Bills Logo

Get rid of your debt faster with debt relief

Choose your debt amount

See if you qualify

Or speak to a debt consultant  844-731-0836 Team
UpdatedAug 15, 2007

How do I raise my FICO score?

In the past I have had a fico socre of 580. Since then I have paid of all revolving debt (which my problem debt to income to high) How long until score will raise?

Unfortunately, credit scoring is much too complex a calculation for me to tell you specifically when your credit score should improve without knowing much, much more about your credit history.

Even if I had a copy of your credit report, it would be difficult for me to tell you when and if your score would improve based on your current credit history. As you mention in your question, you have been paying all of your accounts and have paid off your revolving accounts. I would suspect, that given your score of 580, that you have delinquencies or even charge-offs in your credit history.

Continuing to pay your accounts on time should slowly improve your credit profile, but how long it will take for your score to improve really depends on how much damage your credit score suffered during the past 3-4 year, and how many positive credit listings are now appearing on your credit report.

While I cannot tell you when your credit score will improve, I encourage you to continue making your monthly payments in a timely manner, as the longer you make payments, the more positive influence the accounts will have on your credit history. I encourage you to regularly obtain copies of your credit reports from the three major credit bureaus (Equifax, TransUnion, and Experian) to verify that all listings appearing on your report are accurate. If you find any inaccurate credit listings, you should dispute the item with the credit bureau reporting the information.

If it would help you for future knowledge, I can help you to understand how your credit score is calculated. Your credit rating is calculated based on several variables, including: your payment history (do you have any late payments, charge-offs, etc.), the amount and type of debt that you owe, if you have maxed out any of your trade lines, and then several other secondary factors like the length of your credit history and how many recent inquiries have been made to look at your credit history.

Without contesting, all items remain on your credit report for up to 7 years. A bankruptcy may remain on your credit report for up to 10 years.

For you to start seeing improvements, here are some things you perform:

1. Pay off all debts and keep revolving lines below 25% utilization (and certainly don't 'max out' any loans or cards {in your case, paying down your revolving accounts is a great start}; 2. Get a small store card or gas card or credit card and make payments every month {this will help you re-establish a track-record of positive payment history}; 3. Write a letter to the three bureaus (Experian, Equifax, TransUnion) explaining your situation and why you are now in a good credit situation. Request that they add this letter to your file; 4. Pull your credit report and contest to remove any inaccurate information.

We hope that this helped you to Find, Learn, and Save!

These are a few of the considerations. If you would like more information about a solid financial game plan, please download our FREE budget and personal finance guide:

Free Budget Guide

To learn more about credit reports and credit scoring, I encourage you to visit the Credit Solutions and Resources page at

I wish you the best of luck in rebuilding your credit history. I hope that the information I have provided helps you Find. Learn. Save.




JJohn, Dec, 2012
If you want to really tackle your credit score problem I suggest trying out Lexington Law. They are an extremely reputable company. They have been around since 1991 and have helped over half a million people. There are some things you can do yourself, but you need to hire professionals if you are really going to get a the root of the problem.
BBill, Dec, 2012
Using a professional credit repair company is no substitute for putting good credit practices in place. Individuals can remove inaccurate information from their credit report by themselves. Accurate derogatory information can remain on a report, no matter what a professional credit repair firm attempts.
NNithin, Sep, 2007
Currently FHA will do 97% financing. The only no down payment loans will have to be a first time home buyer deal because currently you can't find a non FHA lender that can do 100% financing that's not a first time buyer special. For more information you can visit the QandA section of the FHA's website at Mae has two products: Felxible 100 and Flexible 97. With a Flexible 100 mortgage, you don't need to make a down payment and can provide as little as $500 of your own money toward closing costs. With a Flexible 97 Mortgage, you can pay just 3 percent of your home's purchase price toward your down payment, and this amount can come from sources such as gifts, grants, loans from relatives or nonprofit groups; or employer-assisted housing.Flexible 100 and Flexible 97 mortgages are available from many lenders throughout the United States, and are not restricted based on how much money you earn.Also, makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at: Not only will these mortgage professionals be able to tell you whether or not your currently qualify, but if you do not qualify, they can tell you what aspects of your financial situation are causing you problems, and make suggestions about how to improve your chances to qualify for a loan.I hope this information helps you Find. Learn. Save. Best,
BBrad, Sep, 2007
Yes, paying off your credit cards will help you improve your credit rating.The details of credit scoring models used by the major credit bureaus are closely guarded trade secrets, owned by the companies that have developed the scoring models. The best known and most widely used scoring model, the FICO score, which judges your credit on a scale from 300 to 850, was developed by the Fair Isaac Company, and is used with slight variations by the three major credit bureaus: TransUnion, Experian, and Equifax. Because the complexity of the statistical analysis used in credit scoring, and the fact that the scoring algorithms are not publicly available, you cannot precisely figure your own credit score. However, Fair Isaac has made public the general criteria it uses in calculating credit score. So based on information in your credit report, you should be able to tell which items in your report are helping or hurting your credit score. There are five key factors that go into calculating your credit score, with certain items carrying more weight than others. These factors are as follows:1) Payment history, which counts for approximately 35% of your score, is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area. If you have delinquent payments, the older the delinquency the less the negative impact on your score will be. Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history.2) Total debt and total available credit, which counts for about 30%. This section looks at how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred. If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your overall credit score. The score calculation also looks at these two factors independently. Having too much available credit, whether you have used it or not, could hurt your credit score, as statistical studies have shown that people with excessive amounts of available credit are a higher credit risk. Unfortunately, the bureaus do not define exactly what they consider excessive, so best tip is to use credit conservatively and to keep your debt to credit limit ratio low. 3) Length of positive credit history, which counts for about 15%. The longer you maintain accounts in good standing, the better your score will be. This shows that you are able to make a long-term commitment to a creditor and are consistently responsible about making your payments.4) Mix of types of credit, which counts for approximately 10%. Having several different types of credit, such a credit cards, consumer loans, and secured debt, will have a positive influence on your credit score. Having too much of one type of credit can have a negative impact. 5) The number of new credit applications you have recently completed, which accounts for about 10% of your score. Applying for too much new credit in a short time period makes indicates that you could be credit risk, as you may be desperately trying to keep your head above water. The models make an exception for people who are shopping around for a loan, so if you are simply applying to see who can give you the best rate on a new loan, you need not worry too much about damaging your credit score.While you cannot realistically calculate your own credit score, you can review your credit report for on the five factors I named above to get an idea of whether the accounts listed on your credit report are hurting or helping your credit score. You can then take action to improve any potential problems, such as paying down your balances or paying off collection items. Also, factors such as age, sex, income, and length of employment, have no direct affect on your credit score, and are not considered when the bureaus calculate your score. Keep in mind that for most lenders, your credit score is only one aspect, albeit an important one, of your overall "credit worthiness," meaning the creditor's view of your ability to repay a loan. Your income, for example, is not considered in the calculation of your FICO score, but most lenders will ask you what you earn to analyze your ability to repay the loan. Even if you have an 800 FICO score, if your income is only $10,000/year, a lender will probably not loan you a large sum of money, because despite your past credit habits as measured by your FICO score, the lender can see that you probably cannot afford to repay the loan.If you would like to learn more about credit reports, credit scoring, and what it means to you, I encourage you to explore the wealth of material offered by at I hope this information helps you Find. Learn.
CCheryl Eaves, Sep, 2007
In 6 months of paying off all my $9,000. debt on my credit report and keeping my bills current and paid on time. Will having everything paid off my credit report and everything current and paid on time help my FICO CREDIT SCORE?