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Credit Questions - how to remove bad marks  

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hello. i am looking for a little info on my credit situation and information on how to try to fix my credit.

First i got a free credit report from Experian that said i had 2 points of bad credit from 2001. it also said i had a PLUS Score of 601. now of the 2 bad credit hits i might be able to pay off 1 which doesn't seem to have been charged off. the other one which is charged off i would not be able to pay of anytime soon 2-3 years mainly because my money situation is very tight at the moment. i have nothing in my name except one small card. i just go the card and haven't made a payment yet and i have nothing positive on my report. so that is my situation
my questionsare basicly 1) how bad is that score, how hard is it to improve and is there a list or any information on what my score needs to get to in order to raise it into a better category? and does anyone have any tips or help they might share? thank you in advance for any help
 

asked Jan 29, 2006 10:37 PM

optirion
Best Answer
9
best answer

Optirion,

Welcome to forums icon_biggrin.gif

Yes, if you are able to remove the bad marks, your score will definitely rise. However, you should do move carefully before you think of paying them in full.

You have mentioned that one of the accounts is charged-off. Now charged-off mark stays in your report for 7 years from the date of reporting. It seems that your accounts were reported in 2001. So it will take 2 yrs from now to get it off automatically. In the mean time, if you decide paying it, try to pay a lump sum if possible. Otherwise, if you enter in some payment plan, the 7 year reporting time could be renewed. Get some more info on charged-off account here:

http://www.debtconsolidationcare.com/forums/chargeoff-acc.html

It's not a good habit to carry on credit card balance. Try to make some payment plan before it's too late, at least send the minimum installment.

answered Jan 30, 2006 11:18 AM

2 Answers

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A score of 650 or above is a sign of very good credit, and a very good credit score. People with scores of 650 or higher will, have a good chance of obtaining quality loans at the best interest rates.
Scores of 620 to 650 indicate good credit, but also may point to potential trouble areas that creditors will want to look at and review. A lender may require additional documentation before a loan will be approved.
With scores of below 620, consumers may find that they can still obtain a loan. However, the process will be lengthier and more involved, as creditors consider scores below this threshold to be a indicator of greater credit risk.If you only have 2 negitive items on your report and you can pay off one,I would then make some sort of payment arrangments with the other,sometimes you can agree to make 3 months worth of payments to the orignal creditor and they will re-age your account back to current status.Its worth a try.You are very close to having a great score.Good Luck.

answered Jan 29, 2006 10:47 PM

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Twokidtwocat is correct. The lenders will view your credit scores first before they offer any deal to you. On the basis of these scores, your interest rates will be determined. Some have must lower credit scores but they are successful in getting credit from their lenders. It is because they have been regular with their payments in the recent times. So, basically it's your repayment pattern that decides your financial worthiness.

Read the thread below for some helpful tips and improve the credit scores. Ultimately, it's your repayment skills that make your scope of getting new credit.

http://www.debtconsolidationcare.com/forums/credit-check.html

answered Jan 30, 2006 11:03 AM

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