Ask Experts Questions for FREE Help !
Ask
    happy2003's Avatar
    happy2003 Posts: 43, Reputation: 8
    Junior Member
     
    #1

    Dec 10, 2008, 04:03 PM
    Paid off the debt, how do I salvage score?
    After two years of really working, scrimping and saving I've managed to get myself debt free... (with the exception of a small student loan) and it's such a relief... but because of my lack of knowledge and irresponsibility in the past my credit score has suffered tremendously... I know it won't happen overnight but what can I do to really improve my score?
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
    Ultra Member
     
    #2

    Dec 11, 2008, 05:16 AM

    I am not an expert but when I was shopping for a mortgage I was given these tips:

    Get a major credit card (Visa, MC, Amex, Discover) use it a little and pay it off every month. I use one to pay a bill that I would pay from my checking and instead of paying my cable bill I pay my MC bill.

    Buy a car and finance it. This gives you active credit.

    Review your credit report for any inaccuracies and challenge them if they don't seem right. The difference between 90 days late and 60 days doesn't seem like much, but every little bit helps.

    Otherwise, be patient. If you are debt free, work hard to stay that way.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #3

    Dec 11, 2008, 07:06 AM

    Well if you are debt free and don't plan on getting in debt does it really matter, The best people I know always pay cash and don't even have credit at all, so basically no score.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Old Debt on Credit Score? [ 9 Answers ]

To make a long story short- Last year, I had to get a lot of tests done because my doctor claimed I might have cancer. At the time, I assumed my parents insurance (I was covered under them) would cover it. I know I should've looked into it more, but when you think you might have cancer, nothing...

Effects on Credit with Debt Not Paid at all VS Debt pain in Settlement [ 2 Answers ]

I lost like 140k in a home foreclosure. The first mortgage bank cancelled my debt and sent me 1099c. The second mortgage bank sold the my loan for $102,500.00 to debt collector. Now Saxon mortgage who currently owns my loan, is giving me an offer to settle with $5000. I can't come up with that...

Debt Paid [ 2 Answers ]

Good morning! First of all, what the limitation in Ontario for a debt? I borrowed a small amount of money from my Mother 5 years ago. The debt was paid within 1 year in full. Now she wants interest to be paid. Is limitation over? If yes, what was the limitation? Thank you,


View more questions Search