Improving my credit score?

Question

I am about to come into enough money to pay off several debts on my credit report. Nothing is too bad. I owe a total of about 3,800 dollars to various collection agencies. Most of the debt (about 2,500 of it) is due to medical bills.

Lets say I pay off everything, and stay on time with the few bills I do have (energy, electricity, cable, etc,) how long will it take to get decent credit?

I get declined everything...I couldn't even open up a decent cell phone contract. I'm sick of it! Who knows if this will even help me?

Answer 1

Avoid Some Common Mistakes
Review your all credit reports from all possible credit bureaus for accuracy once a
year as well as several months before applying for a loan. Try to get your credit report from the three major bureaus: Experian, Trans Union and Equifax.

Pay bills on time
Your payment history makes a major percentage of your total credit score.
Paying your bills on time is the best way to get your credit score raised.

Try to reduce Credit Card Balance
Always try to reduce your credit card balance.

Keep the old account Active
Closing your old accounts can hamper your credit history and it makes you less credit worthy.

Avoid Bankruptcy
Bankruptcy will lower your credit score by 200 points or more and is very hard to come back to initial score.

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