Wednesday, September 16th, 2009

What is the best and quickest way to raise my credit score?

to raise credit score
Savage Henry asked:


My credit score is low. I have recently paid off all my major debt. I have about 6 K in savings, no outstanding debt, creditcards ect. I want to buy a house in the next 2 years. How can i raise my score?

Thanks

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5 Responses to “What is the best and quickest way to raise my credit score?”

crazykahlua81 Says:
September 18th, 2009 at 9:10 pm

keep paying things on time and what I found that helps….. when I get my bill for discover card in the mail, I pay it all. Don’t leave any unpaid because why pay interest on crap seriously. close most of the credit cards such as sears and target and mainly use just one and pay the bill when you get it. ask for a credit limit credit increase on the one card you use.

Ricardo S Says:
September 20th, 2009 at 12:57 am

That’s a great question. It depends where your credit score is currently at, and what you have outstanding.
To begin your credit, i would recommend signing up with a Capital One Credit card; it may be a little bit high on the interest-MAKE SURE YOU PAY IT OFF EVERY MONTH.

This is probably the best way to get your foot in the door. If you don’t have credit it all, applying for a credit card will post your credit. Every application will not get you a credit card, however it will post your credit bureau statement showing that you are attempting to build your credit; hence, creditors will see this as a positive attribute to your credit and take a risk.
If you are not ready for a credit card, you can always sign up for a small payday loan that runs your credit. Once again, your interest maybe high, but if you have good monthly income and a clean bank statement (no Returned Items, or Overdrafts) this will report back to your credit.

No bank account or checking account?
If you are currently renting, I would recommend going through your local phone book to see if you can find companies that will report to your credit bureau every time you make your monthly rent payment *DON’T SCREW IT UP;MAKE YOUR PAYMENTS EVERY MONTH.

I hope that you find this to be somewhat beneficial

david a Says:
September 23rd, 2009 at 10:47 am

to raise credit score

1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3.To boost your score: Don’t charge anything for at least 60 days before applying for a loan
4. keep your total potential debt to earnings load low – If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
6.To boost your score: Don’t close unused accounts when you transfer debt.
7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.

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Dwight S Says:
September 26th, 2009 at 8:07 pm

First, get a copy of your credit report from each of the three credit reporting agencies and see what’s on them. If there are any errors that are pulling you down, contact the agencies and get them corrected.

If you’ve got bad credit in your past, the main thing that will help you is time. If you can demonstrate a good payment history on your credit reports, by using and repaying credit as agreed over the next couple of years, the good will eventually overshadow the bad. Plus, the sub-prime lending mess will be over by then and even with less than perfect credit, you’ll should have a great opportunity to buy a home. My best advice on that is, buy a modest home, put the minimum down, and keep as much money in reserve as possible. Six months living expenses is a minimum. Your payment should be much lower than the banks and realtors will say you can afford. The more expensive home you buy and more you borrow, the more they make. Things happen in life and having cash in the bank when they do will allow you to keep your payments on time and your stress level down!

beauty s Says:
September 29th, 2009 at 4:33 am

if you pay off your debt, then in two years you should be ok.. and keep out of debt..

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