If I have a credit score of around 580 or so, how long would it take to get my credit back in good standing (looking for 700 or maybe 750)? This assumes I make no more payments late (2 late payments in the last year) and can meet or exceed the minimum monthly payment (I can now). My balance is around ,000, and the minimum monthly is now . I usually try to do around a 200 or 300 dollar payment a month if I can. No other negative factors exist that I am aware of. APR is 24.90%.
Any help would be greatly appreciated. Thank you all.
Edit: So if, say, a potential job made a credit inquiry, would that drop my score? Or are you talking about if I made a personal inquiry? Also, I have credit inform through my credit card company. I pay 5 bucks a month and get two reports a year. Is this dropping my score?
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Sun, Feb 28, 2010
February 28th, 2010 at 11:14 pm
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.fateback.com
February 28th, 2010 at 11:14 pm
A credit score of 580 is considered very poor. If you are looking for a credit score of 700-750 it will take some time. The time range can be around 6 months to a year. Every time you have a late payment your credit score drops. Your credit score also drops every time you apply for a credit card or get a credit check done (these are called inquiries). Your credit score is also affected if you go over the credit limit on your credit card(s). Just be sure to AT LEAST make the MINIMUM payment required on your accounts in order for your account(s) to be in good standing.
February 28th, 2010 at 11:14 pm
The best way to get good credit in a relatively short period 2-3 years, is to abandon the notion that you need to only pay the minimum, instead you should pay back as much as you possibly can, as well as cut back on spending. Its good because you get a better score, and you pay less money in the long run.
For example: if you owe 100 dollars and the minimum is 10, if you pay only 10 you are left with 90 which has interest on it, while if you pay 50 dollars, your left with 50 dollars of debt. Of course the 90 dollars will have more interest on it then the 50.
So if you only pay the minimum long after you’ve payed back the debt you still owe money on the debt for interest.
So lean towards paying as much or all of the debt at once if possible.