Repair Credit Score

Archive for June, 2006

Question: If I pay off a $1500 court judgment, how much would my Credit Score go up?

I have a judgement against me for that amount, and debating whether to try and hurry to pay it off or just do monthly installments. What is the real effect of this on my Credit Score points? Also, I had another judgement for similar amount that I could not even pay a few years ago, and the lender wrote it off and did not pursue collection; if I pay that off would it help my score enough to make it worth paying off?

Answer: Paying off all of your debts immediately does not help you with improving your credit. Because you should show lenders that you are a good BORROWER. Your existing report shows lender that you pay your payments in full once you have money and you don’t when you are financially in trouble. Therefore you are not a good borrower to a lender (you are risky and they don’t make money out of you). So here some stuffs I suggest to do to polish your Credit Report and improve your credit:

1) Do not spend more than 1/3 of your limit. That's a rule. Say you have $500 credit limit. So do not spend more than $150 with your credit.

2) Do not pay your existing credit balance in full every month. Pay more than minimum payment but do not pay full. Say your minimum due is $10. I suggest you to pay like $50-$70 each month. Yes you should pay some interest but that's a price to improve your credit.

3) There are lots of articles here which you can find useful to boost your credit.

http://www.howtoestablishgoodcredit.com/Credit_Articles/index.php

Law & Court : How Much Does a Judgment Drop a Credit Score?

Welcome to the Repair Credit Score Blog

Repair Credit Score website is dedicated to providing information and resources to help you repair your credit now with a free Credit Report and free Credit Score. Our resources include information on how to improve your Credit Score, Credit Report, credit counselling, debt assistance, and free Credit Repair Services.

A person's Credit Report and Credit Score (FICO Score) are important. Wherever you go, whatever you do, you are likely to run into situations where your Credit Report and Credit Score determine how good the terms of the products or services you will receive are. For example, landlords check each tenant's Credit Report and Credit Score to make sure the tenant will pay the rent. Employers check employees' credit reports and credit scores to see if they will be stable and trustworthy employees. Some graduate schools are now checking credit reports and credit scores to see if an applicant is a strong candidate and will pay off student loans. Good credit as reflected in the Credit Report and Credit Score is needed nowadays to get a good job, buy a car, buy a house, rent a house, get a good education, etc....

Repair Credit Score website provides important information to help you understand your Credit Report and what factors are important to the credit bureaus when computing your Credit Score or FICO Score. Three major credit bureaus: Equifax, Exparian, and TransUnion are discussed. Repair Credit Score website also discusses DIY Credit Repair strategies and Credit Repair Services. There are many ways to repair your credit yourself and raise your credit score. First you have to know What Is a Good Credit Score, see Credit Score Chart for credit comparison. Our Do it Yourself Credit Repair section features some simple and important ways of How to Improve Credit Score and repair your credit yourself. A free online FICO Score will help you determine how aggressive your Credit Repair campaign should be. The FICO Score Chart will help you identify ways to improve credit score.

Repair Credit Score website also provides information regarding bankruptcy, both Chapter 7 Bankruptcy and Chapter 13 Bankruptcy and how they impact your Credit Report and credit score. When you have to file bankruptcy or you are in foreclosure, it is not as bad as you may think. You can still re-establish and repair your credit to such a point that most of the derogatories including bankruptcies, tax liens, judgements, and foreclosures are removed from your Credit Report within months of Credit Repair. We also provide information on free Credit Repair Services on this website. However, most people need money during the time it take them to repair their credit, so we also provide information on Personal Loan for People with Bad Credit. A Personal Loan for Poor Credit should be viewed as a short term solution.

Repair Credit Score website is updated regularly to bring your more resources and information on Credit Repair. Credit restoration is important in many ways. If you have any questions, please contact us.

Question: Is there a formula that I can use to calculate my Credit Score?

I no longer have a use for new credit, so it's not worth paying for my score. But I would like to know my Credit Score. Is this calculation/formula Proprietary or "owned" by a particular company?
Barbara, I'm much to old to become "screwed up" about anything. Especially not credit. When I needed a mortgage I never heard of a "Credit Score", now it's all I hear about. I am simply curious.

Answer: No, there is no formula that you can use. The 3 Credit Scoring agencies each produce their own score for you and the criterea they use are somewhat of a mystery. Opening a new card, having balances, paying on time as well as a huge list of other factors all affect it and sometimes in strange ways. So there is no way that you can calculate it yourself

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