How long to rebuild credit score
I am monitoring my credit score several ways. Myfico.com seems to be the 'most accurate' (or so it claims) but I still get varying credit scores.
A year ago, I enrolled in careonecredit.com to help me with my over-extended credit debt. Today, I have paid that down from just over $14K to now just at $3K and plan on having it paid, in full, by November of this year. I have not opened any other accounts, had any delinquincies or any other credit issues in that time. I have no car payment and the only two credit cards I have that I did not turn over to careonecredit.com are my JcPenney account (almost paid in full) and a Dell.com account; I have not been late on either of these. My JcPenney is at $800 and my Dell account is at $4200
I make over $90K per year at a job I have been at for four years. I have a mortgage that we are never late on. When I first checked my fico score here, it was at a 617, then it went up suddenly to 646 but dropped back down to 617 and is now at 610. I don't understand it because I have done nothing different and am really trying to improve my
credit. While I can understand how being in a debt consolidation program lowers my credit score, I am baffled as to why my credit score dropped from a 646 to a 610 in a month when I have not been late in paying debt and I have actually paid 3 credit cards off, in full, in that time
How long does it take to rebuild your credit score after finishing a credit consolidation program? I plan on being done, hopefully, in October but I am so petrified now that it wont make any difference and my credit score will never go back up. I don't understand the fluctuation in the score so drastically. I can understand a few points up or a few points down but 36 points? Also, I don't trust the fico score any more than I trust any of the other scores. none seem accurate
Can anyone here help me with understanding: #1-Why my score is so drastically dropped, so quickly, without my doing anything to adversely affect it #2-How long it will take after I pay of my credit consolidation to increase my credit score #3-If I choose to try and purchase a vehicle AFTER my consolidation is paid off, which credit score will they pull?
Thank you all so much in advance!Source: ficoforums.myfico.com