How much can your credit score increase in six months to a year?
paying bills on time wont drastically change your credit score because essentially.. thats what we're suppose to do :) (well, unless you have been making a lot of late payments lately) just make sure, if you have credit cards, that your available credit it more than half of your limit.. for example if your limit is $1000, you would want to keep your balance probably below $400... but 100 points in 6 months is quite the feat.. you should check out the website.. it gives you ways you could improve your credit score.. hope i could help!
Will paying off my car loan help my credit score?
Paying things off early does not "help" credit score. Trading one payment for another does not "help" credit score. Of course, it doesn't "hurt" credit score either. The only things that help credit scores is paying on time - every time. And not maxing out credit available.
Do late payments still affect your credit score once you pay off the loan?
You don't exactly have your details correct: you have missed 2 months and it took you 6 months to catch up, so it's been 6 months of the company reporting you as "not current" to the credit agencies.The damage will continue to be present since it's a current event, and the only way it will go away is with time: when the number of "current payments" will make your "not current" payments seen minor. It's all about numbers, just like the credit usage itself: when you have one loan with a large balance, it's better than when you have multiple smaller loans; and that's because multiple hard inquiries into your credit report will cause your credit score to drop.
What does a credit score of 700+ mean with a 6 month credit history. Am I eligible to get loans from banks and online lenders?
For applicants in the US, no traditional credit card companies will approve you for credit because the age of your credit accounts is too young. Store creditors and loan shark credit companies will. Many people make the mistake that your credit score is the biggest and, sometime, the only factor for credit approval. It is not!Even though you have a 700+, you’re still new to credit. You haven’t had a long track record of on-time repayments and responsible credit management history. It’s not that uncommon for a person with a new credit life to have credit scores of 675+. I had a 680 after six months. I thought I was golden. Went to apply and all the creditors denied with the biggest reason: average age of accounts too low.Credit card and loan companies have a requirement where you must have established credit history beyond some period of time. I remember hearing to get a premier credit card such as from American Express you would need to have at least one loan in your credit file with a limit of $5,000+ with more than 60 months of repayment history.Remember this: 1) Your credit score determines if you get considered for a loan and at which interest rate. 2) Your credit file determines if you meet the requirements. Lenders set their own requirements to target specific consumer groups.So yes, you can get loans but you should look for lenders who will lend to people that are categorized as establishing credit or bad credit. It doesn’t mean you actually have bad credit - you just don’t have fair, good, or excellent credit.
Advancing car loan payments?
Right now I'm in a bad financial situation and trying to get out of it the right way and as fast as possible. I bought a car six months ago and set up a payment plan, my mom had bad credit (I was only 17 and needed her to take the loan) so we got a 10% interest rate and slightly over paid for the car. I am turning 18 in less than a month and will be turning the loan over to my name. I have made all my payments on time, but problem is that I am 5,000 underwater on the car loan still. I need input on what options I have, I already work a full time and part time job so please don't be an asshole and tell me to get another one but I am trying to find a better paying one. 1. Do I refinance the car once I turn 18 to get a lower rate? but with no credit built up I don't know how this would work well. 2. Do I switch loan providers? I have found a bank that offers 1.99% interest rate, but would this not count for me since again, I have no credit. 3. Im planning on making either weekly or biweekly payments of $263-270 instead of my $263 monthly. Does this help my credit score go up at all? Also does this just rack up my interest even further than it is 4. Once the negative equity of $5k is off my car, can I sell my car, pay the loan back in full, and would this help my credit? Any input would be great on what my best options are. After negative equity is gone and i have enough money to sell the car, I hope to purchase another (without a loan). Not making the same mistake twice:(
Is having a $4500credit limit means I have a good credit score given that I just have 6 mos.of credit history?
I am basically a new credit user with just 6 months of credit history that covers my employment, car loan, a startup credit card with a $500 limit etc. Recently, the bank that gave me the $500 startup credit card have approved and issued me a new credit card with $4500 credit limit. Also, my car insurance dropped by $100 after 6 mos. Is this a good sign that my credit score is good and what could be the possible score range I would fall into? Your help is greatly appreciated, thanks.
Is a car loan a good way to build credit?
A car loan is one way to build credit, but it will not do everything on its own. A big part of your credit score is your credit history and responsible use of a variety of types of credit. Of course, having an auto loan and making your payments on time will definitely help, but you will need to establish a history of responsible credit use with different types of credit to build the highest scores.Here are some things to do to help build credit:Pay your bills on time each month.Check your credit report on a regular basis and remove inaccuracies (you can contact the creditor for the account or a credit reporting agency to have it corrected). You are entitled to a free credit report every year from all three major credit bureaus. You can receive reports from all three agencies by going to annualcreditreport.com.Make a concerted effort to manage your debt by keeping your credit utilization below 30%, and pay down other loan balances as soon as possible.Avoid too many hard inquiries by applying for new credit in moderation (remember hard inquiries stay on your credit report for up to two years).Finally, and most importantly, give yourself time. Time is a significant factor in improving your credit score, as you must establish a long history of using credit responsibly. Also, it will take time for negative records on your credit report to be removed (as much as 7-10 years for late payments, collections, and bankruptcies).
Can you get a car payment waived?
depending on the finance company... but you can do a deferment of 1 - 2 payments and it will be just added on to the end of the loan. Your loan must be in good standing (which means you cant be late on your payments) and sometimes they will ask you for a reason (loss of job, death in the family, etc). Call your finance company and talk to a customer service agent and they should give you all the requirements that you need to postpone a payment.
My girlfriend co-signed on a car loan for her son and his girlfriend. They are behind on payments. What can she do?
Is she a cosigner or a co-owner? How does the title read? She has every right to make payments on it. If it's in her name she can go take it. If the title reads John Or Jane, she can take it and sell it. If it reads John AND Jane, she can take it and keep it but can't sell it without the other parties signed permission. She may be able to get the lender to repo it and then remove her son & girlfriend and then get the car in only her name. She would have to pay the repo fee, obviously and the back payments. Her credit is being hurt so she needs to do something. Calling the lender would be the first step. I knew of a couple that bought a car together...and later broke up. They pretty much had to work between themselves to pay for it and share usage because they were both on the title, they could and did steal it back & forth from each other occasionally. And its not really theft because both have a right to the car. No matter who paid what. Now she knows why cosigning is a bad deal.