Profile picture for SCisco11

Credit score of 549 for 2 years

I have been steadily paying off small medical bills effecting my credit score, nothing over 800.00 remains. I have a student loan that I pay every month on time. Im not sure what else i can do to move my credit score up until i was recently referred to rapid rescore posibility. After reading into this it seems its not something i could do myself am i correct? Also how much longer will it take for me to budge this credit score of 549? I have paid off 4 different collection bills with about 5 more to go.
  • April 19 2011 - Allegheny West
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Answers (6)

Improving your score is more than just paying collection accounts.  Creating positive credit is just as important.  I have seen scores improve quickly by adding a tradeline as an authorized user of someone elses credit card.  Typically a family member/parent.  However, your best advise will come from a credit repair/building expert that reviews your entire situation and has the tools readily available to run a software to examine your personal situation and recommends the necessary improvements.  Speak to your local lending institution and find out whom they recommend in your area. 
  • April 21 2011
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The answer is very simple. Think of your credit report as a scale. You need to tip the scale in the opposite direction and start to re-establish some credit. Go to your bank or BofA, Wells Fargo, US Bank etc.. and sign up for a secured visa. It will take about 90 days for the card to start rating to the bureaus. For more detailed explanation and road map of how to deal with bad credit, read my blog at:

How can I raise my credit scores?

Can someone with bad credit still qualify for an FHA Loan?

Best of Luck!
  • April 20 2011
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Profile picture for warren w1
I'm not an expert.  But I was in your shoes a year ago.  
You can do it yourself!  Call the companies you paid and ask them to fax you a letter stating that the account if paid in full and then fax that letter directly to the three credit bureaus with a letter stating that you want the information updated asap.  It takes two weeks tops.
I raised my score over 100 points doing this on my own.  
  • April 20 2011
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Most consumers are unfamiliar with how the credit score algorithm is compiled, and so trying to improve your credit score by yourself is a hit or miss effort.  In fact, many of the things that you do may indeed hurt your credit score.  You need to work with a reputable credit repair service that will serve as an advocate for you, someone who knows how to improve your score and not charge you an exorbitant fee.  I have had a lot of success with Neal Yeagley.  His number is 484-593-0425.  I suggest you have a conversation with him to see if he can help you.
  • April 20 2011
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Hi.  I can tell you that there will be no mortgage with a score of 549.  And paying off medical collections can actually decrease your scores because you now have more current derogatory information.  And a collection is bad - whether there is a balance or not.  Rapid rescore does nothing special - other than working faster and it is expensive.  My recommendation would be to negotiate with the collection agencies and ask for a deletion letter after paying off the balance.  You can then send these letters to the bureaus and get the entire collection removed - which needs to be your goal.  You also need 3 trade lines (in general). Get yourself 2 credit cards - even secured cards (do the research to make sure you are not being scammed) and make sure they report to the three bureaus.  Do not get any department store cards, they will not help.  Good luck!
  • April 19 2011
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Profile picture for BlairCohen
Credit counseling is a possibility although you can attempt it on your own.  However if you are considering obtaining a mortgage to purchase a home you should know that credit scores are not the only factor that lenders consider and a score or 549 would not necessarily prevent you from obtaining a mortgage. 

I suggest you speak to a mortgage lender for a pre-approval. If you are unable to be pre-approved at this time the lender may be able to advise you as to what you could do to improve you financial situation/credit to obtain a mortgage loan.  I suggest you contact Jim Franco, owner of Welcome Home Finance at 724-772-3333 extension 2114.  Jim typically does not charge for this service or advice.

Good luck.
  • April 19 2011
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