How to Improve Credit Score in One Year

[Anonymous]

Hello,

I am trying to improve my credit score within then next year and I need some advice. Currently my credit score is in the 570s range. I recently just missed my first payment ever and it was 30 days passed due.  I have good standing in the types of credit, perfect payment history up until now. However my credit utlitatzion is high (I am working on paying that down however) and my length of credit is only a few years.

Any suggestions of how to best handle this situation, is it even possible to bring my score up to the 600s in one year?

Thank you for any help!

Ash

[Anonymous]

Pay your bills on time. Setup auto payments if you have to..

Late payments can dramatically impact your scores negatively. 

[Anonymous]

Depending on how many accounts you have, your mix of different types of credit, how high your utilization actually is, and if one 30 day late is really the only negative, then just bringing your utilization down to less than 10 percent might actually get you well over 600 by itself.

In addition to that, what Turkey310 said.

[ddemari]

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@Anonymous wrote:

Hello,

I am trying to improve my credit score within then next year and I need some advice. Currently my credit score is in the 570s range. I recently just missed my first payment ever and it was 30 days passed due.  I have good standing in the types of credit, perfect payment history up until now. However my credit utlitatzion is high (I am working on paying that down however) and my length of credit is only a few years.

Any suggestions of how to best handle this situation, is it even possible to bring my score up to the 600s in one year?

Thank you for any help!

Ash

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Hi there! So the 30 day late payment was reported to CRA's? or was it just late to the lender and you paid the late fee? If it was reported to CRA's than you would see a big fast drop in your scores, therefore I assume it was reported? 

What card were you 30 day late on? is that card now in good standing? A single late payment can drop your score 100 points, of course everyones situation is different but still relevant. If you were paying that card on time for a while/ a good customer to them/can explain to them what happended and ensure u wont do it again, I would call them up and see if they would remove the 30 day late from your report.

If you cant get that accomplished, then make sure you pay all your bills on time. Do not miss anything. showing perfect payment history will help as your average age of accounts grows, the late becomes less late and your score begins to bounce back. 

If your utilization on cards is high, decreasing your debt on cards will also show you an increase in your score. I would work on that late payment though.

[woodsie1]

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@ddemari wrote:

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@Anonymous wrote:

Hello,

I am trying to improve my credit score within then next year and I need some advice. Currently my credit score is in the 570s range. I recently just missed my first payment ever and it was 30 days passed due.  I have good standing in the types of credit, perfect payment history up until now. However my credit utlitatzion is high (I am working on paying that down however) and my length of credit is only a few years.

Any suggestions of how to best handle this situation, is it even possible to bring my score up to the 600s in one year?

Thank you for any help!

Ash

---

Hi there! So the 30 day late payment was reported to CRA's? or was it just late to the lender and you paid the late fee? If it was reported to CRA's than you would see a big fast drop in your scores, therefore I assume it was reported? 

What card were you 30 day late on? is that card now in good standing? A single late payment can drop your score 100 points, of course everyones situation is different but still relevant. If you were paying that card on time for a while/ a good customer to them/can explain to them what happended and ensure u wont do it again, I would call them up and see if they would remove the 30 day late from your report.

If you cant get that accomplished, then make sure you pay all your bills on time. Do not miss anything. showing perfect payment history will help as your average age of accounts grows, the late becomes less late and your score begins to bounce back. 

If your utilization on cards is high, decreasing your debt on cards will also show you an increase in your score. I would work on that late payment though.

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+1