2006-06-27 05:21:03 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Most banks offer secured loans...you place say $500.00 in a savings account and the bank puts a freeze on the account and loans you the $500.00 back. You make payments on the loan and the bank reports to the credit reporting agencies...your score will raise as each month passes and the payments are made on time...the interest rates vary, but are generally much much lower than secured credit cards...take out one or two loans like this either at the same time or back to back and as long as you do not miss payments, make late payments, and have nothing go to collections, ext. your score should raise enough for you to get a credit card and other credit...it takes time, but it is really the only way.
2006-06-27 06:02:20 · answer #1 · answered by tams 4 · 0⤊ 0⤋
#1) Pull all your reports. Not online, request actual physical copies. They usually contain more than what an online report does. This will give you a start on where you need to go with your reports. Also, keep them. Never toss them. They are proof later on if you need them to refer to if you ever get into a legal situation regarding your credit (lawsuit etc).
#2) Dispute. Dispute anything that is not correct including, balance amounts, lates, etc. If you have only one or two lates, I would call your creditor and see if you can get them removed via goodwill gesture, or send a goodwill letter. You can find some great letters on some of the credit boards like creditnet.com and creditboards.com.
#3.) Collections? If you have any collections on your account or anything that should not be there, send a DV (debt validation) to the creditor asking to prove the debt. If they cannot, they have to remove the debt off of your report by law.
#4.) You have rights - check out http://www.ftc.gov/os/statutes/031224fcr... for more info.
#5.) check out some of the posts on creditnet.com and creditboards.com for assistance.
#6.) If you have no credit, or want a temporary boost - have a family member or really (really, really, really) close friend add you in as an authorized user on their credit cards. Make sure the balances are not high, otherwise this could hurt you more. The higher the available credit, the more your utilization will go down on your report - therefore bumping your score.
#7.) Avoid unnecessary inquiries. Hard pulls can hurt you, so avoid applying for new credit cards until after you buy your home.
This of course is a shortened version of things you can try. Research info on those links I provided you. You can increase your score spending just a short amount of time per week, sending letters to creditors etc. I increased my score over 100 points in less than 6 months. Depending on your situation, this could take shorter or longer time, but at least you have somewhere to start. Good luck!
2006-06-27 20:32:27 · answer #2 · answered by eloriarl 2 · 0⤊ 0⤋
If your bankruptcy has been discharged you might try applying for a secured credit card. Borrow against it and pay it back. The only thing that will raiseyur credit score is time and promprt payment on debts.
2006-06-27 12:38:59 · answer #3 · answered by mazziatplay 5 · 0⤊ 0⤋
go to creditcards.com and go to the portion for creditcards for ppl with bad credit.
2006-06-27 14:05:03 · answer #4 · answered by ~*Katie*~ 4 · 0⤊ 0⤋
I agree with Mazziatplay.
2006-06-27 12:54:09 · answer #5 · answered by Swordfish 6 · 0⤊ 0⤋
give them a shot
http://www.wesayes.com
2006-06-27 12:31:58 · answer #6 · answered by umdanddvd 3 · 0⤊ 0⤋