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Credit Advice
Topics addressed on November 24, 2010:
Rebuilding credit after job loss
Dear Experian,
I lost my job two years ago and have had a bad patch paying my bills. My credit score dipped substantially. I managed to get on plans with my late accounts and am on track to be debt free in about three years. Can my score ever improve?
- THO
Dear THO,
Sadly, millions of Americans are struggling through the same hard situation. It’s good to know that you are employed again and that you are working with your lenders to repay your existing debts. In time, your credit scores will improve.
You have far more important things to worry about at this point than your credit scores. At this point you should not be thinking about applying for new credit. You are doing exactly what you should be by focusing on repaying existing debts and regaining control of your personal finances.
Your credit scores will get better as you reduce and eventually pay off your existing debts and add positive payment history by using your accounts, but maintaining low balances.
It’s simply a matter of time. Credit scoring systems not only consider whether your payments are current now, but also how far in the past any difficulties occurred.
You are on the path to putting your credit problems behind you and building a lasting positive history. Hang in there.
Thanks for asking.
- The "Ask Experian" team