Settled all my accounts..now what?
Date: Thu, 07/29/2010 - 20:01
What is the next step? When does this get reflected on my credit report (just the last one a week ago..previous one was 4 months ago)? How can I get my credit back to a respectable level?
How long does the process generally take (I still have student loans left, and no other debts).
Settling accounts will report negatively....you are not paying a
Settling accounts will report negatively....you are not paying agreed. It may take a year or two to see your scores significantly increase.
In order for your score to increase you have to establish new go
In order for your score to increase you have to establish new good credit going forward. Doesn't have to be big, just to show creditors that this was just a blip and now you can responsibly take out credit again. A a former mortgage broker I would see people get into trouble and then they were so scared of credit they never used it again. When they wanted to buy a house, they could not show that they had the ability to pay even though they may have saved up $20k for a downpayment. don't make that mistake.
So I would recommend getting a secured credit card. use it for gas or groceries and then PAY IT OFF at the end of each month. Once you have done this for 12 consecutive months along with your student loans you will start seeing your score increase.
