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my husband fell on hard times and a lot of accounts went into collections and now they have fallen off.

all the collections have disappeared but currently showing on the credit report is :

-one of the accounts were paid off and still shows on the credit report

-one loan has been paid off

-one credit card has been paid off and closed

he has been approved and has received a credit card and they will use it responsibly, but current the credit score is 680 and it is estimated for the credit score to raise about 40 or 30 points.

after a year or two with just this one credit card will a score raise? i would like to see him get over that 750 range, but this is his only revolving account right now. we are hoping to buy a year by early 2010. should he apply for another credit card in a few months? would that help with the credit score?
how much can it raise in a year or two and will additional credit cards help the score within that time frame?

3 Thoughts on how much can a credit score raise?
  1. Reply
    November 7, 2011 at 4:46 pm

    850 is the highest i beleive..o.k.

  2. Reply
    November 7, 2011 at 4:58 pm

    you’d have to have various types of credit to achieve the highest possible score…but really anything over 700, the interest rates and benefits and really just the same…you won’t notice must difference.

    with just credit cards you can’t achieve the highest possible scores…you’d need a combination of mortgage, line of credit, and credit cards for getting there.

    again, not worth it….just aiming towards getting in the 700’s

    hope this helps.

  3. Reply
    November 7, 2011 at 4:59 pm

    It is important to build credit in American society starting at a very young age. The reason that it is increasingly important to build credit is because of the standard developmental stages American adolescents and young adults go through. After leaving home, a majority of American children go on to college. In order to be able to afford the expensive items (like textbooks) and the fun activities (like Spring break trips), it is sometimes necessary to rely on credit. You want to build credit are to always make payment early or on time, to make sure to always stay within your given credit limit, and to avoid applying for numerous credit cards. Regular monitoring of your credit report is also important because, once you build credit, you don’t want it destroyed by computer errors or, worse yet, identity theft.

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