How can I improve my FICO credit score quickly. Specific answers only, please?

I have 4 negative items on my credit score. They are all for items sent to collections that I have paid off already. Dates range from 2003 to November 2007. I have 4 current credit lines, all in good standing. However, they are all recently opened. The oldest one was opened September 2006, and the score says that that is not sufficient credit history. I would like to have the negative items removed, I have paid them in full. Is there a way I could do this? My score is currently a 639, which according to FICO is poor. How can I increase it at least 100 points? As soon as possible?

Public Comments

1. The negatives will stay on your credit report for 7-1/2 years from the date of first delinquency. Paying them off looks better than having unpaid old debt. But it does nothing to help your score. If you are carrying balances on those credit cards, paid them off. Carrying balances of more than 30% of your available limit hurts your score. Other than that there really isn't anything you can do to raise your score quickly. You just need to establish at least a 24 month consist, on time payment history. There's no magic way to get around that.
2. Are the negative items on your credit report showing as paid? If so, that is all you can do with those - they are what they are. Collections are part of your credit history - if they show paid, that helps. If they do not show as being paid, then you need to have that reflected in your report and you can do that by pulling your own credit report and then filing a consumer dispute - the credit reporting agency will then contact the collections company and have them update their information to show paid. You cannot have the negative items removed as if they did not happen - they did. The best way - the only true way - to increase your credit score is to continue to pay your debts in a timely manner. You are building a history each month by paying on time...continue to do this. There is no "magic" way to increase your score by 100 points overnight - you have to earn that score.
3. You can't change it quickly. If you could, everyone would do it, making credit bureau reports worthless. Lenders want to see reliable performance over time, not one good event.
4. Experian says "Only rich people are capable of attaining no FICO score...but all savy financial planners use credit and make it work for them." Boy that's a good laugh. The FICO score measures how much debt you currently have and how well you are paying it off. So if someone has no debt, there FICO score is "0". A person could have millions in the bank and no debt at all, but have a FICO score of "0". And think...this score is what's used in this country to determine who's doing well with their money? Makes no sense to me. Your credit score, or FICO score, is an I-love-debt score. You don’t want to worry about keeping it since you have to go into debt to make it high.
5. Derogatory items will remain on your records for 7 years from the date of original delinquency. But, if they have been paid they will no longer (or shouldn't be) listed as a derogatory item. If you have paid them off recently, it will take time for your score to be updated. As to having the negative items removed, if they are past the CRA's time limits, then send them a certified letter asking the items to be removed. Sometimes the CRA.s do make mistakes.
6. You can "dispute" the items that are negatively effecting your score. If the creditor company does not respond to your dispute within 30 days then the items will be completely removed from your report. This is the technique that those "fix it" comanies use to fix your credit. It is free to dispute the items. Just go to this website: annualcreditreport.com. That is the site you use to get your yearly free credit report. After you review your report, simply dispute the negative items using the links they provide. If the creditors do respond that the information is accurate, your next avenue is to call them directly and beg them to remove it. If the debt is already paid then come up with a good story. If it's not paid then tell them you'll pay it if they remove it. Try every angle you can can think of. It doesn't hurt to try...be nice and beg! These collection agency can remove the negative items and your score will shoot up the next day. They just stop transmitting the information to the credit bureaus. I got an item removed by doing this and my score literally shot up 60 points the next day. All it took was one phone call from the creditor to his collection agency and the item vanished the next day. All he said to them was "bullseye this item for removal." So, give it a try! It did take me a while to find somebody who would listen to me but my score eventually shot up from the poor category to the excellent category. Also, keep your credit card balances under 30% of the credit limit at all times, take out an additional credit card but don't charge anything on it (to show that you don't over extend yourself), ALWAYS pay your bills on time, and don't close out credit accounts- just keep them open and don't charge them up. Money magazine had a great article a few years ago on fixing yout credit score. Try searching for it. That's where I got this idea. Hope this helps!
7. BDancer is incorrect. First, negative listings stay on for 7 years, not 7 and 1/2. Second, you can in fact do things to raise your score as it stands now. You see those negative items on there? Start by disputing them with the credit bureaus and sending the creditors demand to validate letters, stating for them to prove this is yours. Since they are paid off, it's likely that the creditors will ignore the request. Think about it, they have their money, so why would they spend time and manpower gathering all the items needed to validate this listing. Usually they will simply remove the item, which will help your score some. Feel free to contact me if you need any help with the dispute process.
8. To raise credit score 1. Always pay on time or ahead of time. 2. maintain low balances on credit cards 3.To boost your score: Don't charge anything for at least 60 days before applying for a loan 4. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000. 5. You should have a recent history of both installment or term (Car or house loans) and revolving credit. 6.To boost your score: Don't close unused accounts when you transfer debt. 7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan. ------------------------------ http://www.bestcreditrates.net
9. You can contact a credit restoration company to help you delete negative items from your credit profile, some times paying old collections can drop your FICO scores rather than rise. keep those new account current, and with a low balance on the credit cards, that will also help you.