Im trying to get a loan and i wont get approved because my score is 525. I owe a student loan of $1,798.00, Macy’s about $300.00 Victoria’s secret about $350.00 and express $300.00. When i was 19 I settled a mastercard off which was about $ 2500.00. If I pay everything but the student loan can I bring up my credit score? if not what do you guys suggest? thanks and god bless
Are those current credit cards or are they in default? If they are current, pay them off. It is silly to pay the high interest rate on those store credit cards.
Are you saying that you defaulted on the Mastercard and settled for less than full balance? Or is the balance still unpaid?
Even if you paid off every one of these debts in full, you will not raise your score enough by January. Damage done by derogatory items stay even if you pay in full. Credit scores simply don’t go up that quickly.
You will need at least 24 months of consistent, on time payment history to even begin to improve your score. The longer the good payment history, the better your score.
I am twenty years old and I’ve acquired a lot of debt over the past two years. I owe capital one $650.00. I have a car note that’s late most of the time and when I was 18 my uncle rented property in my name and was evicted two months b4 the lease was up… not to mention student loans. Can anyone give me any advice on where to start as far as repairing my credit. I would like any good budgeting tips, websites or books. I’ve seen my parents make this mistake and I just want to start repairing my credit now so when I am done with school I can move on with my life and make better decisions as far as credit goes.
ONE MORE QUESTION… are those secured credit cards worth the price tag???
* I work a part time job getting paid 12.00/hour. I work about 52 hours a week
Well start by not getting any more credit cards at all!. Secondly, you should not only make your payments on time, but if possible, pay them 2 weeks before the due date in order to avoid finance charges. You don’t say anything about having a job. Do you own your car or are you still making late payments? Do you own anything outright? If so, check into a consolidation loan. $650 is nothing to owe, but quit using the card. Cut it up and write a letter to the company closing the account (yes you will still pay the $650 but you won’t accrue any further debt). Above all else DO NOT go to a payday loan or car title loan place, they are rip offs. I also question why / how your uncle rented property in your name, that constitutes fraud.
How long does it take to repair credit on your own, as opposed to having someone like careone help?
you can see a change within a year if you follow a budget and pay your bills on time. you can negotiate interest rates with credit cards and do everything a Credit Counseling service could do. Minus the cost. Just invest some time. Most Credit Counseling Services claim to be non-profit but charge money every month. Also, it looks horrible on your credit report to have a service take care of your bills. do it yourself.
Credit Repair Uncensored Part 4 – Fix and Repair Your Own Credit
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