Credit Report Scores Ratings
2010
Will my credit score improve when I take care of old debts?
I have many medical bills on my credit report that are very delinquent by more then 3 years. I didn’t have medical insurance and had a lot of kidney problems thus racked up the debt. I also have one bank account that was a joint account with my ex husband that I will pay off this year and one bad check which I will also be paying off this year. I have a auto loan that I have not had any late payments on and one auto lone showing payed in full. I also have a line of credit to a local furniture store that is almost payed off that also has no late payments. What else could I do to improve my credit? Is paying off the medical bills going to improve my score and ratings? Thanks
Delinquent medical bills had alrealdy ruined your credit rating, and paying off does not necessary improve it. But if you don’t pay off, it further erodes your credit rating.
The best way to improve your credit score is to pay 90 to 100% of your revolving charge account balances (credit card and store card balances) each and every month on a timely basis. According to my bank and credit agencies, with this payment practice, you could earn 70 to 100 points of FICO score.
Important thilng is not to spend outside of your means. Until you become debt free, just buy only living essentials like food, gas, toileteries and pay rent (mortgage) and utilities. No fashion or home improvement items that are not essential for you to live.It takes decipline because it’s so easy to charge it. But you can do it if you put your mind to it as I can see you’ve been trying. Also, if your health is better, take a seasonal part time job to earn extra money. It’s a good time to apply. Earning more income is just as important as being frugal on spending. The combination of earning more money and being frugal on spending, you will become debt free in no time.
Keep up the good work and good luck!
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