 If my dad co-signs on my auto loan (refi), will the debt show up on his credit? |
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 Raising credit score in 5 months? |
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Michael S | How do you build your credit with a 566 score? |
OK, pulled my credit report, my total debt is $6700.00. Thats it. I have no bankruptcy, no credit card debt. Its all collection accounts. I applied for a credit card and was turned down. I dont want to do it again because it allready showed up on there. Now, In two years I wish to purchase a home , and build my credit file. How do I do this cheaply , quickly and effectively? Ive been told I need to raise my score 84 points to get to 650 which is a good rating that will approve you for almost anything. Is this true? My goal is not to spend money or go in debt, my goal is to build a good file in the next two years(or sooner)
Additional Details
but Im turned down for credit cards? |
 |
 
Junior H
|
The following are a few Dos and Don'ts when it comes to rebuilding your credit:
1) Three months prior to securing your mortgage, DON'T apply for, close, or pay off any collections, charge-offs, loans, or other kinds of credit without speaking to your mortgage professional first. Any one of these actions, as innocent as
they might seem, could seriously affect your credit score, adding significant costs to your mortgage should your score suddenly drop.
2) If you have any credit card accounts with excellent credit histories, DO use them - but use them strategically. Keep your balances below 30% of their limits for 3-6 months prior to entering into a loan transaction, and use them only for small purchases that you can easily pay off completely at the end of the month. Remember, creditors like to see evidence of stability, so the goal is to keep the good reports coming month to month without falling into the same financial traps thatled to credit challenges in the past.
3) If you don't have a credit card, DO get a secured card immediately. This is a great way to rebuild or establish credit
quickly. Because this account is secured by funds that you deposit (typically between $100 and $400) you're not seen as a great risk to the card issuer because of your initial investment. Again, use this card strategically to build a strong credit history. Pay your bill on time every month, and it won't be long before you qualify for an unsecured credit account. Talk to your mortgage professional about which cards to apply for. For some, opening a credit account with a co-signer could be a better alternative, but it's important to note that both you and your co-signer are equally responsible for any activity on this type of account, good or bad, so this strategy could backfire in the end if you or your co-signer makes poor decisions. DON'T mistake "authorized user" for a co-signed account. While, in the past, becoming an authorized user on an account in good standing would benefit everyone on the account, the credit bureaus have reconsidered this practice, and new credit models have all but eliminated "piggybacking" your way to good credit.
4) Finally, DO monitor your credit. Ask your mortgage professional to refer you to a professional credit repair company you can trust. Having an experienced professional on your side will allow you to focus on your long-term credit goals without having to make reestablishing your credit a second career. For more info. Just go to www.Harrisandassociatescreditrepair1.com... We'll be glad to help you meet your financial goals and needs. |
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adri_mndz
 |
OOOH! I am in the same situation. I, too, am looking to buy a house in about a year.
I was about 4000.00 in debt. I contacted a non-profit debt consolidator and they gave me many options on how to push my credit score up. The one that suit me the best was:
To contact the Collection Agency and work out a payment plan with them. Because it was hospital bills, the hospital was willing to work with me. I told them that I could afford about 50.00 a month. And that's what I'm doing now. Every month, I send them 50.00. The good thing was that the social worker at the hospital realized that I was making CONSISTENT payments, so now my debt to the hospital has gone down to 1800.00!!!
If you work with them, they will work with you.
Good luck! |
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Jason S
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You can get a orhcard card and first premier card with those scores. They both have yearly fees but they will also help you get some positive trade lines on your credit report. When you get accepted ( acceptance rate is around 90%) just use them for small purchases and keep the utilization below 35%. Do not max these cards out and do not go over the limit. i.e. your initial limit will be 300$, you will want to keep you balace below 90$. Also you need to dispute the neg. on your credit report. I have done this recently (even though i owed the debts) and had a bunch of collections removed. My score went up 75 point. There is a good method that you will see good results with at http://www.creditforums.org/f13/got-my-results-today-disputes-346/ Using this method will give you the best opportunity to get negatives removed. It is posted on a free forum so there is no cost to you. Oh and those cards I mentioned above can be found at http://creditcardwarehouseonline.com (the orchard card is the better of the two and is on the front page) |
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Doctor Deth
 |
well, collection accounts are still debt and far worse than regular credit card balances - You have to pay off the collection accounts or you'll never get a mortgage or car loan or a credit card. What, did you think by ignoring them they would just go away - they can still try and sue you or get your wages garnished thru a court judgment - what do you mean you goal is not to spend money or go into debt - YOU ARE DEEP IN DEBT - $6700 worth!! your score will never get above 600 if you don;t pay off those debts and take responsibility for your spending |
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golferwhoworks
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pay the collections off andyour score will slowly rise. Once that has happened then get a credit card and pay it off monthly and your scores should soar |
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Bugsy
|
you have been turned down for a normal credit card try getting adverse credit cards for people with no credit history or bad credit history. The interest rates are high but it should help you get a goood credit history. Not sure if you are in the UK or US, try capitol one they have cards for people with no credit history
pay off all other loans or credit that you have, make sure that you use 25%of any given credit that you have |
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blueeyes
 |
By getting a credit card and using it for a small purchase (ex. $100). and then just pay the minimum each month on time, that will look good on your credit report and it will help raise your score. |
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Ben N
|
Your credit score is based mostly on:
1. Length of credit history
2. Payment history.
3. Ratio of credit used to available credit.
4. Number of credit inquiries you authorized.
If you cancel your card, you'll be hurting your credit ratio. (#3).
You want to deliberately keep your oldest credit card open, even if you never use it.
You want to always pay the minimums of each loan on time every month.
You want to keep your available credit high, but actually only have balances equalinig 25% or less.
You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.
You do these things and your credit score will quickly soar into the 700s.
--------------------------------------...
http://www.loansandinsurances.com/ |
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Truth
|
Unfortunately lending companies and credit card companies are making it hard these days for individuals to borrow money and I think it may be due to people filing for bankruptcy in record numbers and the number of home foreclosures. You did not mention why you were turned down, so I am speculating that you think you were turned down based on your credit score, however, I would consult with the credit company you applied to, in order to find out the reason why you were turned down, you have every right as a consumer to know why you were turned down. Normally, companies will send you a report with the reason(s) why you were turned down. Also, like the others responded, in order to strenghthen your credit score you our going to have to make small purchases and pay them on time and with the current debt you owe, you need to pay that down as soon as possible making timely payments. |
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AustinAutistic
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you have to get more credit cards but dont use them, just take out the card and then put it away it should raise you score |
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