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re: How Long Will My Credit Suffer?? - Update pg 2 - Score Lowered Again!!!
Posted on 6/3/13 at 8:58 pm to GoIrish02
Posted on 6/3/13 at 8:58 pm to GoIrish02
quote:
Can you give some more detail on this process? You sound familiar with credit repair and I could use any advice you can offer, as I am in a similar situation as the OP, i.e. no debt, but a few lingering late payment blemishes in the last 2 years.
Paid off loans, even if small, will help boost your credit score quickly. I would do some savings secured loans for whatever the loan minimum is (usually a five hundred dollars or so) and set up auto draft payments to ensure they are paid on time. You'll only lose a few dollars in interest paid because rates on savings secured loans are usually the best the institution will offer. Once they are paid, do it all over again.
I've always heard that you want to have the debt for at least 6 months before paying it off so it reflects fully on your credit reports.
You'll obviously need to be patient, but once you go through a few cycles of paying off some loans, your credit should improve a bit. When I worked in banking years ago, I had a customer with terrible credit do this and was able to boost her credit high enough to get approved for a mortgage in under two years.
Posted on 6/3/13 at 9:07 pm to 40 Rouge
quote:
I've always heard that you want to have the debt for at least 6 months before paying it off so it reflects fully on your credit reports.
It should stay on your report for 10 years after your last payment even if you close the account,
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