Rebuilding Your Credit

[creditmonkey]

I have had some issues with my credit in the past resulting in a very low FICO score (538). I have since got everything paid off on my report and have seen no change in my score (which I understand to be normal). How long will it take for my score to go up enough where I can start applying for credit again to begin building my score even more. As it is now, no one will even look at me because my score is so low. I have done rent to own with a company by the name of Aaron's a few times and they have reported on my credit report in good standing no missed payments etc for my 12 mo and 24 mo lease with them, would it be beneficial to do more stuff with them? And does the dollar amount of the purchase lease matter? Do you have any other suggestions on how to get my score up?

[creditchief]

Try getting bad stuff deleted thats wrong on your files first, and never, never be late!!!

[Timothy]

Repair- then rebuild

Paying down/off your revolving balance will increase your score when the pay off's update.

Work though your report starting with the most recent and most severe items first. 

Attack these items one at a time- post here if you need specific advice.  Once you get scores into 600+ you can work to rebuild- adding positive tradelines.  

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creditmonkey wrote:

I have had some issues with my credit in the past resulting in a very low FICO score (538). I have since got everything paid off on my report and have seen no change in my score (which I understand to be normal). How long will it take for my score to go up enough where I can start applying for credit again to begin building my score even more. As it is now, no one will even look at me because my score is so low. I have done rent to own with a company by the name of Aaron's a few times and they have reported on my credit report in good standing no missed payments etc for my 12 mo and 24 mo lease with them, would it be beneficial to do more stuff with them? And does the dollar amount of the purchase lease matter? Do you have any other suggestions on how to get my score up?

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[creditmonkey]

Like I've said I've paid off all of these debts on my CR. Paid most of them off right before Christmas, and then the last one, which was the big one, in March... How long does it take for scores to update.

[Timothy]

They should update within a few days of your statement-

Have you pulled your Free Annual reports?

http://www.annualcreditrreport.com

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creditmonkey wrote:

Like I've said I've paid off all of these debts on my CR. Paid most of them off right before Christmas, and then the last one, which was the big one, in March... How long does it take for scores to update.

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[creditmonkey]

Yes, they show as PIF on my CRs but my score hasn't gone up at all.

[slyhouse08]

If you merely paid all your collections...you score is not going to increase..you get no increase for paying collections...unless they are deleted off your reports...and even then some people don't see the increases they would like...what exactly are on your reports???....what did you pay???...charge offs...collections...etc...charge offs with a balance should have helped....because they were still counted towards your UTL...so list the account...and start typing up GW letters...for removal...

[creditmonkey]

slyhouse, that is what I thought, I was planning on sending out GW letters but in the event that, that doesn't work, what can I do to increase my credit score, since no one in their right mind would offer me credit by looking at my scores.

[slyhouse08]

You might have to start off with something like Crown Jewelers...or a secured CC...Crown Jewelers sells jewelry online...usually they give a $1500 CL...people get it to help UTL when they can't get credit anywhere else...NO CREDIT CHECK... www.crownjewelers.com

Also, Bank of America had a couple of GOOD secured cards...that graduate to a regular unsecured card after 9-12 months...you should go for 99/500 secured card...you put up $99...and get a $500 CL...secured CC...you can't go directly to their website and apply for the card....you would have to apply for a regular unsecured card...and get denied...and they will offer this as a counter offer...online...or in the mail...if you already have a secured card from them... you can't have 2...so you will not get the offer...

If they do not offer the 99/500 card...they also have the fully secured CC...where you put up $300-$3000...whatever you put up...that's your CL...

Try to get those other paid accounts deleted though...what are some of them???...

[creditmonkey]

there's 4 or 5 of them

a couple old cell bills, 2 medical collections, a student loan, and a fine from the library LOL.