Harry Bastid
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Start paying down that credit card and dont be late or short again. Pay all your bills in full and on time. Credit is all about doing it right and doing it on time.
As for spending, learn to not rely on credit so much. Make it the exception, not the rule. Credit is a BS trap for the banks to make money off the irresponsible. |
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tabulator32
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pay off the card you have!
That is the BEST way! |
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janiesheron
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PAY YOUR BILLS ON TIME!!!!! Always!!!!! get rid of the credit cards....... only use one, if necessary..............and PAY YOUR BILLS ON TIME!!!!!!! |
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money angel
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When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use
If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.
Here are tips for you to build your credit score:
* Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.)
* Never Miss a Payment, Starting Today
* Never use more than 20% of your Available Credit
* Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
* Extend Your Credit Limit on Cards You Already Have before You Get New Ones
* Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
* Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
* If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
* Take out a Small Personal Loan and Repay it Over a Year
* Ask Someone With Good Credit if They will Account Shadow you |
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Megegie
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When wanted to do that I applied for a credit card and had my dad be the guarator. After a year, I took his name off the card and here I am =) |
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Sass M
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The key is to pay off your bill on time, all the time. Eventually your credit will build up... but you can never miss a payment. |
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JonathanM
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Banks lend money to people for a small fee which is usually a percentage of the overall loan. This is how they profit from loans and can continue to stay in business. However when someone doesn't pay their loans back in a timely manner, the bank loses a lot of money. When a lot of people aren't paying their loans back they run into all sorts of problems! And so for banks and other lenders to make sure they can stay in business and continue to offer loan products, a credit scoring system was developed to rate people based on the likelihood that they will be pay their loans back. People with lower scores have lower scores because their credit report has a history of missed or late payments. Enough of these entries on your credit report and not only will you have a low score but you will immediately make yourself look like a high risk to a bank with little chance of return -- and in effect banks and lenders will not lend to you. So if you want a loan, the trick is to make yourself look appealing to lenders. One way to do that is demonstrating that you have enough income to pay your loans in a timely manner. Primarily, however, to make yourself look even more attractive to a lender -- e.g. they will make money from you and not lose money -- showing that you are responsible with your bills and debt is the only real way -- and that is reflected in your credit score. |
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Monkeyguts
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The credit cards are what they look at first
resposible credit card use is #1 for building credit |
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Gerald
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You don't build credit---missing payments tore everything down---credit is making all you payments on time.. Credit cards tear your credit down and every time you apply for one it goes down further... |
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Michelle
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Keep paying your bills on time, and cancel all but one of your credit cards. Do not apply to any more! You can start healing your credit from those late payments, but it takes time.
Wait to buy a car until you rating is a little better. That will affect your interest rate...
Make sure you are paying more than the minimum monthly payment each month.
Good luck! |
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gerald M
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Generally, electric, telephone, and heating bills don't help much in credit company decisions, they are considered necessities that you have got to pay. I would say your best bet is to open a checking, and savings account at a local bank. Go often, make small deposits and withdrawals from both accounts. Eventually inquire about a debit card. If you've treated your other accounts respectfully, they will probably issue you one. Take good care of it, and pretty soon they'll be begging you to take a credit card! |
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infoman89032
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if you want good credit then first pay off all the money you have on your card then cut them up that is the worse way to mess ones up... get a short term loan any bank and dont spend it put it saving and then pay it off early will help.... and get rid of the cards they costing you money not helping build any thing but bad credit |
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old hippie
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Take out a six month loan, make all payments on time. Repeat the process. The longer and bigger the loan the better, but it also helps to show that you have fulfilled your agreement. Whatever you do, DO NOT MISS A PAYMENT. If there is the slightest chance you will, do not take out the loan. Here is what I did when I got out of school and need to build my credit rating, I took out a $500 cash loan. Put the money in a saving account that paid interest, which wasn't much, but it helped. Then used the money to pay back the loan. All I was out was the interest. I just figured it was a small price to pay for a better credit rating and I didn't have to worry about where the money was going to come from to pay the loan, just a few dollars for interest. |
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Lilly
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If you already have credit card balances pay those off, but do not cancel the credit cards. Ideally, if you are only using about 40% of the credit on a credit card, and paying it on time that will help with your credit rating. Usually if you take out a loan and pay it off, that raises your score. |
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gohanss464601
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use a credit card but buy something then pay it off all the way and repeat that should raise your score |
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D and G Gifts Etc
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The first thing you need to do is stop applying for credit. Everytime you apply a notation (inquirey) is placed on your credit report. This will lower you credit score. The next thing that you need to do is get your current credit card under control. Concentrate on getting the payments in on time and lowering the balance. Credit Cards are the fastest way to screw up credit. As for you apartment. That really doesn't show on your credit report unless the apartment complex or leasing agent is submitting it which I doubt they are. They only usually submit credit info if you don't pay. Continue to pay your cell phone bill on time but once again my cell phone bill does not show up on my credit report. The main thing you need to concentrate on is that credit card. |
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__wAyLoN__
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avoid credit cards..they suck! ha..but anyways try this..go to a bank open a savings account..deposit $250 to $500..then get a secure loan for $250 to $500 using your own money as collateral..take the loan money then go to another bank and do the same and so on! it works! before you kno it..your credit score will shoot up..make sure payments are made on time of course..mine is set up as auto pay..never late, hassle free.. |
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Marcus R.
