Raising credit score quickly

[ViolentGandhi]

I checked my credit score recently and it's an abysmal 350. I have a couple of collections out and since I just got a job, I'm looking to settle as quickly as possible. I think I owe around $8000 total and I make around $4000 a month. If I call these collection agencies and settle in 2 months, how much would that bump my credit score? How long would it take me to get to a 700 if I paid everything on time from now on?

How hard will it be for me to get car insurance?
I was just wanting some tips for people that have turned their score from close to bankruptcy to a decent level.

[mosdef]

I don't think the records disappear as soon as you pay them off. I think the fact that you had a bad credit event stays on your record for a while.

[z28dreams]

Dispute as much as you can.

[JackInDaCrak]

I thought the lowest possible score was 450, lol.

[amplify]

Quite a bit. 6.12 years. Not. YW.

[CharlieDontSurf]

I'm trying to do the same...I'm at like 525 but my problem is i never had a CC or any history of credit plus i've had two late payments that have been paid.

Trying to either get a secured CC or get one thru my dad.

[LocustHorde]

350?? This can't be an actual FICO score, lol.. I think real FICO is, like above poster said, 450 or so..

If you pay the debt off, there will still be a black mark on your credit report for 7 years and it won't really help your score much. I'd try to dispute it and see what happens. If push comes to shove and you might be able to negotiate a deal where they'll agree to remove the neg credit history (and have them do this in writing!!!), but this is tough to do. Also, be warned, if you do agree on settling with them, but for less money, this is just as bad as having an unpaid collection debt on your report.

To improve your score, try and get a few credit cards and establish a good payment history with them. It takes time and doesn't happen overnight..

[LetItBe]

Go to a local credit union, explain your situation, tell them you want a tiny loan to start building your credit. Start paying that back (not all at once). Once you have repaid that, ask for a bigger one, and so on. They should know the drill, they help people out all the time.

As for a quicker fix, I think you are SOL. It takes time and patience.

[Tweety]

A good lawyer can be helpful.

Of course that won't come cheap.

[z28dreams]

Another thing I think you can do is take out a secured credit card - you basically pay a set amount in advance to be used towards purchases and can't exceed it.