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Deerpark · Posted: Mon Aug 13, 2007 7:22 am Subject: Very Poor score - can it be helped??

Ok my score is VERY POOR. Had bankruptcy in 1999, and made several late payments to creditors. Recently I have paid off 3 creditors and closed the accounts. I have one charge off - from a trade in, the company I purchased the car from said they paid off my trade in but I guess they did it late, so the late showed up on my credit report.

I have a verizon account that I closed and paid off but the balance still exist.

1 $55 balance on something I have no clue what it is and doesn't tell me what, but says status is closed.

another with a 400 balance but says its closed too.

Do you think if I get the other two balances paid off, my credit score will go up? It said the number of the score = VERY Poor? How long will it take, what else can I do to build it back up, at least to GOOD?

Posted: Mon Aug 13, 2007 7:47 am Subject:

Was your bankruptcy a Ch 7 or 13? Ch7 stays on your credit report for 10 years and CH 13 is suppose to come off in 7 years. That would make a difference also.

deerpark · Posted: Mon Aug 13, 2007 11:27 am Subject:

Chap 7, in 99 so I guess that has until 2009.

Posted: Tue Aug 14, 2007 3:18 am Subject:

That will help some deerpark. Also if you have credit cards, do not close the accounts after paying them off. That actually brings your score down. You need a couple of credit cards to help bring your credit back up, do not max them out and I would recommend not using them at all and if you do keep the balance very low. It takes time but work on paying off your debts. Don't apply for a bunch of credit at once either, that brings your score down. There is no quick fix for bringing your score up, it takes time and patience.

Posted: Tue Aug 14, 2007 4:15 am Subject:

Once you have corrected your reports,start adding positives to the file. You will probably want to start with secured cards. Just a note,any accounts included in your bankruptcy should show a zero balance and the statement included in bankruptcy.Nothing else is allowed.You cannot be late or charged off on a debt that no longer exists.

Posted: Tue Aug 14, 2007 7:19 am Subject:

Hi Deerpark. I'm going throught the same thing. My credit score is awful with a capital "A." Smile

I managed to obtain two small unsecured credit cards. One is the Imagine card and the other is First Premier. They have very small limits, but due to good payment, they have increase my line of credit slightly. I hardly carry a balance on the cards because I only got them to help my report. I use them a couple of times per month for gas and make sure to pay the balance each month. They have increase my score a few points, but I think the main thing is just to wait out the negative scores and keep trying to put positive info on the report. Good luck! Smile

Posted: Tue Aug 14, 2007 3:54 pm Subject:

Another thing that also helps with credit is a steady job. If you move from job to job that can affect your credit negatively because they view it as not being stable.

Posted: Wed Aug 15, 2007 4:12 am Subject:

You can definitely get hold of unsecured cards but do remember that 30% of your score depends on the credit utilization. On each revolving account, you have to keep your balance below 30% of available credit, or you will hurt your score. You have to efficiently manage your money. Your scores wont change in an overnight, it will take time. So be patient.

Good luck
Nelly

deerpark

Thank you so much for the info.. Very Happy

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