Credit Report – trying to improve – score question?
I was 4 months behind on my mortgage but I just went through a loan modification with Citimortgage and lowered my interest rate from 6.5% to 5%. The 4 months were rolled into the back of my loan and I stay current on my loan. I also was 2 months behind on my automobile loan and now I’m current. I’m concerned about my credit score as it is ver low, 472. I still have credit cards and student loans to pay on. I’m most concerned with my credit score, since I’m current on the house and automobile will I start seeing points go up. I’m now up to date and certainly don’t on plot to get behind on my payments ever again as that was a miserable time. Serious answers only please.
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Tags: 4 months, Automobile Loan, citimortgage, credit cards, Credit Score, fixed rate private student loan consolidation, home equity loan lowest rate, interest rate, loan modification, miserable time, mortgage, Student Loans
You have to rebuild your credit by making all your payments on time. You will need at least 24 months of consistent, on time payment history to see any improvement in your score.
Frankly, since you’ve just started getting back on your feet, you really can’t afford to take on any more debt. So your score really isn’t that vital.
The one thing that you can do to give your score a boost is to pay off your credit card balances. Carrying balances on your credit cards of more than 30%, hurts your score. Pay off the balance and your score bounces back. Working on paying off the credit cards would be the smart thing to do anyway. Save all that interest.
YOUR SCORE WILL NOT IMPROVE UNTIL YOU PAY OFF YOUR BILLS IN FULL…DO NOT SETTLE THEM…
Here’s a thing I learned: Don’t close an account that it paid off. Some reason, they count that against you. I had a credit card I hadn’t used in 4 years and they finally closed it for me, but it isn’t counting against me. This is such a nutty deal. You can try to renegotiate the interest rates on credit cards, but don’t negotiate the total as this will show as a write off against you. Also, try very hard to not pay just the minimum payment as that will take you forever, even if you pay a few dollars over the minimum it’ll make a noticeable difference in the end.
Going past due on a mortgage x4 months is going to be a huge hit…and the effects of this will be felt for two years…so count on having a low credit score for at least this amount of time. Becoming current on the past due amounts does not cancel out the hurt from being past due on the car loan and mortgage. The passing of time will heal the hurt. There are no quick fixes…In a weird way having a low credit score can (temporary) be a blessing in disguise as it prevents you from taking on new debts/obligations that you would not be able to handle.
It will take time, but if you keep paying the loans and debts you have now on time, you should see some improvement within 6 mos to a year.
Сredit repair workеd fine to fix my credit. They disputed and removed lots of terrible items from my credit report. I used this service – buildcredit.ifastnet.com
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