Credit Correction Challenge: Update
My credit scores are already looking better. Not because of a recent increase, but because I found my reports from last September. I pulled the reports and scores, planning to start this ball rolling, and was very discouraged with what I found.
In just 5 months, my credit score has leapt up a combined 168 points!! Woot!
Credit Scores:
TransUnion up 58 points: 572 (09/27/2006) to 630 (03/08/2007)
Experian up 110 points: 549 (09/27/2006) to 659 (03/08/2007)
Wow, I am at a much brighter point today. Looking at the two reports, here are the changes and possible contributions to the increased score:
TransUnion went from 7 negative accounts to 5 and from 2 inquiries to just 1.
Experian went from 2 negative accounts to 3 and from 0 inquiries to 1. (ummm…)
Since those changes don’t seem to explain much, I’m guessing the positive leap in score stems from the partner adding me to one of his credit cards that gives me a credit history of 17+ years and a perfect payment record for that card. Also, my student loans are now in repayment and every payment has been made on time.
I’m much happier about my credit score seeing the drastic improvement in just the past several months. Hopefully the tactics I’ll be using will increase it another 70+ points. I’m hoping for a minimum score of 700, though that may be a long shot.
In more credit news, I just called (make the call) to increase our credit limit on one of our cards to reduce the utilization rate. I’m trying to do everything we can to be in a very positive situation for buying a house.
bryan
March 13th, 2007 01:49
can you give me some hints on how to improve my credit score.
Donna Jean
March 13th, 2007 07:43
hi bryan, thanks for visiting. You might want to check out my previous post, part one of my credit correction challenge to get some more direction on what I’m doing to improve my score:
http://theweightofmoney.com/2007/03/credit-correction-challenge-part-one-getting-started.html
Also, in that post I suggested you visit: http://creditboards.com/forums/ for more information on things you might be able to do to help yourcredit.
Because there are so many factors in calculating your credit score, I doubt that I can really offer hints for improving it. However, I’m willing to share my tactics and experience for getting a better score, just stay tuned. I’m currently waiting for a response to the letters I sent last week – it should be a 30 (maybe 45) day wait at most.
mapgirl
March 19th, 2007 14:27
Glad for you, but I think the Sept dates are for 2006 and not 2007?
110 points is great progress. Good for you! All of that will get you a better loan when you finally go to buy a home. Good luck!
Donna Jean
March 20th, 2007 07:57
mapgirl, thanks for the note and the heads up on the date error. It seems that I’m always missing stuff — too bad I can’t have my own personal copy editor.