Why is my credit score so low if the bills have almost all been paid

Discussion in 'Credit Talk' started by reignbeau, Nov 19, 2016.

  1. reignbeau

    reignbeau New Member

    My credit score is under 570. I have had a LOT of late payments and bank overdrafts.

    With that said, I have paid off a lot of debt and am down to three companies. I owe two of them about two hundred dollars and am paying them a hundred a month. I even paid FFO furniture another thousand plus dollars (the price of a bed) because I didn't meet the "same as cash" thing that was written on the contract.

    My credit report doesn't show three quarters of the late, missed payments. Is there something that I can do to find out what is still keeping my score so low?
     
  2. jam237

    jam237 Well-Known Member

    The best thing is to look at the advice where you are getting your scores as to what is impacting your scores.
     
  3. bsmith

    bsmith Member

    What Jam said, there are different companies that give out credit scores. Each one uses its own formula to calculate your score. So some things such as late payments, collection accounts, and hard credit checks can weigh more thus bringing your score down.
     
  4. jam237

    jam237 Well-Known Member

    Additionally, paying off balances once they've gone late, won't necessarily change the score (depending on the type of account, the scoring model and version), but it will affect when someone does a personal review of your credit files.
     
  5. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    Did you find out exactly what credit score you're looking at reignbeau? I'm curious if you're reviewing FICO scores or FAKO scores. Also, like jam mentioned, making payments on old debts doesn't always improve your FICO scores in the short run. There are a lot of other variables at play in your credit scores that could be still keeping it below the 600 mark.
     
  6. mathewstim

    mathewstim New Member

    there are different companies that give out credit scores. Each one uses its own formula to calculate your score. So some things such as late payments, collection accounts, and hard credit checks can weigh more thus bringing your score down.
     
  7. rossk0675

    rossk0675 New Member

    Well, In this case, you have to take credit repair services from trusted source. It is difficult to find yourself the exact errors which are affecting your credit score.
     
  8. jam237

    jam237 Well-Known Member

    It is not difficult, if you read this forum.

    There is a reason that there is a federal law that regulates credit repair organizations.

    They LEGALLY can't do anything that YOU can't do for yourself.
     

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