Some significant improvements from a 501 credit score happen quickly. Others occur more slowly over time. The important thing is that they eventually happen.
They usually do when CredEvolv gets involved. They certainly did for Sean B. – and fast!
Sean needed a minimum 620 credit score to qualify for a mortgage. He enrolled in our platform with a 501 credit score. His counselor had a collection account removed from his credit report, and only a month later, his score shot up 98 points to 599! He’s well on his way to crushing the minimum mortgage score and reaching his personal goal of 760!
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. The lender or creditor can decide to transfer your account to a collection agency. They can also 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 sending to a collection agency.
“How quickly can I fix my 501 credit score on the CredEvolv platform?”
Now is the best time to start the process of improving your 501 credit score. Forget what Google or the for-profit credit repair guys tell you. It takes a little time for your credit score to go up, and it doesn’t always happen overnight.
Some people see significant improvement in their 501 credit score after one month on the CredEvolv platform like Sean did. Typically, our clients reach their credit goals and loan readiness in an average of 3 to 5 months.
Depending on your individual situation, you may need services like dispute resolution, budget analysis, debt-to-income ratio analysis, payment negotiations, credit card or loan payoffs (or not), and more. These are things that only a HUD-certified nonprofit credit counselor on our platform will know how to deal with ethically and effectively.
Once they handle all of that for you, who knows? You might see results similar to Sean’s. So give CredEvolv a shot at improving your 501 credit score. You might be amazed by what happens next!
Read more credit success stories here.