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How can I increase my credit score?

I would like to increase my credit score. I don’t have any credit cards or personal loans. I do have $9,000 in student loans that I pay on every month. However I have an old telephone bill of $1,200 that has been turned over to collection and 5 medical bills that totals to about $5000 that is also in collection, which I’m currently making monthly payments on. I have no public records / no bankruptcy. Other than that I don’t have anything else on my credit report. My score is currently 583 and 576 for Experian and transunion. I know it takes time to increase, but what would you suggest to increase my score faster; I want to purchase a home in the next year or so.

The accounts in negative collections and the limited type of accounts are two factors hurting you right now. You have 5 negative medical collections. Thats a killer. Even if you pay those, the damage is already done and it will take 7 years for that record to go away. Dont try to diversify your finances by geting a credit card, for you will be denied. Students loans are considered good debt because you are investing in your future. Make a deal with the medical bill collection problem as the damage is already done. Try to make an agreement that is most convenient to you while continuing to pay the student loans. You are loosing 15% of the score because of diversification, plus you have no revolving debt to help your credit to debit ratio. Once you are clean of debts you need to get some credit cards or instalment accounts to help that ratio. Its going to take LONG while, but it can be done.

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