What to do about this credit score?
Date: Thu, 06/11/2009 - 21:16
I just viewed my credit report and my scores are Experian-529, Equifax-525, TU-529..I have about 7 accts on this 4 of which total to be around $700 so I would be able to pay those all in one payment because they are each a little under $200. The one that seems to be hurting me the most is a $817 Medical Bill, then a Capital One bill which has been closed out completely for a total of $1,428, I tried to call and settle with Capital One, I beleive it was Nelsons collection that it was sent to and they would only settle if I paid $921 on a 4 year old bill, this bill is set to be taken off on May 2012. The other one is for 1 student loan equally to be $2,322 which is deferred and in good standing so my total debt is around $5,900 including the student loan. I'm only 20 years old and would really like to try to get this taken care of now since I'm so young I'm trying to take care of this now rather than later. Is there anything I could do to get these taken off sooner because someone had told me that even if you pay them it doesn't help your score and it will still stay on for the full 7 years? I am hoping to get a car soon so when applying for the loan do they strictly look at the score or will they take the accounts I have paid off into cosideration? Any advice would be great. Thank you.
You can never get negative items removed from your credit report
You can never get negative items removed from your credit report before seven years and 180 days from the date of your delinquency, it the information in your report is correct. Any creditor will consider your credit score to judge your credit worthiness before offering you a loan. Can you tell us your present score?
What to do about this credit score?
Yes, I listed all 3 in my post, EX-529, EQ-525, TU-529 I just pulled my report yesterday June 11th. Thanks.
Paying off credit card debts will only stop your credit score fr
Paying off credit card debts will only stop your credit score from falling further, but it may not improve your score. In order to improve your score, you need to build up a good credit history. For this, you need to make purchases with you existing cards and repay them back within the due date. Moreover, you should also try to pay back your existing debts in order to improve your debt to credit ratio. Your credit score should be at least 680 in order to get an auto loan at attractive rates. However above 550, you may qualify for an auto loan, but with high APR.