Debt Settlement-FICO
Date: Tue, 02/22/2011 - 06:14
Hello,
Last June I settled and paid a BOA line of credit and my FICO dropped 100 points. What can I do to increase my score? I am paying all my other bills on time, except an ED loan of $30K I have in forebearance. BTW-do education (Sallie Mae) loans hurt your score too? I have one MC card I owe $6K on and they too have closed my account because I agreed to go into a low interest hardship plan. So I am sure that will surely affect my score too. Just how long will it take to see my score go up if I keep paying on time. The home I live in is paid off and its' estimated worth is at $325k. I pay my Verizon cell phone bill on time now for 8 years-don't see credit for that. Thank you for your efforts!!
Last June I settled and paid a BOA line of credit and my FICO dropped 100 points. What can I do to increase my score? I am paying all my other bills on time, except an ED loan of $30K I have in forebearance. BTW-do education (Sallie Mae) loans hurt your score too? I have one MC card I owe $6K on and they too have closed my account because I agreed to go into a low interest hardship plan. So I am sure that will surely affect my score too. Just how long will it take to see my score go up if I keep paying on time. The home I live in is paid off and its' estimated worth is at $325k. I pay my Verizon cell phone bill on time now for 8 years-don't see credit for that. Thank you for your efforts!!
As you're paying off your bills on time, it will have a positive
As you're paying off your bills on time, it will have a positive affect on your credit report. Make sure that your creditors are reporting your timely payments to the credit bureaus. It will take at least 3-4 months in order to see your scores going up. Taking out a student loan won't hurt your credit score but if you don't pay the loan on time, then it will have a negative impact on your credit scores.
