what is most effecting my credit score???
Date: Thu, 09/02/2010 - 21:10
I have no active credit cards, but the small ones that have been sent to collections and closed and charged off ones, also a cple medical bills that are all small amounts.
I have a mortgage and installment loan that my hubby and i share and for the most part usually late.
I have had 6 negatives removed from my credit report this wk when viewing it on line last wk. but my credit score has not changed, will it take time or do those not have an much of an impact as say making my payments ontime/late on the mortgage and car loan???
hope i have made question clear, thank you so much for ur help :)
Things that effect your credit score. 1. Your payment history.
Things that effect your credit score.
1. Your payment history. If you have a history of paying on time across most of your accounts, but have an occasional late pay, this won???t affect your credit score as much as it used to.
2. The amount of revolving debt you owe in relation to your available balances.
3. Your length of credit history. People with credit scores over 800 typically hold at least three credit cards (with low balances) which they have had open for over seven years each. Rather than closing accounts it is best to work toward paying them off, and then let the accounts remain open with a a small amount of activity that is paid off each month.
4. Inquiries and new debt.
5. Type of credit; installment vs. revolving debt. Installment debt, such as an auto loan, is looked upon more favorably than revolving (credit card) debt. You also now get points for your ability to successfully manage multiple types of debt; a mortgage, auto loan and credit cards, for example.
Thanks for the info, so as i understand, morgtgage and installme
Thanks for the info, so as i understand, morgtgage and installments loans will be higher whether be late or pd on time, this will effect my score more than anything else?
Also, i currently dont have any open cc accts, just the mortgage and installment, but the other accts are sitll on my credit, just checking if i get all of my mortgage and installment caught up and stay in good standings, if this should dramtacally change my score, or just a few points here and there.
You payment history effects your score more than anything. If y
You payment history effects your score more than anything. If you start making payments on time your score will go up eventually. Creditors will see that you've made late payments in the past and that will still effect your score for some time. Getting current and making your payments on time and removing inaccurate info from your report is the best way to improve your score.
There are various factors that affect credit score. These are pa
There are various factors that affect credit score. These are payment history, total debt amount, age of credit, credit inquiries and types of credit. Late payments, charge-off, bankruptcy, foreclosures, short sale make a great negative impact on your credit score. Bankruptcy can bring down your credit score by as much as 250 points.
Your credit score will change as soon as your credit report is updated. Making timely payments on mortgage will help you increase your credit score gradually.