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I am 21, and I applied for a loan. I was not approved, so I looked up my credit report, and my score was 583. It turned out that I had some medical bills that had gone to collections. I didn’t have any cash, so I paid them off with my credit card. I now have about $ 5000 in credit card debt, and the collections bills have been paid off, and I make about $ 500/ month payments on my credit card. How much will my credit score improve?

2 Thoughts on How will my credit improve?
  1. Reply
    July 30, 2011 at 1:30 am

    Your credit score depends on a variety of different factors including length of credit history, amount of late payments, and credit available to debt ratio. Paying your bills on time is key. Continue to do pay off the debt and your score will improve every month. I’m 21 also and my score is 753, so it can be done!

    Also, keep in mind with the way the economy is now, even people with excellent credit are getting denied for loans. Just the way things are for now =/

  2. Reply
    July 30, 2011 at 1:35 am

    Actually it will go down. You paid those bills in collections but did not get a pay to delete contract in writing, so they will remain there for 7 years, yet at the same time you raised your debt to income ration showing more debt.

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