report, pay it off and you pay them monthly?
All this credit stuff is confusing%%%%%
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The most important thing to remember is that just one late payment can drop your credit score. Allways make the payments on time and if it’s a credit card pay more then the minimum.
Your credit score is derived by 2 major factors, payment history (35%) and how much owed (30%) also known as your debt to credit history, another words how much of your available credit you owe.
Once a debt is paid it usualy takes 30 days to be posted. If the debt has gone to collections or was a judgment against you, it will stay on your report for a period of 7 years even after it was paid.
Getting a consolodation loan to pay off the debts and make just one monthly payment is allright, but remember, you are simply borrowing more money to pay what you allready owe. As long as you don’t charge anymore and simply make that one monthly payment on time every month, it will work.
Only time can realy increase ones credit score, a credit report is the history of your ability to pay debts.
Here are some links to understand more about FICO scoring and your credit rights.
Building a better credit report.
What you need to know about your credit.
Credit and your consumer rights.
All about FICO scoring.
Hope this answers your question
Just browse this forum for a couple of days. The questions you asked are very common here, and you will get a lot of good information from people that have answered.
Basically, to ‘make’ your score go up, you need to pay your bills on time, ALWAYS. Especially those which are reported on your credit file monthly (e.g. auto loan, credit cards, mortgage, other financing).
Negatives on your report, will stay for typically 7 years from the date they were first reported delinquent. This is regardless of if they are paid off, or still owed. Don’t expect an instant boost if you pay of the delinquencies. It will take time, but your score will eventually go up if you pay off the debt showing owed on your credit files, because it reduces your debt-to-credit amount.
If you want a *quick* way for your report to get cleaned up while paying off reported debt, then look into a pay for delete agreement. Search Yahoo Answers for that specific term….there is plenty of information here about it. This is essentially where you agree on a specific amount owed to the lender/collector, and when paid in full, they delete the entry entirely from your report. This would be the most helpful means of cleaning your report and boosting your score.
Just read this forum….you will learn a lot.
Two big ways to improve your credit score. 1) Get rid of negative items and 2) Add new good pay history with low access to a credit line (50%). Also the older an item is the less it affects your score (good or bad). Be very careful paying off old ( 2 yrs. old) collections. It will probably lower your score as it resets the clock. The best way to deal with collections if you want to pay them off is to contact them and request they completely remove an item (not just show as paid) if you pay it off. They will say they can’t do this but they can. If they agree, get it in writing. As to consolidating your credit report, you can only consolidate debts that will show on your report. If you do that, try to get old items removed if you pay off. Also, don’t forget that they will probably accept less to settle. Good luck.
The article, might be of some use to you, they list tips on dealing with your credit score and credit file
I was having a lot of problems with my credit report too and didn’t know how to fix it. I went to this site, , and they really helped me fix up the credit report and now my score is over 650