Monday, July 13, 2009

What can I do to help raise my credit score?

I am starting to pay off some old debit. Is there anything else I can do along with this? Can I bargin with the collection agency and tell them I will pay it off as long as my credit score is given back a few points or anything along those lines?

What can I do to help raise my credit score?
Paying off old and current debts, and time. If you have any recent or current debts you need to pay them ON TIME.


The collection agency has nothing to do with the calculating of your credit score. All they can do is report to the credit reporting agencies what financial activities you have been responsible for. If you pay your bills, then that is reported, if not, that too is reported. Charge-offs and other detrimental activity will have a major negative impact on your credit score.


You can go on-line and get a copy of your credit report. Once you have one of these, you can look at everything that is being reported on you. Write letters and close out any out dated accounts.


Hope this helps a little.
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Reply:To Repair credit score


Your credit score is based mostly on:





1. Length of credit history


2. Payment history.


3. Ratio of credit used to available credit.


4. Number of credit inquiries you authorized.





If you cancel your card, you'll be hurting your credit ratio. (#3).





You want to deliberately keep your oldest credit card open, even if you never use it.





You want to always pay the minimums of each loan on time every month.





You want to keep your available credit high, but actually only have balances equalinig 25% or less.





You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.





You do these things and your credit score will quickly soar into the 700s.





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Reply:Check http://www.learncreditnow.com/. There is a section on improving your credit and a whole bunch of other info you can use to better understand how credit works in general. Hopefully that helps.
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Reply:once you paid your credit score will be given points back
Reply:Unfortunately, the collection agency doesn't have any power over your credit score; they can't bargain to increase it and they can't force it to decrease if they wanted to for some reason.





The things that will help increase your score is paying off your debt, on time, and in full according to the agreement made with the collection agency. It's all about time and discipline.





Good luck.

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