how quickly can i raise score?

[snag13]

Hi all,

I'm new to these forums and i have found a bunch of great info thusfar

My credit score is 575 and i'm looking to see how fast you all think this can rise to above 650 and closer to 700

I've had a mortgage for 3 years now and it has gone to collections once. I have a car loan that i got in December of 2011and have been late on a couple payments, but only by a few days. The past 6 months or so have been paid early or on time. My previous car loan was paid off in full and never was late once for the 60 months. 

I don't have any credit cards but have normal bills like cable/internet, electricity, cell phone, car insurance etc. A couple of times in the last 3 years the cable/internet bill was paid a week or so late. 

I did have 1 credit card when i was in college that i got into a bit off trouble on but did pay it off fully when it went to collections about 5 -6 years ago. That account has   been closed since the payoff. 

As of right now i am up to date with all of my bills and am on schedule to pay them on time for the foreseeable future. 

How quickly do you think my score will increase to my goal range of 650-700 and how much would it rise each month if all my bills are paid on time?  I'm fairly new to understanding how to increase credit and was unsure of timeframes. Thanks for all your help!!

[DaBears]

The lates from the car payment will affect your score for 7 yrs. is the mortgage being reported on any of your CR's as being or was in collection for being late? I would suggest opening a secured card to show some type of revovling credit. unfortunately having cable, electric bill and etc will not help your score cause they don't report to the CRA's, only if it goes to collection. 

[snag13]

ok thanks i will look into a secured credit card. I will have to look at the credit report again to see what it says about the mortgage payments that were paid late

Thanks!

[dodfire]

As stated above get yourself a card....keep the usage around 10% no more than that....gaining the mix of credit and the payments with the card will help your score rise much faster.

[Shogun]

Were the lates over 30 days?  You said they were only a few days late, if they didn't go past 30 days then they would not report as lates.  If they did go over 30 days and were reported as lates, then they are minor derogs.  They hit hard at first but they fade fast.  I have a couple 30 day lates on my TU.  They are over 4 years old and aren't hurting my score much.

You do need a revolving account or two.  Look at getting a secured card.  They will help build a healthy TL.  Other than that, pay on time and GW those baddies and see if you can't get them off your CR.

[snag13]

the only payment that has been late more than a few days was my mortgage. The mortgage is due on the 1sy of every month but there is a grace period until the 16th of every month. A couple times i have gone past the 30th of that month but then have paid the mortgage 2-3 weeks after the grace period is over

From what i understand, even if pay during the grace period of that month it doesnt show as late? 

[denver133]

Pull your credit reports for free from annualcreditreport.com.  You will know what is showing late or not. Once you see what is showing on there, you will have a better understanding of what to attack first.  

Note that your utilities do not report unless you go to collections. 

[snag13]

OK i pulled all 3 credit reports and i noticed there are 2 closed credit card accounts that show as potential negetive items. One went to collections twice for 60 days late and was paid off and closed in jun of 2007.

The other went to 60 day late in dec 2006 and then was paid off. this one says closed by credit grantor. Does this mean its still open? from 1/2007-12/2012 it shows as OK on the status. Is this something i should call about and close?