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Will paying off my debt in a year help increase my credit score?

I am currently 15,000 in debt and I have a really bad credit score, I recently got a second job because I want to move and apply to pharmacy school. By my calculations with the second job in a year I'll have tow to three thousand left. I have a repossession on my credit as well that I am paying off. Will I be able to get an apartment and raise my credit score?

Asked By: SanJuanPR01013 - 8/16/2010
Best Answer - Chosen by Asker
It is extremely hard to raise your credit score...especially when you have a repossession on your report...They will not just go away...they usually stick on your credit score for 7 years...Even if you pay them off they will be changed from 'CHARGED OFF' to 'PAID' account. And most of the time if the account is in... More
Answered By: canthomp27 - 8/16/2010
Additional Answers (2)
Are these items in collections? Paying them off will NOT improve your score (at least not instantly - but with time). IF you really bad credit you may have to offer a landlord 6 months worth of rent upfront. Do you have credit card debt? Pay it off in full each month to give your rating a boost. /
Answered By: Judy - 8/16/2010
 
It is true, when you get your bills paid off, it does not improve your credit score immediately. I have been helped by GlobalCreditSolutions.org for almost two years now. They literally do everything for me. It is a government agency that eliminates your debt for you at no cost to you and stays in contact with the... More
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Answered By: Shayshay - 8/17/2010
 
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