08-28-2012 06:52 PM
OK, so I paid off my student loans (4 total) in September 2010, and had no luck getting the way they are being reported (current/paid off - was 180+ days past due) adjusted/removed. That's life. But I am coming up on the 24 month anniversary of payoff and was wondering if I might see a bump in my credit score sometime soon. I've opened a couple CC accounts and have a good payment history with them, and my score has gone from the low 500s to about 630. I've worked with a local CU and am nearly done paying off the second of my "credit rebuilding loans". The first loan was $500, and second was $1500. I took out the loans so that I could have some positive info added to my record. It's worked out pretty well all things considered. I have no debt other than CC debt (~$500) and my loan (~$320), and no recent derogs. I'm trying to stay motivated with this process, but progress is slow. Now I'm in need of a new car before winter sets in and it hurts to think of another loan at 16%. Is it wishful thinking or should I start seeing progress soon?
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO