Improving Credit score

 I am trying to improve my credit score so I can qualify for a loan with
low interest rate.  In February/March of this year, I got my credit
reports.  There were some collection items on the reports (mainly
medical) that happened while I was layed off and going through a
divorce.  I paid off all the items.  Today I went and checked the
report, some of them have improved.  The Equifax credit score did not
change.  Why is that?

Also, some of the negative items that I paid off, did not show as "paid
off" in the TransUnion report.  Why is that?  How long do the credit
agencies take to update such items?

What do I need to do to improve my credit score?  I get conflicting
advice as for the use of credit cards to improve credit score.  I have a
few credit cards.  I use only one them so that it is easier to track.
Do I need to use all the cards and maintain low balances on all of them?

Thank you in advance for any advice or help.

Regards,

NJ
cat @yahoo.com >> castellan2004-gen

  http://en.wikipedia.org/wiki/Credit_score  is a good starting
point.

 

Credit reports are the factual record about what happened in the past. Credit
scores are predictions of what might happen in the future, based on what
happened in the past. Just because you took care of some past obligations does
ot mean it won't happen again in the future. Depending on what scoring formula
was used, you may or may not see a change.

BTW - The only score that means anything is the FICO score. As each of the three
major credit reports can vary, your FICO score can vary depending on what report
was used.

 
Its too late now, but if you or any other readers are going to pay off
an overdue account,  You tell the creditor that you will pay it IF and
ONLY IF they will agree IN WRITING that the negative info will be
removed from your credit report.  And you get that agreement in writing
before they get penny one.

--
Rich Greenberg  N Ft Myers, FL, USA richgr atsign panix.com  + 1 239 543 1353
Eastern time.  N6LRT  I speak for myself & my dogs only.    VM'er since CP-67
Canines:Val, Red & Shasta (RIP),Red, Zero & Casey, Siberians  Owner:Chinook-L
Retired at the beach                                     Asst Owner:Sibernet-L

 wrote:

   Right, because after all, who wants actual facts to be on their
record?

   And, once the swaggering and bravado are found to be useless,
you're still got a bad credit report, and even *more* people
know that you're a slimeball who doesn't pay off his debts -
even when he can.  Yep, that's the way to prove what a man
you are.

- Rich