May
22
How much will my credit score improve?
Posted ByI have three things new going.
One, I will have 3 collections (which is all of them) paid off but not removed.
I have two credit cards going now, which are the first two credit lines ever opened on my account.
And I have not one but two small $500 dollar loans going designed to help rebuild my credit.
Now I know credit card companies and finacing don’t like to see so much credit lines open because it may show your depenant on them but both those loans will be paid off entirely before I apply for anything else, in fact I might open up another small loan to do some more re building.
My score is hovering around 500, would I be expecting too much for it to be at 600 in 6 months?
2 Comments
May 22nd, 2010 at 8:20 pm
I don’t know, but as long as you behave yourself, your credit score can only improve.
May 22nd, 2010 at 8:41 pm
First this may sound mean but it is the truth. Your score is never going to improve unless you stop taking on loans or credit cards. Why? Because you sound like you are having trouble with you credit already. Pay off all bills without taking on more credit. Save money. Put say $1000 in a savings account. When you get that amount you can try for a card(1) from the bank. Charge small amounts($100) on the card and pay in full each month. In less than a year the credit companies will knock down your door. But you can get yourself in trouble again if you take on to much credit. That is the fastest way to get your credit score up. It will take 2 or 3 years but your score could be as high as 750.