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How Can I Improve My Credit Score? – Dylan

“Dear Steve,

30 years of age. Need to improve credit. Tried MSI. Worked on it myself. Score went from about 600 to 630 in almost 10 months.

Just wondering if you have any ideas on improving my score. I gave my MSI review on your website. I’ve already been working on this for a while but all advice is considered. If you could give me your opinion on paying off collection accounts from 4 to 6 years ago(one for $400 and one for $600) that would be awesome. I’m at a time in my life where everything I think about is this my credit and I’m committed to keep my score going up. Can I really tell the agencies that the condition of paying them off is that they have to remove it from my credit report? If so, how should I word my letter?

Please reply soon,

Thanks for everything else you do,

Dylan”

Dear Dylan,

A creditor may say they will remove an old negative account if you pay but the reality is many won’t. The creditors have an agreement in place where they guarantee that they will not do that and in return they get reduced rates for pulling credit reports.

The reality is those old accounts are probably not what is bringing down your score.

The biggest problem I see from people that have had issues in the past is avoiding new credit because for them credit equals pain.

I would urge you to do two things.

  1. Get a copy of your latest consolidated credit report and order it with the score. The score will tell you exactly what is bringing you down and you can correct those issues. The consolidated credit report will show all three bureaus and each will contain slightly different accounts and information. If you see something that is NOT ACCURATE then you can follow the dispute procedure on the consolidated credit report.
  2. Get new credit to score you on. If you follow the process I outline here you can get new credit that will be reported and increase your score.

What is MSI?

Please post your responses and follow-up messages to me on this in the comments section below.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

4 Comments

  • Thanks for the input Steve. I do have one older credit account in good standing but I’m using over 60% of the available. This would probably help the most if I could pay it off but I don’t have the cash. I do have two newer accounts in good standing, so I guess I just wait and make all payments on time.
    Thanks
    Dylan

  • Thanks for the input Steve. I do have one older credit account in good standing but I’m using over 60% of the available. This would probably help the most if I could pay it off but I don’t have the cash. I do have two newer accounts in good standing, so I guess I just wait and make all payments on time.
    Thanks
    Dylan

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