Thursday, September 10th, 2009

If I pay a medical bill off for fifty dollars how many points would that raise my credit score?

raise credit points
big guy asked:


If I want to raise my credit score from 570 to 700 how long would that take and how much money owed out to my creditors would be required?

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2 Responses to “If I pay a medical bill off for fifty dollars how many points would that raise my credit score?”

Eagle Woman Says:
September 10th, 2009 at 6:29 am

If you have any outstanding bills, medical or otherwise, pay them as quickly as possible. This will only help yor score.That is a pretty large jump on your score, and will not be done in a few weeks or even months. The only thing that could change your score quickly and radically is a much larger income, reducing your debt to income ratio. If you have several credit cards, keep the oldest, and begin reducing cards, with store cards being the first to go. Having several low-limit cards hurt the rating.Good luck. Been there.

Millionster.com Says:
September 13th, 2009 at 5:34 pm

Your credit score is a complicated beast.. paying off a few dollars here and there is not likely to have much effect…When you’re trying to build a solid credit score it’s important to get a comprehensive view of what is actually effecting it…

Your Credit Score is calculated with the following breakdown:
35% – Payment History
30% – Credit to Debt Ratio
15% – Credit History
10% – New Credit
10% – Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.

I’ve got a lot of information on my blog about credit scores, and I get a lot of questions so feel free to check out any of my posts on millionster.com; I believe my articles here address many of your concerns but if they don’t and you still have any specific questions feel free to leave a comment and I’ll reply.

How Can I Increase My Credit Score

and

10-Ways to Boost Your MyFico Score

Also be sure to check out the promotional links I’ve listed here to help you get a better picture of your creditworthiness:

MyFico’s Full Credit Report

Suze Orman’s Credit Report Repair Kit

30-day Trial of Credit Score Tracker with Free MyFico Score

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