I would like to ask about credit scores. my son and I are trying to improve our credit scores. my son paid off all debts on his credit reports ( all three) and I am working onmine too. His score was 515 554 596 mine is 503 520 544 with all paid off do you know how high this will raise our scores. And how long does it take to do so. Thank You so much
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just do not close the accounts
i would hope these are not collections only
if you keep good open, reported, credit cards and car loans.
and this is what you paid off your score could jump into the mid 600's
if you only paid off only collections and have no reported ongoing good credit then your score will not improve much at all.
so get and keep new good credit that has been open for at least one year for best results.
Thursday, May 15, 2008
Raise credit score question. Paid off accounts how much will my score improve
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4 comments:
hey great blog. thanks for taking the initiative to give helpful info on credit reports. i also found some tidbits of info here: creditreports.com.mx
Can a company who's legal name is one thing report on your credit bureau and say their name is something else? I checked with the state and they have no record of the name they are claiming is their collection. The state however does have their other name. Can legal company A have an AKA they report under? Would this be construed as fraudulent?
no
potentail creditors whom wish to report to beaus have to submit details information on who what why where
so if this happened a bureau could be in legal trouble as well as the agency in question.
this board has some very tough legal people
throw this at the board.
will take a day or so for a good legal answer
http://finance.groups.yahoo.com/group/credit-repair/
i know you can do this and start painting a legal trail for court
http://www.oskie.com/free-credit-help-sample-form-letter-letters.htm
Good point. I haven't seen my credit score go up much after paying off some debts, but I think it's because I only have one credit card.
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