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
frankenchops

0 Contributions
0 People Helped
Will my credit score improve in the short run considering I have a history of late payments?
I have about 12 late payments from 2014 (thanks to divorce). These late payments were my fault. I lost control of my finances temporarily due to circumstances. I have since automated all bills and there is no way I can be late now. I have already contacted the creditors and asked if they can remove the late payments. Both companies said no. I'd like to get my score in a range that will allow me to refi my house, but my score sits around 600. I am paying down my credit cards and currently in the 39% utilization range, soon to be around 20%. I am not sure how quickly that can improve my score due to the payment history. 7 years is certainly a long time to wait... How quickly can the score improve if my credit situation remains positive (meaning no more late payments, low credit utilization, etc)?

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
229 Contributions
79 People Helped
Most Helpful Response

Utilization

Helpful to 1 out of 1 people

The biggest and quickest help o your score would be to get all credit cards payed until you are under 9%.  How much that might help in your case can be shown in the credit simulator here in CK.  As more time goes without any late payments the late payments become less of a factor and the score will go up, but not quickly. It seems you have 2 years already with no late payments, and I think you will see an increase here every year added.

Also remember that just because your score here shows 600 that does not mean that is the score the people who refi will get.  They could use one of the 9 FICO scores or even there own.  In my case (this does not mean it will be the same for you) with scores in the mid 700's here; a car loan showed about 700 score and a refi showed about 780-800. The 780 and 800 came from two different lenders as I shopped around.

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.