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I have been trying to repair my husbands credit. We are set up with my free credit report so we can see it anytime, but even though I have raised his 60points, he is still rated poor. What I am wondering is, when does he go from poor to fair? Using the FICO score? also if anyone has idea’s what I can do to rais it, I am up for suggestions! Thanks!!
I should add this. Over the last 6months, we have gotten all of his past due bills paid. The only thing on his credit now is his truck loan which has been paid on time, since he got it a year ago and a credit card, with a $ 350 limit that he has had for 2 months and has been paid on time. All the other accounts have been paid and closed.

4 Thoughts on I am trying to repair my husbands credit score, but don’t really understand it?
  1. Reply
    Tom S
    July 20, 2011 at 10:10 pm

    Start paying your (or his) debts on time. Pay the mortgage first, followed bu utility bills, car payments and lastly credit cards. If you can pay on time, and pay more than the minimum.

    Take most of his credit cards and cut them up. Once the balances are paid cancel these cards.

    Cut back on excessive spending, until these debts are paid off.

  2. Reply
    Wylie Coyote
    July 20, 2011 at 10:27 pm

    Have you got him on a steady diet of paying on time? Within terms? Set this for the next 5 years. Don’t borrow more than 40% of your credit line. Earn more money.

  3. Reply
    July 20, 2011 at 10:45 pm

    Don’t cancel the cards if you have had them for a long time! I agree with cutting them up and leaving them at a 0 balance, but keeping them active will raise your score: 15% of your score is based on history (the longer the better) Do not have your credit run too often, too many inquires will longer it ( it will make you seem desperate) Of course NEVER miss a payment!! And don’t make heavy use of your revolving credit (keep your balnces low )

  4. Reply
    July 20, 2011 at 11:35 pm

    The clue to your problem is “Over the last 6months, we have gotten all of his past due bills paid.”

    Once a bill is past due, even after it is paid, it continues to decrease a credit score for seven years. You have to wait for the bills the were past due 6 months ago to drop off the credit report, which can take another 6 and 1/2 years.

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