Apr
15
How can I improve my credit score?
Filed Under Credit
waterworking2000 asked:
My credit score is around 600 which about 80 points higher than it was a year ago. I have had a few bumps in years past with 4 credit cards go bad with a balance on all for around $4000. Im stable now and own a home with a regular car note and 2 low limit credit cards. I want to start buying investment properties but am getting to high of interest rates what can I do to raise my score relativley quick.
Elsie
My credit score is around 600 which about 80 points higher than it was a year ago. I have had a few bumps in years past with 4 credit cards go bad with a balance on all for around $4000. Im stable now and own a home with a regular car note and 2 low limit credit cards. I want to start buying investment properties but am getting to high of interest rates what can I do to raise my score relativley quick.
Elsie
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14 Responses to “How can I improve my credit score?”
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Floyd
pay off all your bills on time for awhile and don’t buy anything too big for a few years. you need to prove you changed your ways.
Kim
You can always get secured credit cards,charge a few hundred on them,then pay them off after a couple of months.You have to give them time to report it to the credit companies though.It is hard to do much in less than 6 months though.But remember,every time you check your report,you lose points.
Carol
Have like 3 credit cards and always pay them on time and have a low balance
Nellie
buy stuff and pay it off immediately.
Elmer
there is no quick fix. Pay your bills on time. History is your friend on this. Also, get your credit reports and check for errors.
Agnes
send me 1500 dollars and ill put in a good word for you.
Dawn
Be scrupulous about making all your payments on time for a while and use your lower interest credit to pay off higher interest credit. Do not apply for any credit of any kind for a while …. each time you apply, even if it is turned down, it is noted on your credit report. There are no quick fixes.
Herbert
The length of your credit history is another important factor affecting about 15 percent of the credit score calculation. It will take time to “iron out” bumps in the credit history.
Regina
I was in a similar situation years ago. I had even more debt than you as a result of overspending while I was in college.
There are some things you can do to reduce your interest rates. If you have balances on those accounts, then the following article could help. It explains what I did to eliminate debt and reduce my interest rates.
It sounds like you may have low or no balances on credit cards. If so, then you should simply call them and ask for a lower rate. Similar to what the article suggests, if you are in this situation, you should overpay on the balance to set them up for a rate decrease. If you owe $150, send in $175 so that they actually owe you money. This of course will go toward your next charges on the card, but it really shows financial strength which can lead to a rate reduction.
This can help you both reduce your interest rates while you improve your credit score. A portion of your score is account tenure. The longer your account has been open and in good standing, the more it helps boost your credit score.
Also, make sure that if you do have balances, keep them under 30% of your credit limits. This is especially important because your credit limits are low on those accounts. Low limits are good to help you control your spending, but if you have balances of more than 30% of those credit limits, then it can hurt your credit score. Hope this helps!
Brian
You are on the right path as far as rebuilding your credit. There are no real quick ways to improve your score, unless there are inaccuracies on the actual report. As far as other things that you can do to improve your score, here are some things you can focus on:
- First, review your credit report and take steps to fix any mistakes you find.
- Make all payments promptly. This will keep new, negative items from appearing on your account.
- Pay down your existing credit balances.
- Do not add new accounts in order to lower balances on old accounts.
- Do not close long-term accounts
- Use automatic payment plans or set up a bill paying calendar to ensure that you pay all your bills on time.
Make sure that you stay below 45% of your credit limits as well as that can have an effect on your score. Once you demonstrate that you can handle credit responsibly for at least 24 consecutive months, then you will start seeing the beneficial effects on your score.
Jessica
i worked for american express cards and far as i know,we have credit rating agencies like [ equifax , experian ] which monitor ur credit activities, preferably your payments.If you make your payments on time then your credit score comes good. Make sure if your Direct Debit is set up it is never returned due to insufficient funds, that takes a big toll on ur credit.bye mate.tc
Gail
Pay your bills on time. The following articles could help:
Debt Consolidation – Get Out Of Debt
Debt Management and Building Wealth
Jimmy
Get a “secured credit card”
A secured card requires a cash collateral deposit that becomes the credit line for that account. For example, if you put $500 in the account; you can charge up to $500. You may be able to add to the deposit to add more credit, or sometimes a bank will reward you for good payment and add to your credit line without requesting additional deposits.
Marc
want to build some knowledge just read though these
good luck!
if it helps please remember me cheers