New Member
Posts: 2
Registered: ‎01-29-2013

improving credit score

Our credit score suffers from some charge-offs from 3 years ago.  We are making payments but they won't be off for some time.  I've heard that the credit score will only improve if there is a recent, positive credit history.  Have no credit now.  Would getting a small amount on a secured card and slowly increasing the limit improve the score or are the charge-offs the kiss of death?  We would like to re-finance soon but if we can't bump up the score this year we won't even bother with a card.  Thanks.

Valued Member
Posts: 40
Registered: ‎04-05-2007

Re: improving credit score

My understanding is that the newer good payment history is going to start to weigh heavier than old bad payment history. 12 months of good payment history on an account with no further bad information is only  going to do you good...regardless if you get the refi or not.

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008

Re: improving credit score

COs are major degrogatories and will impact your score for almost the entire 7.5 years they are reported.


Getting 1 or 2 CC would help.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.