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Restoring credit after paying off loans



carmenc2k

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Credits: 63.05
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Sub: Restoring credit after paying off loans
Fri, 02/03/2007 07:25

HI
I was $65,000 in credit debt a year ago. I went to Provanta, a debt consolidater, and they were able to put in on a 2 year plan where I pay $515 per month plus I've paid down my debt to be about $11,000 by taking loans against my retirement and withdrawing retirement money. I'm very happy I went to Provanata. My question then is how do I restore my credit standing once all is paid off? I have documents from creditors saying my debt is resolved. Thanks

Carmen



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Morningstar
Morningstar
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Sub: #1 Paying off all of your debt will improve your score. You can atFri, 03/02/2007 - 07:25



Paying off all of your debt will improve your score. You can attempt to dispute negative entries, and if the issue is not verified within 30 days, it will have to come off--however, if re-verified later, it will end up back on the CR. Hopefully you did not close lines of credit when you paid them off, as I believe income to available credit and debt to available credit are two other major factors.


From myfico.com:

Payment History (35%)
Amounts You Owe (30%)
Length of Your Credit History (15%)
Types of Credit Used (10%)
New Credit (10%)

The only people with whom you should try to get even are those who have helped you.
-John E. Southard


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