How much does your credit score increase with each final payment of a debt?
I recently purchased 9 books about how to raise your credit score and have recently paid off some student loans and credit cards…I have one student loan remaining and one small credit card balance…The ones I paid off were outstanding as far as being overdue…I want to know about how much my credit score adjusts with the payment of these debts after about 3 months once my credit reports reflect this…
have your bank manager help you. he is a professional. and it won’t effect your credit score when he pulls your credit report
First of all anyone other than you who pulls your credit , and only if you pull them from watch dog services will effect your score as far as inquiries go. Credit watchdog services are all over the internet, and they vary in pricing. I like these 3 the best
http://www.creditexpert.com ( experian )
http://www.truecredit.com ( trans union )
http://www.equifax.com ( equifax )
Anyway, if these accounts are deliquent right now, and after you pay them off, your score may come up a bit, but not much. What you NEED is a number of good history accounts. You usually see score increases in 3 month increments, gradually getting higher with time. Dont close out your credit card, keep it open, but keep a next to zero balance on it at all times.
The key to a good score is having at least 2 credit cards with under 30 percent balance, in comparison to your available credit line, a car loan or instalment loan , and NO late payments in the last 6 months.
If you have old bad accounts, scrub them off. Subscribe to the watch dog services, get on ezboard.com and look for credit repair advice, the info is out there, for free. Just have to know where to look.
Good Luck !
The trick to fixing your score is getting the creditor to remove the negative entry on your credit report. Once you have paid them back, you are going to find it very difficult to get them to cooperate with you and fix it.
Tbat’s why I recommend that people get an agreement IN WRITING that they will remove the entry once the bill is paid.
At this point, you are screwed. Just placing “paid” on your account does NOT remove the negative entry, and will only have a minor effect on your score.
All you can do now is call the creditor and politely ask them to please fix your credit report by removing the entry.
Good luck.
Lots of free info here.