I have about a month and a half until its paid in full. I want to start repairing my credit after this so i can buy a house.
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Mon, Jan 4, 2010
January 4th, 2010 at 4:48 am
Over time it will as long as you keep it that way. You credit history is only updated every so often, so what you do now will only start taking effect in about 3 months.
As long as you are caught up with everything and you are paying things on time you start building your credit.
Some other pointers to help raise you credit score would be to have credit cards that you use about 30-40% of your credit on. So keep using it till you have about that much on it and then pay off at least 50% of it every month possibly even all of it.
Phone bills, water, rent etc.. will also help. If you pay off a cell phone bill on time for a full year you will get what is known as one "bar". Credit Cards, Store cards, loans and banks are the fastest way to build a good credit.
If you get a loan for $1.000 from your bank and pay it off monthly even though you don´t need the loan is a good way to start showing some monthly payments and that you are responsible enough to pay monthly. Several other way you can do it as well, but talk to you bank, they might be able to not only help but also explain all of this to you in detail so you understand exactly what you need to do.
It is a system, so work with it and it will work with you.
January 4th, 2010 at 4:48 am
Well delinquent remarks stay on your CR for severn year which trust me sucks. But I think your overall debt to income will be lower and it will help that it’s paid off. However, if you were late or something along those lines that still affects your report even after paying it off.
January 4th, 2010 at 4:48 am
I don’t have the answer to all of your questions. However, there are some things that you CAN do to repair your credit. In fact, sometimes you can indeed get negative items removed; depending on the situation. This might be a good place to start.
I recommend trying the free course at http://www.redfoxcredit.com/repair.php They provide a lot of great information for improving your credit score, and it worked well for me.