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Yes, you do lose points anytime someone looks at your credit score so applying for cards doesn't help. |
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dolly blaine
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Repairing the credit score is not that difficult provided you take these 5 simple steps into consideration.
1. Check your credit report regularly
This is a must to ensure that you know your current credit score, and what is ailing it. If there are any inconsistencies in your credit report get them corrected. Keeping bills of all the transactions you make can be very handy and helpful in correcting any errors in your credit report.
2. Get rid of those extra credit cards
The temptations to own a new credit card are so numerous in modern times that many of us end up with a purse-full of them without any real need. They stay there and cause a lot of problems in repayment. The confusion that comes with too many credit cards can easy lead to a missed payment and resulting penalties. Frequent defaults will reflect poorly on your credit score. So, keep only the necessary and discard the rest.
3. Repay on time
Every credit card transaction is a loan that has to be repaid on time with interest. Don't ever miss out on any repayment. If you are not able to make full payments, make half, or even the monthly minimum, but don't default. This will keep you in the good books of credit card company and help your credit score. If you are not able to pay anything to the credit card company, don't shy away from them, call them, explain your problem and work out things so that a negative report doesn't land up with the credit reporting agencies.
4. Keep your debt to balance ratio low
A low ratio means that you are repaying on time. This factor has carries a lot of weight while determining your credit score. A low debt to balance ratio goes in your favor while it hurts your credit report badly when this ratio is high. The high ratio says that you are not able to manage your finances well, borrow more than you can afford, and the repayment is not up to the mark-- in short a good candidate to accumulate a lot of credit card debt. Always, avoid giving this impression to the credit card companies. Read more from: http://www.credit-card-gallery.com/article/239,Credit_score_repair_in_5_simple_steps |
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Cali Girl
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try getting a secured credit card with orchard bank. Put like 200 on the acct and pay it off as soon as you use it. That way your score will rise in about 6-8 months. |
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Jens
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In a nutshell, these three things should help you out:
1. Keep your balances 20% or lower in proportion to your available credit. Creditors look favourable upon those who have a lot of AVAILABLE credit, but only USE a fraction of it because it implies control and self-responsibility.
2.Make all your payments on time and if you can make them a week or more early. Early payments are even better than punctual payments. If you cannot make a payment at that particular time, ask for an extension in the billing cycle. More often than not they will grant it because they what they want most is to collect. Be prompt on this becase once you're account is reported as past due, your rating will go down.
3. Get some type of mebership in a credit monitoring service. This way, you can see what your current score is whenever you want and know if what you're doing is helping. You are entitled by law to see your full report for free once a year, but I would look at it every 6 months to check for potential fraud, which can have averse effects on your score.
If you want more information on the matter, google "how to improve your credit score" and you're likely to find a good level of advice for free. Remember, your credit rating will have significant effects on your financial life. It's not something to play around with. Hope this helps. |
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chyna doll_2
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Don't apply to any more credit cards because every time you run that credit it doesn't help that score i did the same thing when i was your age i just started seeing if i would get the cards i did but too many inquires is bad bad bad also every time you apply and get rejected down goes your score and of course no one tells you this i was wondering why my credit was good but not great when i had a car note,mortgage and other random bills that were being paid on time it was because of the too many inquirers |
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IknowALL
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If you get either of the cc's you applied for, use it once a month for gas and pay it in full EVERY month. Over time that will help raise it. |
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liveinaustin
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That's the funny thing about credit scores.....if you don't pay your bills on time (all the time), the credit scores suffer.
Let's not beat around the bush...you're looking for an easy way to build credit and it doesn't exist. It's taken me many years to have the credit I have and it's because I realized years ago that when you owe folks money, they want it repaid in the time frame you agreed to.
So, pay all your bills on time all the time. Pay off some of your debt and pay off your credit cards (starting with the card you acquired most recently or the one with the highest interest rate). |
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greatpanisdead
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getting married would improve your credit score |
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fluke
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car loan is good, if you pay each month. |
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