Posted on: 18th Oct, 2007 04:37 pm
Is it possible to improve one's credit score by 100 points in six months?
I have several inaccuracies on my report which I am contesting. My mid score is 550. I have two mortgages on two homes, and one auto loan. All are current. I will be closing the mortgage for the second home as we have sold it. I have no revolving credit accounts.
My thought was to open a couple of revolving accounts but not use them, just to add depth to my profile. All old debts are paid in full.
Is it possible to improve my score significantly in six months assuming all debts are paid on time, and no negatives are added.
Thanks..
I have several inaccuracies on my report which I am contesting. My mid score is 550. I have two mortgages on two homes, and one auto loan. All are current. I will be closing the mortgage for the second home as we have sold it. I have no revolving credit accounts.
My thought was to open a couple of revolving accounts but not use them, just to add depth to my profile. All old debts are paid in full.
Is it possible to improve my score significantly in six months assuming all debts are paid on time, and no negatives are added.
Thanks..
Improving your credit score 100 points in six months is a long shot. Two years is more likely since most payment histories are only retroactive for two years. It also depends on how late your payments were. (I'm assuming there were some late or missed payments somewhere). One month late isn't going to kill you but after that it starts to hurt. You already took the right first step (contesting inaccuracies). Now you A) need to open three revolving accounts and not carry a balance (use the cards but pay them off) and B) Make all payments on time (a week early to be safe). Length of credit affects your credit score as well. Sometimes is good to pay down but not pay off accounts or loans that have been open for a while (it decreases your length of credit history). I'd set your sights on a year and go from there.
For help picking a credit card try "www.creditcardschool.net". They have a good article on speedy credit improvement (where I got most of this info from). You can also apply for a card right online.
[Link deactivated as per forum rules. Thanks.]
For help picking a credit card try "www.creditcardschool.net". They have a good article on speedy credit improvement (where I got most of this info from). You can also apply for a card right online.
[Link deactivated as per forum rules. Thanks.]
No one can say exactly how many points and how fast you will improve. As the above poster said it will just take time and that time will tell. The best course of action is to stay on course, make all payments on time and wait it out. I have seen 500 scores jump to almost 700 scores in 2 months. I have also seen 500 scores take up to 4 years to be a 700 score. It just depends.
Best of luck to you. Keep at it and with time you will get there. And yes you definately need active tradelines to get the best results.
Best of luck to you. Keep at it and with time you will get there. And yes you definately need active tradelines to get the best results.
