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How do you fix a fully paid up credit report and boost scores over a period of time?

Exorcist 199 22 December 16, 2015 at 11:53 AM
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Hi,

I had a few late payments, a few medical bills, credit card bills etc, all now paid up in full.
Few of the collection agencies have promised to report it to the credit Bureau and have them removed from the history.
One bank law suit and few others these are all paid up 5.5 yrs is it true that they might remain for 7 years (of which 5.5 years is already completed)? but they mentioned it will not add any negativity (not sure).
Well, now that all's taken care of.. i need help in gathering up from here, and work towards boosting the score.

I have a car loan of about 600 dollars every month, that i will be paying for another 2 years, three credit cards of 400 dollars credit limit each (capital one, credit one, orchard bank (which is capital one bank now)). But i dont use them much.. but i plan to now, as i was guided by a friend that if i use them at 25% each month and pay on time, it will help with the score. Is that true? Also, closing one of the cards will help.
Plus is it true with the timely payment of car loans will help.
Right now, my score is around 530. In two years we plan to buy a house and i wanted to make sure that i am in good standing ground, in 2 yrs the bad reportings plus the law suit will complete its 7 yrs period.

I have taken help from Lexington law for them to remove any paid in full entries but still showing up. Not sure if i should let them handle this for two months (99 dollars a month, and see how it goes).

What are your suggestions? I am aiming two years, just guide me on what are the right things i should do to boost my score to 700+ with all the options i've mentioned above.

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#2
Once everything is paid in full, it's primarily a matter of time. The amount of time bad debts remain on your credit report depends on the credit reporting agency. In my experience, it takes at least 7 years for all of the bad debts to stop haunting you. Use your CCs and pay them in full each month. Keep making the car payments on time. I wouldn't close any of your cards; that isn't going to do anything for you except reduce your credit line. I wouldn't waste your money on any shady debt management company. I'd tell you to try and get some more credit, but with a 530 you're just going to have to wait and put some distance between you and the bad debts first.

For what it's worth, my credit score was exactly a 530 many years ago. I got in over my head on the "buy now, pay later" concept and like you, had some medical bills that I could not afford to pay as well, etc. Anyway, a couple years after everything was paid I was up about 100 pts. This year my score topped out at 794 before taking a significant dip (down to ~760) due primarily to a $30K car loan. So keep your head up and just be patient. As long as you keep all of your accounts current and increase your credit as you can, your score will slowly climb.
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#3
I'm with you brother. I've been stuck between 820 and 830 for years. What the hell do I have to do to make it to 850? I'm at a loss.
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#4
Quote from Exorcist View Post :
Hi,

I had a few late payments, a few medical bills, credit card bills etc, all now paid up in full.
Few of the collection agencies have promised to report it to the credit Bureau and have them removed from the history.
One bank law suit and few others these are all paid up 5.5 yrs is it true that they might remain for 7 years (of which 5.5 years is already completed)? but they mentioned it will not add any negativity (not sure).
Well, now that all's taken care of.. i need help in gathering up from here, and work towards boosting the score.

I have a car loan of about 600 dollars every month, that i will be paying for another 2 years, three credit cards of 400 dollars credit limit each (capital one, credit one, orchard bank (which is capital one bank now)). But i dont use them much.. but i plan to now, as i was guided by a friend that if i use them at 25% each month and pay on time, it will help with the score. Is that true? Also, closing one of the cards will help.
Plus is it true with the timely payment of car loans will help.
Right now, my score is around 530. In two years we plan to buy a house and i wanted to make sure that i am in good standing ground, in 2 yrs the bad reportings plus the law suit will complete its 7 yrs period.

I have taken help from Lexington law for them to remove any paid in full entries but still showing up. Not sure if i should let them handle this for two months (99 dollars a month, and see how it goes).

What are your suggestions? I am aiming two years, just guide me on what are the right things i should do to boost my score to 700+ with all the options i've mentioned above.
As mentioned, once everything is paid in full, time is really the only thing that will improve your score. You definitely don't want to close any credit cards (this reduces your utilization), and you don't want to use 25% of your available credit - keep it below 10%. And always pay your all of your bills (credit cards, car loan, utility bills, etc) in full, every month with no exceptions!

Keep hounding the collections agencies to have your payment reported to the bureaus. Recent changes to the scoring model count paid-in-full collections as less bad than they used to, so that should help. Not sure the Lexington Law people will do anything you can't, so you can probably save yourself that money.
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Marshall: Have the rest of you guys figured out by now that mmathis is the smartest guy on SlickDeals?
#5
Quote from Exorcist View Post :
Hi,

I had a few late payments, a few medical bills, credit card bills etc, all now paid up in full.
Few of the collection agencies have promised to report it to the credit Bureau and have them removed from the history.
One bank law suit and few others these are all paid up 5.5 yrs is it true that they might remain for 7 years (of which 5.5 years is already completed)? but they mentioned it will not add any negativity (not sure).
Well, now that all's taken care of.. i need help in gathering up from here, and work towards boosting the score.

I have a car loan of about 600 dollars every month, that i will be paying for another 2 years, three credit cards of 400 dollars credit limit each (capital one, credit one, orchard bank (which is capital one bank now)). But i dont use them much.. but i plan to now, as i was guided by a friend that if i use them at 25% each month and pay on time, it will help with the score. Is that true? Also, closing one of the cards will help.
Plus is it true with the timely payment of car loans will help.
Right now, my score is around 530. In two years we plan to buy a house and i wanted to make sure that i am in good standing ground, in 2 yrs the bad reportings plus the law suit will complete its 7 yrs period.

I have taken help from Lexington law for them to remove any paid in full entries but still showing up. Not sure if i should let them handle this for two months (99 dollars a month, and see how it goes).

What are your suggestions? I am aiming two years, just guide me on what are the right things i should do to boost my score to 700+ with all the options i've mentioned above.
Are u using free service crrditkarma. Com creditsesame. Both free?
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