Wednesday, June 24th, 2009

How do you improve your credit score if you have poor credit and new accounts?

How To Improve Your Credit Score
La Sona J asked:


I have alot of derogatory items on my credit that I actually need to take care of. I have opened some new credit card accounts since I have never had credit cards before. What is the best way to improve my score so that I am not such a high risk?

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6 Responses to “How do you improve your credit score if you have poor credit and new accounts?”

Cyberbrat_9 Says:
June 24th, 2009 at 11:42 am

Don’t charge too much…make your payments on time…pay your bills on time…take care of outstanding debt…

Richard H Says:
June 26th, 2009 at 6:46 pm

Pay your balance IN FULL each month, and pay it ON TIME. Don’t spend very much on yor CC.

U dont want 2 know Says:
June 28th, 2009 at 12:05 am

A free way would be to go and apply for something you know you will not be approved for and they will mail you something saying not approved and w/in 60 days you are able to recieve a free credit report. Just do that and once you get the report you can slowly pay off what you owe.

Chelsey L Says:
June 28th, 2009 at 7:46 pm

Make sure that your credit card never goes over 75% used (1,000 limit…..$750 max) The credit bureaus start penalizing you for any type of revolving credit that maintains a balance of 75% or better. The best way to build your credit up fast is to use your credit car for something small, and then pay it off as soon as you get your bill. Do that for 6 months and there will be a huge improvement in your credit score. Also everytime you apply for credit it lowers your beacon score by approximately 7 points, so don’t be a credit seeker. Freequent job changes and address changes also negatively impact your credit score. Hope this helps :)

Pay No Taxes For Life Says:
June 29th, 2009 at 5:29 pm

You need to talk with a trusted mortgage advisor who can help you with your situtation.

This site has many reports that will most likely answer most of your questions –

E-Rock Says:
July 1st, 2009 at 11:29 pm

Lenders are like scared little kids… they rely on what everyone is telling them, and your credit report says it all.

If you were to lend me $50 and I never paid you back… will you ever lend me money again? What if I tell all my friends…will they lend you money? Your credit report conveys this information, faster than girls spread cooties.

If you have negative items, contact the people you owe and tell them you are willing to settle on the debt (offer them 40% of what is owed) create a letter for them to sign off on that states you want all negative items removed from your credit report and a letter stating that everything was PAID IN FULL (not settled, or settled as agreed).

Once you settle, contest the listings on your credit report with all the credit bureaus:
Equifax, Experian, and TransUnion.

Then begin to pay large amounts toward your active credit cards… NEVER spend more than 40% of the credit available (if your credit limit is $1,000 – dont go over $400 on the card).

always pay your bills on time (not late)… then it takes time and you should begin to see your credit score rise…

35% of your score is debt to income (what you have borrow vs what you are allowed to borrow)
35% is payment history (something you need to get cleared up)
10% length of credit history (so dont close accounts you have paid off)

Hope that helps

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