You can’t have a 686 credit score if you have no credit. That’s just how the credit game is played. When you have only derogatory information on your report, that makes things worse.
CredEvolv is here to help make things better, which is what we did for Serbante L.
Serbante enrolled in the CredEvolv platform with collection accounts and no open tradelines. He was only able to generate 2 credit scores, both in the mid-500s.
The nonprofit credit counselor we connected him with had both collections deleted while Serbante established new tradelines. His number rose 139 points to a 686 credit score, surpassing his personal goal of 650!
What are collections on a credit report?
We answered this question in a previous success story, but here’s a refresher:
A collections account happens if you fall behind on payments and the lender or creditor decides to transfer your account to a collection agency or sell it to a debt buyer. Even one collection can make it extremely difficult to achieve a 686 credit score.
This can occur anytime from the date you begin missing payments or not paying the full minimum payment to a few months after you become delinquent. Lenders and creditors will usually send you letters or call you regarding the debt before it is sent to a collection agency.
What is a tradeline on a credit report?
A tradeline is an industry term for a credit account that a lender reports to a credit bureau. Each credit account has its own tradeline, which includes information about the account, the creditor, and the type of credit, such as the account balance, payment history, and account status.
A person can have multiple tradelines on their credit report, one for each credit account in their name. Credit bureaus use tradelines to calculate a borrower’s credit score and assess their creditworthiness. Too many tradelines can make it difficult to ascend to a 686 credit score.
As you can see, good credit begins with having credit. Partnering with a reputable credit counselor on the CredEvolv platform, someone who can step in and have derogatory information removed from your credit report, is how you can surpass your own goals and achieve a 686 credit score.
Read more credit success stories here!