singledadneedshelp wrote:
Hello, I have a question. If i have a 527 FICO because of late payments, how long would you guess it will take to raise my score to 620 if i get on track and pay the payments on time. Thanks.
Almost seems paradoxical, but paying on time won't improve your FICO score. However, making payments on time will prevent further late payment damage to your finances and your score. Lates gradually fade in damage over time. Thirty day late damage pretty much fades within 2 years. 60 days well beyond that. And 90+ days or worse will continue to negatively impact you for the full 7 years but will gradually fade over that time.
singledadneedshelp wrote:
Hi thanks for the reply. If you have a minute, i have another question. If you "settle" a debt, how much does that hurt you? Thanks!
A "settled" comment on your CR is just as bad for your score as a "charge-off". I'd avoid settling with an OC if at all possible, unless you do so via a PFD arrangement.
I'd suggest reading the following:
Common Abbreviations
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
and What Steps Do I Take - great for learning the repair process.
