How long will it take for my 551 Fico Score to increase to 700, on average?
by Author on Saturday, May 29th, 2010 | 9 Comments
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Following critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score. Read more from: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score
It really depends on a lot of factors.
You should dispute the late payments and any other negative accounts that may be on your report with the credit bureaus.
You should also try to pay down your balances to under 30%.
I’m thinking you could do it in 3-6 months, maybe a year.
3 to 5 years if you pay your bills on time
It’s a very complicated formula. I would be skeptical of anyone who can tell you how fast it will happen. I subscribe to IdentityMonitor from Citi Bank and it is very helpful. Not only does it tell you if someone is trying to steal your identity, but it has modeling that will partly answer your question. You can also check your FICO score every 30 days and see how it is improving. It will also tell you what things are hurting and helping your score.
There are too many variables in your case. I wouldn’t be so concerned with how fast it is happening. Just pay all your bills on time, apply for as little new credit as possible, and pay down your debt as fast as you can.
Has the debt from the closed credit card been satisfied? If it hasn’t, you won’t get to 700 anytime soon, because you will start getting debt collection accounts on your history.
If it has, and you pay all of your future payments on time, it still will probably take a couple of years, since your most recent late payment was less than 6 months ago.
Here is a FICO score estimator that you can go through and project what your answers would be in 6 months, 1 year, etc. to see what your score will be at that point: http://www.bankrate.com/brm/fico/calc.asp?lpid=BKRATE29
I might be able to help. We help show people how to improve their credit scores. It’s something you can do yourself or we’ll do it for you.
Hit me up if you want to connect.
skip724@gmail.com
You have to bring both your loans to about $1500 and $2,000 that will improve your score to close to 600. spend about $50 on your $200 credit card that has zero balance
so that get monthly positive monitoring from that particular credit card. the one credit card that was closed by grantor you have to see why did they close it. If you follow this for about 3 to 5 months you should be in the low 625′s. Try to open up another credit card either secured or with a bank like ital One or HSBC that will give you a card with your kind of credit. You want the credit to balance out your negative credit that is still showing. Keep your balances to about 25%
and I think honestly if you work on that plan it could take about 18 to s4 months before you can get back to 700.
It took me one year.
Why was the credit card closed? If it was from non-payment, you have a collection on your report and that’s going to prevent you from getting anywhere near 700.
The late reports are minor but may be deleted with some letters.
If the credit card was not defaulted, then you have something else going on. Your history should put you at least to 600.
For now, do this. There is a site called http://www.lifeafterbankruptcy.com
Go there and search for their last two newsletters. It goes into detail about how to improve your credit after a bankruptcy and gives about 15 ideas on what you can do. These same ideas apply to anyone trying to improve their credit. Yours isn’t anywhere near as bad as a bankruptcy, so you shouldn’t have that difficult of a time improving your score.
Just don’t expect overnight results…..that big a jump will take about a year.