Comments on: How do I build/repair my credit score?

By: Dewey K

Dewey K — Mon, 07 Jun 2010 13:50:09 +0000

I think you could qualify for a car loan right now and I know of a website that has helped several of my friends get first time auto loans.
You want to be careful of too many credit cards. They look at them for potential misuse. You might never max them out but you could.

By: aleish

aleish — Sat, 05 Jun 2010 02:04:33 +0000

Here is a good article about repairing credit score
I hope you will find it helpful!

By: ronnlynn

ronnlynn — Wed, 02 Jun 2010 06:51:29 +0000

You don’t need that many credit cards to have credit history. Just one or two is enough. Keep paying over the minimum balance on each, and you should be set in a few months, assuming you don’t have other negative items on your credit report.

By: Johnny W

Johnny W — Sun, 30 May 2010 14:33:15 +0000

My wife and I learned how to clean up our credit at “thecreditrepairmanual.com”

By: Smoovy Loco

Smoovy Loco — Sat, 29 May 2010 15:47:22 +0000

Ok, I can give you advice on your situation. I would chill out applying for credit right now. You already have a pretty good balance of revolving credit (3 credit cards) and installment credit (secured loan).Too many inquiries gives the appearance that you’re desperate for credit. It’s allowable to have multiple inquiries when it comes to mortgages and auto loans becuase it’s considered “rate shopping” and the inquiries are considered as one, but for credit cards, that’s that worst thing to try to apply a lot for. The 3 cards you have are fine, especially the secured one. One thing to boost your score would be to up the credit limit on that Citibank secured credit card. Actually, you could kill 2 birds with one stone by taking what you would’ve used for the down payment, invest it in the CD to secure a higher credit line and gain interest on it at the same time. Now, keep in mind that it’ll take about 18 months for the Citibank secured card to convert and the CD will mature, but with those inquiries you racked up by applying for those cards it would be better to wait them out anyway. Boosting that limit on that secured card will help with your debt to available credit ratio which counts as 30% of your score. By doing this, and keeping the limits lower to more like 20-25 of your available credit will boost your score some.

So right now, I’d just chill for the next year and a ½, no more than 2, let your payment history develop a little more especially on that secured loan. It looks good on your report to have paid on an installment loan for at least a year.

By: grierGRIER h

grierGRIER h — Fri, 28 May 2010 14:12:27 +0000

The following critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.

1. Re-payment history

This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.

2. Outstanding debt

The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.

3. Length of your established credit history

The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score.

4. The state of your financial accounts
How much money do you have in your bank account, your income levels, your house, car, your assets etc. comes the next. A healthy bank account reflects a healthy credit score. Experts find that credit reporting agencies give this factor 10% weight while determining your credit score. Read more from:

By: Mark

Mark — Wed, 26 May 2010 20:19:45 +0000

the inquiries stay on your report for 2 years, however in 90 days they don’t do any direct damage to your score.
Wait about 3 months before applying for ANYTHING at least.
Increase your credit score by eliminating credit you don’t use, it sounds like you are young and there is no need to have a 4000 credit limit on a credit card, it makes you look risky. Ditch that, keep your payment histroy strong, and as time goes on you will have really good credit. In the meantime, don’t attempt to get an auto loan unless you want a hidious interest rate.

By: goddesswithin13

goddesswithin13 — Wed, 26 May 2010 01:23:50 +0000

If you have a parent or friend that has good credit and open credit accounts, ask them if they can put you on their card as an authorized user. Make sure and let them know that you don’t actually want a copy of the credit card and are not going to be using it. By adding you as an authorized user on their credit card, it will raise your credit score on average of 50 points.
I would wait 6 months before even thinking of applying for any other credit lines including a car loan. Make sure and pay down your credit cards as much as possible and keep the lines of credit open, but paid off. Possibly keep one card with a balance and continue paying a little above minimum each month. In six months, if you have stable employment history, you should qualify for financing. Do research before applying though to find out who offers the best interest rates and find out what your current credit score it. Check to see what guidelines each financial institution requires and make a decision on who YOU want to loan You money.