whats the best and fastest way to get your credit rating up?

Answer 1

I am a former financial counselor so I can answer your question. Your credit score is based on several factors.
1) 35% of it is payment history. Making payments on time is the most important thing to your creditors.
2) 30% is total debt and available credit. Your creditors look at overal debtedness as an important factor of responsibility, and remember this is overall debt + potential debt. So if you have 5 credit cards with no debt on them, your credit score may be reduced because this is potential debt. You could go out tomorrow and max out your cards and be in serious trouble.
3) 15% is account age. The older the better!
4) 10% frequency of applying for credit. Go out tomorrow and apply for a car, a Macy's account, and a Victoria's Secret card, and you'll see how this will reduce your score.
5) 10% Wild card factors. Such as types of credit lines. ex. Mortgage = Good. Credit Card = Bad.

So my advice is this. Based on your question, it sounds like you already have a credit history, but you are looking for ways to better it. I would definitely recommend closing any of your newer accounts but maintaining the older ones and keeping them open. If the older ones have a large max on them, you can always call your creditors to reduce the limit, therefore lowering your potential debt without closing the account. If you have several newer accounts that you are considering closing, you may want to transfer all their consolidated debt onto a low APR credit card, and then closing them appropriately. (PS, when you close an account, make sure that you ask the creditor for a letter in writing confirming the account closure).

So in summary, the fastest way to increase your credit rating is to pay off debt, as simple as that. If you are not in a position to pay off all accounts, then just continue to make consistent payments. If you have any open revolving credit, then closing accounts may increase your score because it eliminates potential debt, but try to keep the older accounts open for credit history. There's never a fast way to increase credit ratings unless you win the lotto and pay everyhing off, but just being patient and responsible, over time you will begin to see the improvements!

Answer 2

I had this problem, if you have a job go to a small financing place where your job stands as credit and borrow a small amount 500.00 buck or so and pay it back. Also get your credit report and make sure nothing is on it that is not suppose to be, some times they over look things that should have been removed already! No credit is bad credit, so always keep something going in the line of monthly payments just make sure they report to the credit bureau!Good luck!

Answer 3

Pay off your debts. Your credit rating is based, in part, on how much you owe and how much you own. Think of it as debt versus equity. Someone who has a lot of equity can pay off debts without risking default. Always pay your bills on time, preferably in full. If you have a lot of loans, try to conslidate them. Start living within your means if you're splurging: buy with cash instead of credit. Keep the credit cards for absolute necessities. View your three free yearly credit reports: often credit ratings are based on erroneous information, which may cause the rating to go down (sometimes they may even get you mixed up with someone else).

Answer 4

You need to at least pay your bills on time for 3 consecutive months or it will drop or not get any better.

Answer 5

Pay your bills on time.

Answer 6

pay ur bills on time ...