Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Credit Scores
Profile Image

Question By

0 Contributions
0 People Helped
How can I increase my credit fast?
When I was paying on my 2 credits card my credit score was about 620 and I was never late on payments. Now I have been with debt consolidations for 7 months and my score has dropped to 530 and 2 late payments. In which consolidations claims they talked to creditors and arranged for their payment date for the month and no late fees or date should apply. I want to purchase a boat this year but I no this will hinder me. Please help.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
2242 Contributions
3957 People Helped

Why would you need debt consolidation?

If you were paying 2 cards on time, wheres the need to pay someone else to pay your bills for you...  I'm confused? Was there a lot of other debt that you were behind on? or were you bamboozeled into a scheme that just takes your money every month? 

Debt consolidation, In my mind, is nothing more than a scam. They charge you a monthly fee to do the things you can do for yourself. Unless you have tens of thousands of dollars of debt and no forseeable way of meeting the obligaion each month, I can't see any benifit to these types of services. 

That being said: You say that they have hurt your credit score by making late payments and they claim that they have rectified this with the creditors, But have you see the changes in your credit report?  Monitor your reports to see if they actually have corrected these issues with the lenders. Have they put that in writting?  I would not trust anything they say by phone, Get them to put it in writting...  

In my book, Debt consolidation is right there with the Collection agencies in their blatant direguard for the client, Their lip service as to what they can and will do and the fact that they could care less that they are messing with peoples financial futures.  In fact many Debt consolidation companies are often just branches of the Debt Collection Agencies and have the same low standards of service. 

Unless you see a huge jump in your score from corrections to your report, Don't expect to be able to buy a boat any time soon.  With a score 530, there isn't a bank in town that will give you a luxury loan for a boat. 

Top Contributor
2128 Contributions
3213 People Helped

Nobody can help,  the damage has already been done.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.


Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.