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need credit score raised

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nucknfutsim

Joined: 21 Mar 2009
nucknfutsim's page
Posts: 23

753 Magic Points

Subject: need credit score raised

Mon Mar 30, 2009 3:05 pm

I have no open lines of credit and a credit score of 580 if i open up a secured cc with a $300 limit and only spend $30 per month on it , what is the best way to pay on it to raise my score, should it be paid in full every month or should i leave a balance
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debt collectors just call and call
all you can do is make them validate it all

cbass1017

Joined: 01 Feb 2008
cbass1017's page
Posts: 143
Location: PA

1528 Magic Points

Tue Mar 31, 2009 2:54 am

I would say pay it in full every month. I do believe that the lower your balances on your lines of credit the higher your credit score will be.

I would also make sure to ask the lender you plan on using if they report to all three of the credit bureaus. Most big lenders do but some smaller ones like credit unions and such may only report to one of them. If your trying to build your credit scores than you definately want it showing on all of your credit reports. Just a thought..

Best of Luck!
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Scott McKay
FreeOnlineCreditGuide.com

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Tue Mar 31, 2009 5:50 am

The two most important factors that contribute in your credit score are the "amounts owed" factor and the "credit history" factor. Credit history contributes 35% in your FICO score while the "amounts owed" factor contributes about 30% in your score. So if you make regular payments with your card and repay it back within the due date, not only your credit history but also your amounts owed factor improves. So I think that if you make the entire payment within the due date, you credit score will improve much faster.
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Carol

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: credit

Tue Mar 31, 2009 9:54 am

Whatever debt you have out there (loans, etc) I would keep paying on, as well. The LESS debt you have, the MORE your Credit Score WILL go up. I have a car loan, school loan, etc. I'm very surprised how my Credit score DID raise over the last year. ..just by making on-time payments and bringing my debt down.

Marsue
Guest

Subject: OjbHMGaEYAtXHkV

Sun May 22, 2011 11:18 pm

Touchdown! That's a relaly cool way of putting it!

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