how can u build up your credit score?

Answer 1

I have flawless credit and this is how I did it. Start by joining a credit union or a bank. After a few months they will approve you for a small personal loan. Once you take out the loan, cash the check and pay it back in a few days. You wont get hit by the interest and they love to see you paying off your debts that soon. Repeat this process a few times, they should give you larger amounts each time, based on your repayment history. After a couple of years you will be well over a 750 rating. Also avoid racking up huge number on a credit card. That will only come back to haunt you. Also buying and paying off a car or home counts huge.

Answer 2

Buy something that involves making payments and pay on time or if you have checking and savings account- a bank you do business with and talk to Loan Dept-see if you can borrow $1000.
It's small enough amount that only having a job would be required to prove you can repay then do not spend any of the money but use the Loan Money to repay the Loan. On such a small amt the finance charge is not much but you can make 6-7 payments to build a good paying history and then pay balance off. If you can do this it will be a very solid credit reference. Anything taht you can afford to pay with monthly payments can build your credit but pay attention to finance charges -shop around and find a low interest rate before you decide for you want to pay as little finance charge as possible.

Answer 3

Keep the same job for a few years, pay all bills promptly, and get a credit card or loan even if you don't need it. It's hard to get that first Card sometimes and you will probably have to get one with a high interest rate. Department stores often charge close to 30% interest per year on unpaid balance, so keep that balance down! Then you can apply for a major credit card like VISA or MasterCard who charge closer to 10%. It will also help if you live at the same address for a long time.

If you are turned down for a credit card you are entitled to a free Credit Report - in Canada we go to Equifax (listed online.) but applying for the report takes a few points OFF your score, so don't do it too often! Likewise every time you apply for a card and are turned down that reduces your score too. Good luck - the first one is the hardest!

Answer 4

The loan idea is a good one, only be sure there are no prepayment penalties associated with it. Also, get a credit card--the limit doesn't matter; $500 is sufficient--and charge stuff that you use every day like groceries, gas, dry cleaning. Be sure to pay the entire amount at the end of the month to avoid interest charges. It will take some time--six months to a year--but you will have a solid credit rating.

Don't be late with your payment--not even once! You want your record to be spotless!

Answer 5

Financial institutions like to see a steady payment history of at least 6 months. Make sure that you are up to date on your bills.If you have any negative credit on your file, start addressing the debt by paying it off. Keep in contact with your creditors.Even if you do not have all of the money to pay off a bill, the creditor would gladly accept smaller payments than no payments.Do not P-off a creditor. They can be your worst enemy.

Answer 6

Check it for errors, I had a low score because of errors and was able to improve it by pointing the errors out to the credit bureaus Experian, Equifax, and Transunion, who all have websites for determining your score and requesting your report.

Do Not get a line of credit through a store/retailer this shows up as negative on your score especially if they report a late payment.

Answer 7

pay your bills on time (better to sign up for online payments)... Don't max out your cards, leave a nice cushion....get copies of your credit reports (they're free) from all three agencies and if there are inaccuracies, challenge them and get them removed....don't make too many inquires into obtaining new cards in a short period of time..... don't close older cards that the credit agencies depend on for your history.... If you do carry a revolving balance --- always pay more than the minimum amount.

Answer 8

Get a visa or MasterCard and purchase something of low value and pay the bill in full each month - I guarantee your credit rating will increase. Also transfer balance from one card to another w/ zero int. pay over the monthly payment or pay in full ea. month - I gaurantee you will get all kind of credit card offers. If your credit rating is extremely bad, it is hard to start over - but get advise from a bank.

Answer 9

the quickest way is to get one card and pay your monthly bills with it period, you do this every month anyway, and put the cash into the card instead of the bank and in 3 months it will go up after that 3 mos start leaving a good balance on it and voila you should be up at least 30 points or more.

Answer 10

go to the banks and get a secured credit card and than go to department stores and get a couple of those. use them and pay on time for about 6 months and you will have decent credit