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How can I get increase my credit score?

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verybestman



Joined: 25 Oct 2009
verybestman's page
Posts: 1



29 Magic Points

Subject: How can I get increase my credit score?
 
Posted on Sun Oct 25, 2009 5:10 pm  

I had late payment of my car in recently
then my credit score is around 650
I was excellent before that
debranewell2008



Joined: 10 Oct 2009
debranewell2008's page
Posts: 591



108 Magic Points

 
Posted on Sun Oct 25, 2009 7:02 pm  

I would say catching up the car payments would help if you can. But it could still take time even after they report you are caught up. Because if they have reported to the credit agency your were late that stays on your report for 7 years.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



389 Magic Points

 
Posted on Mon Oct 26, 2009 12:54 am  

That is what stinks that you can have one million atta boys and it only takes one screw up to mess it all up. I hate the way credit if reported and determined, I don' think it is a fair process at all. It really needs to be revamped.
Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1238



28944 Magic Points

 
Posted on Mon Oct 26, 2009 9:59 am  

Hi Verybestman,

Both your credit report and your credit score will take time to get updated. While your credit report might take not less than 3 months to display the changes, your credit score might take long. In the meantime, you can get a secured credit card and use it responsibly by paying the bills on time to increase your credit score. Apply for store/gas cards and use them well to increase your score. Apart from these if you can become a member of credit union, your score can also go up.
_________________
All the Best Smile
Justin
kim09



Joined: 10 Oct 2009
kim09's page
Posts: 22



52 Magic Points

 
Posted on Mon Oct 26, 2009 3:17 pm  

Another tip for you is to pay your financial obligations on time. You should have at least seven-year record of promptly paying your financial obligations. Almost all creditors doesn't approve people applying for loans with history of late payments because they are more likely to pay their payments late in the future in the event that they approve their loans. Therefore, if you are planning to apply for various loans in the future, have a good payment behavior by promptly paying your bills.
kim09



Joined: 10 Oct 2009
kim09's page
Posts: 22



52 Magic Points

 
Posted on Mon Oct 26, 2009 3:21 pm  

Pay down your credit cards. Paying off your installment loans (mortgage, auto, student, etc.) can help your scores, but typically not as dramatically as paying down -- or paying off -- revolving accounts such as credit cards.

Lenders like to see a big gap between the amount of credit you're using and your available credit limits. Getting your balances below 30% of the credit limit on each card can really help.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



389 Magic Points

 
Posted on Mon Oct 26, 2009 6:34 pm  

Once you pay an account down do not close it out, if you close it you lower your credit to debt ratio and that will lower your score. So if you pay them off leave them open.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



96 Magic Points

 
Posted on Mon Oct 26, 2009 10:49 pm  

Sometimes having too much credit is a really bad thing. I recently pulled my husbands report. He holds the most credit ,in his name ,in our house. One of the credit bureaus gives you a little graph showing your debt to income (I believe experian). I was surprised to see his..it wasn't real bad but it did not look the best either.
When talking to a friend who is very knowledgable in the credit industry I asked him this question. I was advised to have my husband close a couple of the newer credit lines with higher amounts. This frees up the debt to income. I also asked the bank this question and they said any newer lines can be closed with no impact to his score.

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