How fast can a credit score increase?

How much will my credit score increase?

• Thanks to my parents who already had terrible credit, now that I am grown and trying to obtain credit it is hard for me because my parents messed my credit up when I was younger. I had no idea. I have disputed the negative accounts and done everything I could for the past 2 years, no good results. My great aunt and uncle furious of what my parents did to my credit, decided to make me an authorize user on their accounts,mind you they have excellent credit. How much will it help my credit score and report?My Experian is 549 with $2,632 in installments,$5,713 in collections, a Repo and has 18 inquiries. My Equifax is 525 with $71 in collections and 24 inquiries. My Transunion is 555 with $724 in collections and 17 inquiries. I have no evictions,judgements,bankruptcies, or foreclosures.Lenders wont even give me credit to try and build a new solid good credit history. Will being an authorized user on excellent credit help?How much will my scores go up? My aunt and uncles accounts have high credit limits,longevity,and 0 balances. My parents sure as hell wont all though its their fault. They dont care. Please help

• Answer:

  Laraine, I'm sorry you are in this situation. First of all, how old are the negative items in your credit reports? Depending on the length they may not be affecting your credit score. What may be affecting it is the lack of new credit. If the collections, the repo and other derogatory accounts are more than 24 months old they have minimal affect on your credit score. If you are not in the market to buy a house you should wait some of this stuff out. Being an authorized user will help you, although it may take six months or so. If you are in the market for a new or used car, try to get one with a loan, car loans are usually easy to get, or your aunt and uncle can co-sign for you (I'm assuming they will co-sign since you are already an authorized user on their credit account). Once you start making timely payments you credit will start to increase. Late payments affects credit scores tremendously, so no more late payments and no more collections or repos, you will begin to see your credit score sore. There is no trick to increasing your credit score, just do the right thing and be patient (2 to 6 months). Stop applying for credit cards for a little while. It takes one year for the inquiries to stop counting toward your credit score. Hope this helps. Feel free to email me if you need further help with this or if you have more questions.