what happens next?

Date: Fri, 11/23/2007 - 13:08

Submitted by phacia2010
on Fri, 11/23/2007 - 13:08

Posts: 45 Credits: [Donate]

Total Replies: 5

i had terrible credit and many charge offs and a lot of debt. starting last november, i started to clean up my credit. over the past year, i have either paid off or settled all 7 charge offs and am currently paying down my last two debts which are current (this should be paid within the next 10 months so im not concerned so much)

last year i had 21k in debt, i went from 21 to 9k. my credit score, although it still bad,has gone up 60 points. now that i've paid all the charge off's and the accounts are closed what happens now? once i finish paying off the balance im sure it'll go up a little again.

i know all the accounts will remain on the report for 5 years (im in ny state) but how will my credit start going up again? is it something that will happen slowly over time as these accounts get older? im not sure how this will work now. thanks in advance.

Time will help heal the damage done,but it is now time for step

Time will help heal the damage done,but it is now time for step two of credit repair. That is to start evaluating credit to start adding good accounts back to your file.

lrhall41

Submitted by cajunbulldog on Fri, 11/23/2007 - 13:12

( Posts: 4850 | Credits: )

thanks for the advice. i have a one card that im paying down but

thanks for the advice. i have a one card that im paying down but it is in good standing. i also have a small student loan and a macy's card that are in good standing.

how many accounts should i have open to improve my credit? i have a total of i think 12 accounts that are either paid off or closed in good standing. doesnt it look bad to have all these accounts on your credit report even if they are not being used?

lrhall41

Submitted by phacia2010 on Fri, 11/23/2007 - 13:34

( Posts: 45 | Credits: )

Hi Phacia In my opinion you should not open too many accounts

Hi Phacia

In my opinion you should not open too many accounts for the sake of improving your credit. If you think you can manage the accounts properly without having missed or late payments then only open accounts.

Best of luck
Take care
Nelly

lrhall41

Submitted by Good Nelly on Fri, 11/23/2007 - 23:41

( Posts: 2846 | Credits: )

credit

As long as you keep paying on the debts you already have,and I know it takes time ( take it from me!!LOL) ,you will start 'fixing' your credit. I've got a few things 'under control' and my score as gine up a few points. Believe it or not, if you try to apply for 'new' credit alot, this can bring your credit score down.

lrhall41

Submitted by sdchargers_63 on Sat, 11/24/2007 - 02:23

( Posts: 1798 | Credits: )

One installment,one store,and one credit card as active credit i

One installment,one store,and one credit card as active credit is a thin file in my opinion.I would try to add at least one more credit card and one more store card. Do your research to find creditors that can no only approve you,but also will not try to fleece you on fees.
This site has a research feature that can help you determine who pulls what bureau and scores needed.

whogavemecredit.com

lrhall41

Submitted by cajunbulldog on Sat, 11/24/2007 - 04:14

( Posts: 4850 | Credits: )