Credit scoring depends on too many variables to give you a specific time frame in which your credit score will rebound. But I can give you some tips, and number one would be to get out of your debts!
There are a few of factors that figure into credit scoring that you should take into consideration when developing a plan to rebuild your credit score, such as your debt load and your payment history. Even before you missed these payments, the fact that your seven credit cards were maxed-out was likely putting downward pressure on your score. Having too much debt in relation to your total available credit is bad for your credit score, so try to pay these balances down.
Try to cut your expenses and apply any extra cash to make increase the monthly payment to your highest interest card, while continuing to make the minimums on the others. Once you have paid off the highest interest card, move on to the next highest interest card. This strategy will reduce your debt to available credit, and should have a positive influence on your credit score. It will also help you reestablish positive payment history, another important influence on your credit score. Since your debt to available credit ratio is high, it was probably your good payment history that was propping up your score. So when you missed payments and damaged your positive payment history, your score dropped precipitously. Once you have paid down your accounts and have started to reestablish your positive payments history, you should start to see your credit score rebound. Read more about credit, credit scoring, and ways to improve your credit at http://www.bills.com/credit/
Also, although you asked about credit score improvement, if you want to get a free consultation on how to get out of your debts for the lowest cost and in the shortest amount of time, Bills.com makes it easy for you to apply for qualified providers of debt help, by following this link:
https://www.bills.com/debthelp/debt/
I hope this information helps you Find. Learn. Save.
Best,
Bill
www.bills.com
March 24, 2008
March 22, 2008
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