To begin with, I'd like to thank everyone for their great advice and insight. The folks on this board are great!!! Nonetheless, I am desparate for help with my credit! Let me explain my situation:
I have recently completed medical school and residency and am now a "full fledged doctor". Unfortunately, during medical school, mostly because of spending long hours studying and working more than 100 hours per week, I was irresponsible with my credit, and managed to have one account (a $20 doctor bill of all things) sent to a collection agency. In addition, I was 30 and 60 days past due on several credit cards multiple times, and this is obviously reflected in my current credit score.
However, over the past month since I have graduated, my salary has increased significantly, and I have been fortunate to pay off most of my credit card debt, which was initially at >$20,000, and is now less than $8000. I am aware that eliminating my credit card debt to < 7% of my max and consistently paying my bills on time is of utmost importance in improving my credit score, but I am still confused about several issues and need your help:
- I have several accounts, ranging from previous car loans to GAP cards, which which have not been active or have been paid off for several years. Should I dispute these to have them removed? when I filed the online dispute, I was sent a copy of this to sign and submit to equifax. Should I do this?
- In the past 2 months, my salary has gone from $40,000 to well into the six figure range. Will this, along with the fact that I will have eliminated all of my revolving debt in the next 2 months help my score? It seems that if I go from making $40,000 and owing $20,000 in bills to making in the six figure range and owing < $8,000 should help. Does it?
- Any other advice on improving my score? My current Equifax score is 551
SOMEONE PLEASE HELP!!!!!!