@Anonymous wrote:
I've had a combination of bad credit history and now a strong lack of credit history due to being out of the credit game for so long. I'm currently in the process of paying some things off and getting a few secured cards to build my credit up. I'm going to start paying about $100-$200 on three different cards (so a total of $500-$600 all together) starting the first of the year.
Right now my credit score is the low 600s. I have a home loan that is waiting for me to bump my credit score up so they can take a second look at me. If I started this credit repair now and paid on these monthly, how fast can I expect to see a bump in my credit score? Three months? Six months? A year? I just want to be realistic with my goals moving forward.
Thanks!
As with all things - it depends.
Get three cards reporting. Keep 2 paid to $0 (pay before statement cuts) and get ONE to report at 10% or less - this will get you the max score increase on cc's
If you have any installment loans (auto/student/etc) keep making payments. If you don't - look into a credit union shared secured loan. This will help with credit Mix.
Get any baddies off your report - you dn't mention if you have any collections - if you do - contact companies and offer pay for deletes, or goodwill campaigns to get paid ones removed from your reports.
Here's my story - in a nutshell - I've been seriously working on mine since August. Scores in July were 614 - 651 - 572 Now (pulled today) 693 - 708 - 706. So in 4 months I've jumped considerably - Heck almost 100 points on TU and over 100 on EX. I still have lates reporting from an old car loan and a tax lien - so my report isn't clean.
I went from NO credit cards to having over $6700 in cards that I have access to you - which to me is HUGE - and they are all current and paid in full each month.
You can do it too - you just have to work hard at it - and not expect it to happen overnight.
