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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2572
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I recently went through a tough time and my credit score

Customer Question

I recently went through a tough time and my credit score dropped due to missing two payments for the first time. I also received a collection for not returning some internet equipment. I've always had good to excellent credit. Now I'm about a 575. What
can I do to bring back up my score and how long will this take? Also, I have bad debt but have had a decrease in income. Is there any sites that I can get on that can help me organize, budget and plan on what I can do to improve and get myself out of his rut?
I tried a budget app on my phone but it wasn't helpful, more confusing than anything
Submitted: 1 year ago.
Category: Finance
Expert:  Angie replied 1 year ago.

You can go here to find an excellent budget tool that makes you account for every single dollar. https://www.daveramsey.com/everydollar?ectid=gaw.everydollar-drsitelink2 The rest of his website is really helpful as well, he is all about eliminating debt.

Bringing up your credit score can take some time, negative items like that can stay on your report for 7 years. You can, however bring up the score by ensuring that your debt to income ratio is not off and continuing to make payments on time. There is really no quick fix that actually works for improving your score...

You can discover how your credit score is calculated by looking here http://www.myfico.com/crediteducation/improveyourscore.aspx and that will give you some ideas as to how you need to proceed in order to increase your score.