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!

Question

Posted in Credit Scores
Profile Image

Question By
mrsGtz

2 Contributions
14 People Helped
paid off collection agency, how can inget my score up?
in 2009 I had a credit card with wells fargo it was a rough time needless to say my account was closed and sold to a collection agency. not knowing anything and threaten to be sued by them if I didn't pay them. I made arrangements to pay them off and I did within a year. I received a emailed letter from them just stating that I paid off the balance owed on the account they purchased from wells fargo. now I am trying to buy a home as soon as I can get my score up but this mark still stands negatively its been two years since I paid off the collection agency and almost 5 since wells fargo closed my account. what can I do to bring my account up? I tried applying for a credit card but I got denied. so I am stuck with the same 610 score for a while now. I have two bad marks only on my report this credit card and late payments which I am currently working to start making payments on my school loan on time.

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7362 Contributions
3808 People Helped

Time, patience and good payments.

Those are the essential things for getting your score up, as is explained in some of the articles presented on this site.  The purpose of Credit Karma is to teach people how to use credit and how to build a good credit score. Please take some time to read the articles and utilize the financial kools provided on this site.  I found them to be very helpful.

It is going to take time for that collection account to fall off your credit report.  It is part of your credit history and will remain on your report for 7 years past the date of last activity (payoff). Those school loans are also going to be a factor until they are brought up to date and the already recorded negatives on your credit reports have dropped off.

I suggest beginning the annual routine of checking all your credit reports so you can make sure all information is correct.  How to do that is also part of the articles presented.

Make regular payments on all accounts you have.  Being late is inviting credit trouble. 

You may have to start building credit with a secured credit card, where you deposit a few hundred dollars with the card issuer, and that is your credit limit to work with.  That's how I got restarted years ago.  That is another topic covered on this site.

Best to have a good down payment on a house, but you're currently far from being able to get one right now.  Please be patient as things work slowly towards the higher score and you will be far better off.

Result 1-1 of 1Results 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.

SIGN UP NOW

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.