Repair Credit Score

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Question: Credit Report -- Repairing Credit?

I've been working on repairing my credit to be able to get a home loan, amongst other things later in life. I just got married, so it's better for us in the long run.

I just ran my report and found that I've still got a collection agency on the report TWICE! One for it being seriously overdue and then at the bottom, it's listed again as paid. I called them and made arrangements for them to remove both these issues off my Credit Report completely since they were paid and they agreed.

So, how much will this effect my Credit Score and by how much? An approximation would be fine in this case because no one knows the formula to calculate this. lol Anyhow, I'm sitting at 604 per experian (way better than the 520 from a year ago) and working to improve my score even more. The ultimate goal is to apply and receive an FHA loan. It would be my first home.

TIA

Answer: First off the only time any entry on a Credit Report can be removed before the time limit is by with the company stating that the entry is in error to the

credit bureau

The line entry of paid if full states that the listed past due has been resolved in the proper way
.
That does reflect good on your report
.
The out standing notifications will just have to work their life out
.
And keep what credit cards or any loans up to date
.
And DO pay MORE than the min. due on all your statements
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If only by $10.00 it shows up on your Credit Report section that banks tap into
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That shows the payment schedule and your payments
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Yes it is there every time you send in a payment to any one as soon as they enter it in their computers it is noted on the Credit Bureau that you have made a payment and how much
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Takes time but we all have been on your road once in our life
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That is how we learn
.

Breaking down the Credit Score formula

All consumers with a credit history also have a Credit Score. Fair Isaac Corporation pioneered the use of credit scores, and its FICO score is the one most lenders use. 

What is a FICO Score?

A FICO score is a three-digit number between 300 and 850. The higher the FICO score, the better, and anything over 700 is typically considered �good� credit. The FICO score takes into account various information on your Credit Report and is calculated using top-secret algorithms. 

What are important factors affecting your FICO score or your Credit Score?

Fair Isaac Corporation tells us is the importance of certain information to your Credit Score or FICO score: 

• Payment history is the most important factor
• Second most important is your amounts owed
• Third is your length of credit history
• Then new credit and types of credit used

Click here to read about Credit Scoring 

How to improve my FICO score or Credit Score?

The best way to improve your FICO score or Credit Score is to make all of your payments on time and in full, and to pay down your balances. 

The interesting thing about Credit Scoring is that it doesn't take your income into account. Therefore a multimillionaire may have a Credit Score of 400 and a minimum-wage truck-stop waitress may have a Credit Score of 800. It all depends on how they pay their bills.

Century Heritage Federal Credit Union - West Mifflin, Pennsylvania