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Question By
Alikhyice

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Why isn't my score improving?
I have a 560 credit score. I have student loans that are deferred for the time being because I'm the only income in my household taking care of a 15 year old and my mother who's disabled and can't work right now until she gets surgery done on her back. I have 3 credit cards. 2 capital one's and a credit one card. Capital one just gave me an increase in my limit on one card and I'm currently up for another increase on the 2nd card. I've been current on all my payments to them and also on my car. I have a cell phone bill and a cable bill on my credit and had a garnishment for medical bills I had that I couldn't afford to pay. I had care credit but missed 2 payments and the account was closed but I have paid the balance off on it. I've had the credit cards for close to 6 months now and my car since 2014. My score doesn't seem to move though. Like at all. I know I have negative things on my credit but I was told having credit cards and staying good with them would improve my credit but it hasn't....I'm at a loss of what to do to help my credit. I've tried to settle with the people I still owe. They said no. I've tried to offer $50 a month until it's paid off. They said no. They want their balances in full but I don't have that kind of money. I'm not excusing it, I have every intention on repaying my debts. I owe them and I know that but I don't know what to do...I want to do a debt management plan but heard those are bad too.

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Making payments on old debt is a BAD IDEA! It would not do anything to help you, it would actually hurt you by possible restarting the "statute of limitations" to be sued for the debt. You do not need "debt management". What for? Your current accounts are in good standing. Just be patient, keep being responsible and things will get better. Building or rebuilding credit is a slow moving game. Also take a look at your FICO scores from time to time to see what they are doing. Whatever you do, STOP contacting the debt collectors, you do not want to have communication with them. Start putting $50 a month AWAY and once you have the amount saved up to pay the old debt, then contact them and try to get a "pay for delete agreement" and that is only if the debts are only a few years old. If the debts are five years or older, let them go and age off of your reports at the seven year mark.

Top Contributor
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I forgot to add, the best thing that you can do right now is to keep reading everything that you can about credit and about the subject that we just addressed. Thoroughly educating yourself on credit is worth a lot of money to yourself in the longrun.

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