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wondering if old charge offs ‘fall-off’ your credit report after 7 years? 10 years? Do any of those credit repair services work? Heard about writing letters to creditors and if they do not respond in 30 days, the item must be erased from report–true?

2 Thoughts on What’s the best and fastest way to increase credit fico scores?
  1. Reply
    June 9, 2011 at 10:45 pm

    Quit Charging Sh$ t

  2. Reply
    June 9, 2011 at 11:11 pm

    Credit history is reported on you FICO for seven years. After that, credit card companies (and mortgage firms, etc) do not have access to that information.

    Bankruptcies may last up to 10 years before falling off the grid. (Depends on state law)

    As for the best way to improve your FICO:
    1. Steady payment history is the best — pay your current bills on time (do NOT let past bad performance discourage you from not paying your bills now!)

    2. Take care of unresolved debts (if you have been contacted by a debt collector, try to work something out with them; otherwise contact the company — the goal is to have the old debt listed as “paid in full”, which is much better than “settled”)

    3. Make sure that your credit cards are not maxed out (FICO looks at the ratio of open credit to used credit — too little open credit hurts you)

    4. Make sure that you do not have too many lines of credit (if you can pay off and close some credit cards, that is good. As to which ones, it depends on interest rates — get rid of high interest cards — and payment history — keep the cards with the longest GOOD payment history)

    5. Yes, there is a time limit in which a creditor must respond to you if you dispute a charge or a debt amount (I can not remember if it is 30 or 60 days, but that should be easily found on the internet)

    6. Be careful of debt consolidation services — most are rip offs. Some are good. Check with the better business bureau.

    7. Remember that one payment towards an old debt is a REAFFIRMATION that you are responsible for that debt.

    That’s all I have. Sorry, not a professional. 🙂

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