I would need more information to give you a complete answer and the FICO system is somewhat complicated, but generally here are a couple of comments and ideas. First would be the obvious, fix the delinquent accounts. Pay them off or get them current. Every month you are getting a negative reporting which is damaging your score. Second, increase your available credit. Since you already have a very low score it may be difficult or impossible to do this in any substantial way without "piggybacking." (A somewhat derrogatory term used for becoming an authorized user on someone else's high limit low balance credit card. In 2008 the FICO system was changed to prevent private companies from profiting by offering such a service. In order to legitimately get credit for being an authorized user it will more than likely need to be an account linked to a close relative. I am not sure what your debt/credit ratio is for your revolving accounts but your debt should not exceed 35% of your available credit. i.e. if you have $10,000 available on credit cards, you should not have more than $3,500 in debt on those credit cards. Doing these things should probably place you well above the 620 within a few months.
Yes, payment history accounts for 35% of your credit score. So paying your bills on time will help you maintain a good credit rating.
Yes. Amounts owed accounts for about 30% of your credit score. Ideally your utilization rate should be 20% or less. Paying your credit card balance to 20% or less will improve your credit score.
Your credit score was initially affected in a negative way when your loans stated the very first delinquent history. It is always a good idea to pay off your debts. Your credit score will start to increase after the initial payment, but time and consistency will do this trick.
You should not close a credit card if you are still paying on it. It will bring your credit score down. Close it when you are done paying. I know this because my mom owns her own credit repair/management business and she tells me what to do with my credit cards.
The report scores show how well you handle credit. Such as paying back the debt owed or handling of bank accounts. If you have bad credit you may not be able to get loans or open certain bank accounts, or have a large credit card amount.
You bet your credit report they do. That is their right ... Banks and Credit Unions will also do this periodically if they so feel inclined. If one is paying all their bills on time and have no delinquent accounts or have their credit cards maxed out, then they should have nothing to fear from a credit report query.
The best way to repair a credit rating is to start paying off delinquent accounts. Lowering one's debt-to-income ratio and developing a history of current positive credit can help in raising one's credit score to purchase a home loan.
Yes, payment history accounts for 35% of your credit score. So paying your bills on time will help you maintain a good credit rating.
account payable
Yes. Amounts owed accounts for about 30% of your credit score. Ideally your utilization rate should be 20% or less. Paying your credit card balance to 20% or less will improve your credit score.
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
Your credit score was initially affected in a negative way when your loans stated the very first delinquent history. It is always a good idea to pay off your debts. Your credit score will start to increase after the initial payment, but time and consistency will do this trick.
You should not close a credit card if you are still paying on it. It will bring your credit score down. Close it when you are done paying. I know this because my mom owns her own credit repair/management business and she tells me what to do with my credit cards.
The report scores show how well you handle credit. Such as paying back the debt owed or handling of bank accounts. If you have bad credit you may not be able to get loans or open certain bank accounts, or have a large credit card amount.
Paying off your installment loans (mortgage, auto, student, etc.) can help your scores but typically not as dramatically as paying down -- or paying off -- revolving accounts such as credit cards.
Your sister should not be paying on the credit card balance. In fact, the credit card company cannot even legally send her statements because she is protected by the automatic stay.
Unlikely. It will probably take that long for your payments to be processed and balance changes relayed to the credit reporting bureaus.