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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Am I going the right direction? 560-580 credit score.?

Am I going the right direction? 560-580 credit score.?

I finally started tackling my credit score last year after being laid off from a previous job 3 times in five years that hurt my credit and I know in the long run it will help but my credit score hasn’t gone up yet. I only have 4 negative items left of my credit report and I’m making payments on all of them and they will be finished in just a few months. So far, everyone that I have paid off has removed the negative marks on my credit report and I only have 2 credit cards with $500 limits that hare helping me pay off everyone. Since my family has been living on $300 less a month and we are used to it, I plan on taking that money and put it in our savings account so I can hopefully get a house next year.

Right now, my negative debt is just under 1200 dollars and will be done in about 4 months and my old student loan which isn’t on my credit report will be out of default and I will be given a new loan in August and I’ll be about to get my federal taxes next year. Now with the student loan refinanced in august and everything paid off by october. will my credit score improve?

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3 Responses to "Am I going the right direction? 560-580 credit score.?"

  1. Jason Alexanders says:
    Nope, you will pay a lot more to borrow money. While most people can get a 15 year mortgage for 4.5%, you will likely pay 7.5% to 8.5% if you can even get one! As you can see, defaulting on your payments is far more costly or using your card too much is far too costly and you pay dearly over time.
  2. Dixie Darlin' says:
    Yes you are going in the right direction. You are being a responsible person who is taking care of defaulted debts. Good job on getting the collection agencies (?) to remove the paid in full accounts.

    If you have made agreements with the collection agencies in regards to the 4 remaining negative items, and they agree to delete the items in full for the payment, and the defaulted student loan is not showing up then you will see a improvement on your credit score.

    It also depends on how old the negative accounts are.

    Have you re-established your credit since the default on your accounts? You mentioned those credit cards, one thing to improve your credit score is to pay the credit cards off in full each month, carrying balances will lower your score. Also keep the balance under 30% if you can not afford to pay off the entire card.

    It takes 24 months of consistent on time payments to establish your credit history.

  3. Help Is Here! says:
    Not right away.
    You will need at least another year of on time payments and no new negative reports on your report to bounce back from a score in the 500′s. You are on the right track though.

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