Debt Settlement-FICO
Date: Tue, 02/22/2011 - 05:59
Hello,
Last June I settled 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 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!!
Your score dropped because of the settlement. Generally what wa
Your score dropped because of the settlement. Generally what was likely an older account became updated with the settlement and it effected your score badly. That is why we generally suggest people should always try a pay for delete because then your score would only go up.
Unfortunately, paying on time will help your credit, but not by a whole lot for quite some time. The key thing to raising a score is making payments on accounts that are still open.
Doesn't Verizon report to your credit report?
