How can you improve bad credit within a relatively short period of time?

Question

The last 6 months have been hard, and sometimes with no money in the bank, I couldn't make payments on time. Now our situation is much better, but we need to improve our credit badly. Any tips or advice would be appreciated, thanks!

Answer 1

if you know someone who has established credit for example someone with a $10,000 credit card, with a good payment history of 2 years and a low balance, less 30%. Ask them to make you an authorized user. There history will go on your credit report. This will raise your score very quickly.

Answer 2

There really is no way to improve bad credit quickly. You may be able to remove some of through the companies that charge a fee for helping you improve your credit but its never a quick fix.
Your credit score is based on the history of existing open accounts. The range is usually 12-24 months used to determine your score and also taken into consideration is used credit versus unused credit (limits versus balance) can also give you a bankruptcy score). Making your payments on time every month will generate the new history that is needed to bring you score up. Opening new credit is only a good idea if you are able to repay as expected. But opening a loan that pays off and closes in a short period will not really help your credit in the long run. A share secured credit card is proably a better bet. Its a revolving account, therefore, technically if you keep it in good standing, it will remain open. Hope this helps.

Answer 3

I had asked a banker friend of mine the same question just recently. He gave the advice of gas cards. He said those are a quick way to help gain credit. Also, he said to put a sum of money into a bank cd and then take a loan against that cd. Since it would be at a bank, it's assured to have timely credit reporting on it. I hope it helps.

Answer 4

it truly is not sturdy to have countless inquiries on your checklist, actual. i could carry on making any further purposes except you had sturdy reason to have faith it is going to likely be worthwhile. Getting began has under no circumstances been too effortless, yet in in the present day's "credit crunch", it truly is much extra stable. all of us with a financial corporation account can get a secured credit card however, and you will use this to establish a history. do no longer confuse a secured credit card with a debit card. A financial corporation debit card provides no secure practices against theft or fraud at the same time as a secured card supplies you you with each and all of the comparable advantages of an unsecured card. (a minimum of with a secured card, you ought to use it for what you have written choose.)

Answer 5

there are credit cards out there such as first prenier bank that will give you cards with only 9 percent interest. miss a payment or late and it goes to 31 percent as many companies do until you can show 6 straight months of good payments then it goes back down. citibank has a deposit card of minimun 300.00 and after 18 months of on time payments gives you your money deposited back with interest and a limit of 1,000.00 or more.

Answer 6

Why not speak to your bank manager on this topic?

Perhaps it's easier if you have all your money relationship changed to one single bank - and the usage of credit cards as well as quick payment of the bills is considered positive...

Answer 7

Talk to your bank about things you can do. They will advise you in the best thing.

Meanwhile, don't go through those credi repair peoples. It solves your money problems if you can't be disciplined enough yourself, but it puts a ding on your credit report (shows that you can't be responsible enough to pay your own bills and figure it out on your own).

You sound smart enough - go to the bank and they will work with you in the best way. They aren't out to **** you over either - at least not usually.

Answer 8

just keep paying your bills on time. your credit score will gradually improve--as for a quick fix...it just isnt possible--dont fall for those late night we can repair your credit etc garbage - all they do is set up an account you pay them and yes your credit score goes up (a few points) because you paid them....which youd be better off usign that money to pay the bills you already have....big woof..waste of time money effort etc

Answer 9

i used a credit repair firm.took about 6 mo. but they did it.you hear a lot about them being a scam but the real scam is them telling you that it wont work.they dont want you to erase anything so they say is bad.were ever you live you should be able to find one.cost around$500.00