Q:I have just been turned down for a job because I have bad credit. Is there anything I can do right away to improve my credit rating or convince the company that I am doing everything I can to improve it?A:Unfortunately, if the negative information that is on your credit bureau report is accurate, there is no quick fix. If the information is incorrect or there are errors in what has been reported,
you can contact the credit bureau in order to dispute the incorrect information. Otherwise, the only way to really improve your credit is to get all of your accounts paid up to date and keep them that way by making sure you make at least the required minimum payment each month.
Please be wary of any companies that claim they can "quickly fix damaged credit." These companies are likely to charge you a significant fee and really can't do much to help.
The other thing we would strongly recommend is that you contact the hiring manager or human resources person at the company that turned you down for employment in order to explain why you have poor credit. If you are an otherwise highly qualified candidate with good reasons for your current situation and you are taking steps to improve your credit, you may find they have some room to make exceptions.Labels: Bad Credit, Employment
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Q:My FICO score is 530. I have two items in collections (one that's charged off) that I plan to pay off within 2 months. Will my score be higher within 6 months? I have a store credit card and make monthly payments on it every month.A:It's great you are working to improve your credit and will be able to pay off the two accounts on which you are delinquent in such short order.
Please make sure that the account that has not been charged-off does not get charged-off, keep making your payments! Unfortunately, the account that is charged-off will likely continue to show up on your consumer credit bureau for the next seven years and will effect your score. That said, paying it off is better than allowing it to remain unpaid. Finally, keep your store card up to date and don't miss any payments. If you do all of this, I would expect to see a modest improvement in the next six months or so. However, a charge-off is a very negative item and it will take quite a while before you will see significant improvement in your score.Labels: Bad Credit, FICO Score
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