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Posted: Mon Mar 24, 2008 3:17 pm Subject: How to bump of my credit score?

hi all,
In the last 6 months I have paid off all of my bad credit, including payday loans.The only thing that I am in repayment is my student loans. In the last few months my score has only increased about 20 points, this includes paying off a car 3 years early.
I make weekly payments on my student loan so this will be paid off by the end of the year. My score as of now is 590. I had bankruptcy 5 years ago and all statements show this. I have 1 credit card that is in good standing. I only have 2 negative items which were paid off 6 months ago. ( Can I get these statements deleted?) I can't see anything else I can do to bump up the points. I know I could get another CC but that is hard to do when your score is low and I don't really want another card to screw myself up again. I would appreciate any suggestions.
Thanks for your help

Posted: Mon Mar 24, 2008 3:44 pm Subject:

waterlu -

Your score will take time to improve, especially after a bankruptcy with negative items following it. The bankruptcy takes your score down significantly, and then having negative items after it only makes it worse, unfortunately. The way a potential creditor views it, the bankruptcy cleared up your debts, and then more bad debts followed it, so they think you were headed right back down the same road again.

Bankruptcy can remain on your report for 7 years, and negative items can remain for several years as well. Review your reports carefully again - it should have a date on each negative item and the bankruptcy to show when they are scheduled to be removed from your report. That should help you get a handle on when things should start clearing up on your reports.

I would not recommend trying to get another credit card at this time - if you were able to get one with a credit score of 590, the interest rate would be likely to be 19% or higher - which would only place you in more financial difficulty!

Posted: Mon Mar 24, 2008 3:59 pm Subject:

Hi,
My bankcruptcy was 5 yrs ago so I would have to wait 3 more years before I see any difference? I've heard when a bankcruptcy is older than 2 years they don't look at it so much. The 2 negative marks I have is 1 medical and the other telephone, both below $ 200.00, both paid. (Can I get these taken off since they are over 1 year paid off)
The only debt I have is $ 8000 dollars(student loans) Even with paying my student loans triple the amount monthly for 6 months I don't see a difference.
so there is no hope:(

Posted: Mon Mar 24, 2008 4:03 pm Subject:

the amount you pay each month won't change your credit score, sad to say - all that will do is bring your balance down so that eventually, your debt-to-income ratio will look a little better.

You can request that the paid off items be removed, but it probably won't happen - take a look at the dates I mentioned on your credit reports - you may be pleasantly surprised to see that they might be dropping off your reports in the near future. I'm not sure what the timeline is for consumer debt like medical bills and credit card debt once it's paid off.

Unfortunately, the bankruptcy is a matter of public record, is federally regulated and stays on the report for a set number of years. Even if a potential creditor says they don't look at it as hard after a couple of years, the fact that there was negative payment history after the bankruptcy never looks good to them.

Posted: Mon Mar 24, 2008 4:06 pm Subject:

There is hope but it is only going to take time. I believe the only way to get your medical and phone bills off your credit report is to talk to the companies you paid to report the bills paid in full.

Another thing that will help is paying off your debt and making sure that you pay on time every month.

Good luck.

Posted: Mon Mar 24, 2008 4:14 pm Subject:

Thanks all for your advice. I guess I'm just stuck for the next couple of years. Trying to buy a house by the end of the year and was hoping I could get my score bumped up a bit.

Posted: Mon Mar 24, 2008 4:29 pm Subject:

waterlu -

with all the mess going on with the mortgages right now, you may find it very difficult to buy a house, as all the lenders have severely tightened their lending requirements. Waiting a couple of years might not be a bad thing to do - it may end up saving you money in the long run. And in the meantime, you can be saving money for the downpayment.

Posted: Mon Mar 24, 2008 5:21 pm Subject: credit report

I have a few items, that will 'fall off' soon. Which is a GOOD thing for me. These are some high balances on accounts, I just couldn't pay on. Can someone clarify something for me, please? I thought if you made an 'extra' payment ( for a loan or a car), THIS 'senario' goes on your CR (ya know, as a 'positive' thing). I know this will bring your balance lower, faster, but..I thought it was reported on your CR, too.

Posted: Mon Mar 24, 2008 5:43 pm Subject:

I don't know, sdchargers - I've done the same thing myself, and found that all it did was continue to be reported as "pays as agreed" - no better and no worse than it was when I was just paying the normal monthly payment. It didn't make a single bit of difference in my credit score.

Posted: Mon Mar 24, 2008 6:32 pm Subject: loans

That really doesn't seem fair, does it SUE?? Trying to 'make good' on a loan, by making payments BEYOND what they ask for. To show them that you are a 'ggod credit risk'. WOW!!

Posted: Mon Mar 24, 2008 7:09 pm Subject:

I know - but there's much about that whole situation that isn't fair. You can dispute an inaccurate item, but if the creditor decides not to play ball, they can say the item is accurate, and you have to prove otherwise to get it removed.

I have one judgement from over 10 years ago that still showed up on my credit reports, so last summer, I disputed it. It disappeared off of one report, but not the other two.

Posted: Tue Mar 25, 2008 12:56 am Subject:

I do agree with suebeehoney, the disputing process is a very tough one.......one has to literally wait n wait n wait.......but that must not stop us from exercising our rights.

Posted: Tue Mar 25, 2008 1:01 am Subject:

All of us should fight back against this whole unfair process.....iam really really angry......i know iam honest and i do not owe anything to anybody then whyyyyyyyyyyyy do these people want to squeeze out my hard earned money. Why can not they work honestly?.

Posted: Wed Mar 26, 2008 7:32 am Subject:

thanks everyone for your words of advice. Anyone ever use lexington law firm?

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