Some people get significant positive results quickly on the CredEvolv platform. Others get them over a longer period of time. Then there are those who achieve their credit goals and stay with us to reach even greater heights.
Luis D. fits into the third category.
He enrolled in the CredEvolv platform with a 557 credit score and a goal of reaching 620. We connected him with a personal, certified credit counselor, who encouraged him to lower his credit card utilization and pay his accounts on time.
This – along with the removal of some late payments, collections, and charge offs – enabled Luis to blow past his goal! He was so inspired by the results that he remained in the program and achieved a 746 credit score!
Traditional credit repair companies seek to keep you in their programs so you rack up unnecessary and expensive fees. At CredEvolv, we want you to reach your goals as soon as possible – but we’ll never discourage you from continuing with us if that’s what you want to do!
What are collections and charge-offs 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. 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.
- A charge-off happens when the creditor doesn’t think the debt will be paid back. Even though the creditor has written the debt off and has stopped attempting to collect the debt themselves, if a collections agency has purchased the debt, it may attempt to collect what you owe (which can include the outstanding balance and any interest that has accrued).
What are the different ranges of credit scores?
Remember, these ranges are general guidelines. Each individual lender, landlord, and employer can set their own standard for acceptable credit score levels.
Credit scores typically range from 300 to 850, with higher scores indicating better creditworthiness. Here’s a breakdown of the typical ranges:
- Not Great (300-579)
- Okay (580-669)
- Better (670-739)
- Even Better (740-799)
- Outstanding (800-850)
For a deeper dive into each range and to understand what you may and may not be able to do with your credit score, read our blog.
For further inspiration to push your credit into the Outstanding range, read more credit success stories here.