Question
Improving Credit After Paying a Credit Card Judgement?
I am currently paying off a credit card debt that had a judgment placed against me (I live in MO). This debt will be totally paid off in a month. I want to know what, if anything, I could do to improve my credit score..or if it's that important. I do not wish to get any more credit cards.But in the future (5-10 years) I assume my husband and I will be buying a house.Should I be concerned about my credit score since I wont be taking out any more loans(other than student federal loans) until we buy a house? I DO however have student loans in good standing. Will paying off these help my credit score?
4 weeks ago - 3 answers
Best Answer
Chosen by Asker
The only way to help your credit is for you to get credit and manage it well and pay it on time. You should be worried about your credit but if you aren't planning on buying a home in a year or so then you don't have to worry that much right now. What I would do is pay off the judgment, wait a couple months maybe 6 without having any inquires (applying for credit) and make sure you pay everything else on time. Then apply for a credit card and make sure you don't go over 30% and pay it on time. Also student loans don't help your credit as much unless you don't pay on them because it's not revolving credit or an installment loan such as a house or a car. Also if you don't have a car loan that might be something you might want to think about in the future as that also really helps you credit.
4 weeks ago
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Other Answers
not much you can do about a judgment. After it is paid off you could ask the creditor to remove it. I doubt they will but it wouldn't hurt to try. It will really hurt your score for the first 2 years. After that the impact will begin to drop. A satisfied judgment shouldn't cause you too much trouble getting a home 5 years down the road. It should drop off your report in about 7 years.
by timothy p- 4 weeks ago
Ask lenders for agreement to delete this items from your credit report when paying them. I recommend to get such agreement thru credit repair agency, for example this one - credit-report-free.totalh.com
by Oliver- 3 weeks ago