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flowerintrg
Joined: 07 Dec 2010
flowerintrg's page
Posts: 11
145 Magic Points
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Subject: Improving credit score
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Tue Dec 07, 2010 11:22 pm
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| How can you apply for all those secured and unsecured credit cards when your credit is poor??? And doesn't it mess up your credit score more everytime you apply and they check your credit, and then you still are denied? |
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Elitefinders
Joined: 07 Dec 2010
Elitefinders's page
Posts: 21
273 Magic Points
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Subject: Is this true?
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Wed Dec 08, 2010 12:42 am
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| After paying off any negative debt on your report, your scores may dip a bit. Especially if they were old stale debt. A good way to bring those scores up by at least 100+ points within 6 months is to get a secured cc if you don't already have credit cards in good standing. Remember to keep the balance at 30% or less of the limit on the cc. and pay it on time. |
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BankruptcyRules
Joined: 08 Dec 2010
BankruptcyRules's page
Posts: 5
114 Magic Points
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Subject: How can i Improve my credit score faster ?
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Wed Dec 08, 2010 11:01 am
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4 fast fixes for your credit scores
1) Pay down your credit cards
2) Use your cards lightly.
3) Check your limits.
4) Dust off an old card.
By FHA Mortgage Refinance |
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xiquanhong
Joined: 04 Mar 2011
xiquanhong's page
Posts: 2
7 Magic Points
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PhoenixMan
Joined: 11 Jan 2011
PhoenixMan's page
Posts: 6
82 Magic Points
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Subject: Raising your credit score
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Wed Mar 09, 2011 5:30 am
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To shekhar,
There's no quick fix or shortcuts to credit repair. However, there are smart ways to get your credit working for you the way you want it, if you are willing to put in the time and effort and understand the differences between some offers out there over others.
Personally, and you can read all about it on my personal blog at armchaircreditrepair.blogspot.com, I've had to deal with defaulted student loans, collections, charge-offs, pay-to-deletes, broken leases, unemployment, family losses, and more. But I was able to get through all of that with time and focus.
Here are a few things I found that helped. Essentially, we're not taught how to control our credit or manage our finances, or how it all works. We learn as we go in this world. Funny, they teach you all sorts of specialized lessons in school, but not how to manage your own finances. We take that stuff for granted it seems. But now that the recession has hit and money is tighter, people are starting to wake up.
For me, it took about two years to bring myself back from the pit. I'm talking almost down to 500 and below when I started digging out. As of last month, I was at 696. Here are some quick tips:
1. Check out credit unions - they'll be more flexible with their credit card offerings and a little more lenient in their view of your credit report. In some cases, they only look back 3-4 years versus a full 7 or so, which helps. Plus they can sometimes get you a mix of lines. For example, I was recently given a $5k unsecured Visa, plus have the flexibility of getting $2500-5k more in a personal line of credit when I want it. No fee on the visa and 9.9%APR. I can get the personal line for less % too.
2. If you have other cards you're trying to pay off, organize it this way: a) Organize them from highest interest rate to lowest. b) pay minimum payments on all of them, but take all of your leftover money you can pay extra and put it on the highest one. c) once the highest one is paid off, leave it open for the good credit history but don't use it but once a quarter. d) Start overpaying on the next highest and repeat on down the line til they're all paid.
3. Tradelines and utilization. Do you have any other revolving accounts outside of the Visa you're aiming to get? Maybe there are possibilities there for you to expand your credit through some store credit lines (either some place brick n' mortar like one of those big box stores or online like enchantedattire.com or amazon, etc.) But here's the key. Always keep it paid on time and use no more than 25-30% of your total available.
I compare credit reports and histories to resumes. It's about building good references. If you're walking in to get a new job, if your past references look great on your resume, you'll likely get hired. Same with credit. If you have good reference and proof of good habits, you'll get more credit. And I'm not saying go out and frivolously get random credit, I mean get your credit history good enough to get the necessary credit lines you need for life and family, like car loans, mortgages, etc.
There's more I've had to go through including stuff about how to get out of defaulted student loans, etc. at my blog if you want to take a look. Feel free to comment or email me too if you have questions. I'm no expert, but I've learned more from personal trial and error than anything else, and perhaps I can save you some time on something.
PS! To flowerintrg's post above...
Exactly right! Be careful about opening too many credit lines at one time. Each time you apply, they pull your report. Each time it's pulled, it can put a temporary hit to your score. Be extremely careful and choose wisely (and spread out over time...as I mentioned...no quick fix!). |
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aperillo
Joined: 10 Mar 2011
aperillo's page
Posts: 1
12 Magic Points
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Subject: How to improve your credit score
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Thu Mar 10, 2011 8:36 am
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No matter how bad your credit score really is, there is always something you can do on your own to make it better. You can do it on your own and just be patience. Make a call to your credit card company and ask for assistance, if your debt is not that huge maybe they will help you on planning ways on how to pay your bills.
Nevertheless after make sure that you will use your credit cards responsibly and that you will not spend less than on what you actually earn.
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Best Credit Cards Offer |
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Thu Apr 07, 2011 6:49 pm
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| I started with a 500 credit score in 2008, got the Orchard and household credit cards, then about 5 store cards, and 1 personal loan....all in all, raised my score from 500 to 701 today. Just keep using and paying the credit cards. Over time it works. And don't touch the collections at all. Don't call them just wait it out. I have a 4 collections account, all are going to disappear by end of 2011. I figure once they are gone, should be sitting at 750. But after 2-4 years, they can't touch you anymore. Those collections are just trying to get you to restart the 7 years that it will stay on your report, even if you decide to pay them. Remember, its 7 years from the date of last activity, so if you decide to pay them now, the 7 years start all over again. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Wed May 18, 2011 12:29 pm
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| I know sometimes there doesn't seem to be a 'light at the end of the tunnel',..but, believe me, there is!! When I seperated (and divorced) my EX left me with so much bad debt accounts. I just called each one and explained situations, etc. Most of them were pretty good at 'working with me' (however, it didn't happen 'over night dealing with these people). I feel like I really accomplished some things!! My credit has gone up a few points. I just keep 'plugging away' at what I have 'control of' instead of what I don't. Hope this makes sense and hope its helpful. |
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Kaylin
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Subject: lGzuwYWroS
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Sun May 22, 2011 7:28 pm
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| And I thought I was the snesblie one. Thanks for setting me straight. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889
1356 Magic Points
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Subject: credit
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Sun May 22, 2011 8:01 pm
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Keep paying on the debt you have now...make timely payments on CC's, loans, that kind of thing. Every time your debt goes down (and it does when your balances go down), your credit score actually comes up a few points..........and a few points is a few points~~!!  |
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Jeanne
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Subject: khZtHwgajYjLD
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Mon May 23, 2011 2:47 pm
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| Cool! That's a clever way of lkooing at it! |
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