Monthly payments and scoring

[EaglesFan2006]

I have a 3 part question.

I am involved in a DMP and am currently repaying debt steadily.  Here are my questions

1) As far as time for things to drop off the report, does the monthly payment keep resetting that date to 7 years, or does that only affect something like statute of limitations?

2) About how long does it take and how much do these monthly payments actually help my score

3) Would paying more a month have a significant impact on raising the score?

Any advice is appreciated.

[marty56]

1.  DMP has no effect on when things fall off your report.

I cant really answer 2 or 3 since when I did not track my scores while I was in DMP.  Also if all your revolving accounts are closed now, I dont know how that affects your score.  When I as in DMP I had 2 open CC accounts that I did not have in the program.

[EaglesFan2006]

they are all closed, though the monthly payments are being recorded (or at least the balances are decreasing)

my whole thing is to start getting something positive on there in the way of a gas card or something of that nature

[marty56]

If you are thinking about getting a new CC while in DMP, dont do it.  Thats how I wound up with a 120 day late on my CR and the reason my scores arnt over 800.  All my creditors didnt care about getting new credit while in DMP except BofA which quitely kicked my out of the program and raised my monthly payment nd before I realized it, it was too late.

These days I dont know what would happen if someone was in a DMP program and got new credit.

[EaglesFan2006]

right that makes sense.  i'm also just curious to see how i'm actually progressing with this thing too... i wish there were ways to tell