How can i raise my credit score?

My credit's been shot since the day i turned 18. I have so much negative stuff i cant get a credit card car loan house and even had trouble getting a bank account again. Any suggestions?

Hi!

Here are a few tips that will help raise your credit score, but some will take time. If you havenâ€™t pulled your credit report recently, it would be wise to pull it and check for inaccuracies and report them to the credit bureaus.

1. Pay your bills on time.
This is the best way to improve your score, and it's never too late to start. Even if you've had serious delinquencies in the past, those will count less over time if you keep paying your bills on time.

2. Keep credit card balances low.
This might not be as relevant to you, because you mentioned youâ€™re trying to get a credit card, but when you do, keep the balance low. Better yet, pay it full every mo

3. Check your credit report for accuracy.
Itâ€™s possible that there may be inaccurate information on your credit report that can be easily cleared up. If this proves to be the case, then you should contact one of the three credit reporting agenciesâ€”TransUnion, Experian or Equifax.

4. Pay off debt rather than moving it around.
Consolidating your credit card debt onto one card or spreading it over multiple cards will not improve your score in the long run. The most effective way to improve your score is by simply paying down the amount you owe.

5. Keep your credit cards - but manage them responsibly.
In general, having credit cards and installment loans that you pay on time will raise your score. Someone who has no credit cards tends to have a lower score than someone who has managed credit cards responsibly.

6. Don't open multiple accounts too quickly, especially if you have a short credit history.
Opening too many accounts in too short of a time period can look risky because you are taking on a lot of possible debt. New accounts will also lower the average age of your existing accounts, something that your FICO score also considers.

7. Don't open new credit card accounts you don't need.
This approach could backfire and actually lower your score.

8. Don't close an account to remove it from your record.
Itâ€™s a myth that closing an account removes it from your credit report. This is untrueâ€”even closed accounts remain on your report, possibly for an indefinite period of time and may still be factored into the score. In fact, closing accounts can sometimes hurt your score unless you also pay down your debt at the same time.

9. Shop for a loan within a short, focused period of time.
FICO scores distinguish between a search for a single loan and a search for many new credit lines, based in part on the length of time over which recent requests for credit occur. If you shop for a number of loans over too long a time period, it can count against you.

10. Contact your creditors or see a legitimate credit counselor if you're having financial difficulties.
This won't improve your score immediately, but the sooner you begin managing your credit well and making timely payments, the sooner your score will get better.

Iâ€™ve included a link to our credit guide, but if you have any questions, feel free to contact me through my profile. Good luck!

There are lots of ways to improve your credit score. The most important thing to keep in mind is that you MUST pay your bills on time and try to maintain as little of a balance on credit cards as you can.

This site has lots of great information on credit scores...

http://www.mycreditselect.com/Understanding_Your_Credit_Score.html

pay your bills on time

FICO scores are derived by calculating credit behavior in five basic categories, each carrying a different degree of importance, or "weight."

Payment history: Making up more than one-third of your credit score, your payment history shows whether you pay your bills on time, the number of past-due accounts (and how long they are overdue), any accounts referred for collections, any bankruptcies, and other payment-related behavior.

Amounts owed: Not only do lenders want to know how much money you owe, they are also interested in the ratio between outstanding debt and available credit. In other words, the closer you are to "maxing out" an account, the more negative the impact on your credit score.

Length of credit history: A short credit history can work against you. It gives you no time to prove yourself!

New credit: How frequently and how recently have you applied for new credit? Many "inquiries" on your account, especially within a 12-month period, can lower your credit score.

Number of accounts and types of credit used: It's good to establish a pattern of repaying your debts, but don't run the risk of "too much of a good thing." If you have many open credit accounts and/or credit from certain lenders (like finance companies), your score may be reduced.

Time's your best solution. That may not sound great, but by not adding any more negative items in the future you will be able to counteract the bad stuff in your past.

Don't do anything with your credit for Seven years and everything will drop off. Credit repair is also an option since most people don't have seven years to wait. Stay away from debt consolidation services, if you are going to go that route you might as well just file bankruptcy most creditors look at debt consolidation and bankruptcy the same way. When you do get your credit in order monitor it, as I have been told by many clients "In the U.S. it doesn't matter how much money you have you can do anything you want if your credit score is high enough."

First, make sure all the information on your credit report is accurate.

Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly.

Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.

Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.

Repairing your credit and improving your credit score is a slow process that takes time.

I'm the MUNCHKIN MAAAAAAAAAAAAAAAAN! ! ! ! !

MUCKIN MAN SAYS get a CREDIT CARD! ! ! !

CREDIT CARDS aren't as bad as Americans think they are....

CREDIT CARDS are double edged swords. if u pay them on time ur score goes up :) but if your like most of us layzie big mac eating citiezens then you'll pay everything a month later and your score will go DOWWWWWWNNNNNN :(

dont worry about it jamie

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