Wednesday, May 26, 2010

My credit score now is about 600, how long will it take to raise it to 800?

help please.



My credit score now is about 600, how long will it take to raise it to 800?

between minimum 1 year to 2.5 years



My credit score now is about 600, how long will it take to raise it to 800?

There is no set time. It may never reach 800.



Just keep paying your bills on time and it will go up.



My credit score now is about 600, how long will it take to raise it to 800?

that might be tough. but if you increase your income and decrease your debt obligations, you could make it sooner than you think.



point: better to have 1 $200 debt account, than 2 $100 debt accounts.



My credit score now is about 600, how long will it take to raise it to 800?

The day you make your last payment on a $600,000 house loan and actually own it,m then your score should be 830.



My credit score now is about 600, how long will it take to raise it to 800?

Credit scores are a very complex statistical model of credit use ratios, credit limits, payment history, the number of accounts, how long accounts have been open, and types of accounts. There is no set time but there are a number of strategies you can use besides the obvious of just paying on time..



For example:



If you have several credit card accounts and you carry a balance keep the balances as low as possible as a ratio compared to the limits. Utilization ratios make a difference. Do not combine all the accounts into one and close all the other accounts. 1 account with a $3000 balance and $4000 credit limit is a 75% utilization rate. On the other hand 3 accounts with a $1000 balance each and a $4000 limit each is a lower, much more favorable 25% utilization rate. If a company raises your limit, be happy but disciplined, if you dont spend more you improve your utilization ratio.



Avoid having numerous department store type accounts, too many of them will keep your score low. If you dont have any now, having 1 wouldnt hurt. But if its only say a $300 limit, pay it off each month or keep the balance less than $100.



Other suggestions I would make would be based specifically on what accounts you currently have and how long you have them. If you close any accounts keep the ones you%26#039;ve had the longest.



Hope this helps somewhat



My credit score now is about 600, how long will it take to raise it to 800?

Actually depending on how many open tradelines you have, you can get your fico score up close to 800.



What actions will hurt the score:



~ Missing payments (regardless of $ amounts...it will take 24 months to restore credit with one late pay)



~ Credit cards at capacity (maxing out cards)



~ Closing credit cards out (this lowers available capacity)



~ Shopping for credit excessively



~ Opening up numerous trade accounts in a short time period



~ Having more revolving loans in relation to installment loans



~ Borrowing from finance companies



What Improves the score:



~ Pay down credit cards



~ Do not close credit cards because capacity will decrease



~ Continue to make payments on time (older late pays will become less significant with time)



~ Slow down on opening new accounts



~ Acquire a solid credit of history with years of experience



~ Move revolving debt into installment debt



I help people restore their credit and educate them on increasing their fico scores. It%26#039;s not magic and doesn%26#039;t happen overnight. But, it doesn%26#039;t have to take as long as most people seem to think.



You can email me if you like, and I%26#039;d be happy to speak with you!



Good luck to you!



My credit score now is about 600, how long will it take to raise it to 800?

Raising a fund of 800 will not be a problem when the market is filled with bad credit loan lenders. They offer good interests and you may find them online.



http://loan-guides.net

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