Credit report HELP ! !?
The key to financial power lies in your credit rating. If you plan to get a home loan, save money and get better credit starting now!
I had 16 negative items on my credit report for medical, my credit score was 552 last month. I paid them off in full with the promise of deleting them off my report, Well, they did delete them off, i got an updated credit report today, and they are all off now. but my score is still 552....how is that, i had 19 things deleted off. I also have good standing credit on my report. I thought my score would have gone up quite a bit,,,,any help, please.
Credit report HELP ! !?First, you should know what makes up your score:
1. Payment history- 35%
2. Total debt owed to available credit ratio-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%
Although you may have good standing credit, chances are the available credit doesn't compensate for the total amount of collections you paid off, and the good accounts probably haven't been established anywhere as long too. This accounts for 戮 of your score.
If those collection items are older than the good credit you have, it cancels itself out. Also, the older those accounts, and those are removed, the only thing left is the newer accounts that's building credit which can give the appearance that you established credit more recently and you're not as experienced with credit.
Some tips that I would suggest that you do is:
1. Make sure that your credit card balances are at or below 30% of their limits. This alone accounts for 30% of your score.
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