I have a step-son with a good job but poor credit. How can he improve his score?

Answer 1

Pay off his debt. Period. If he owes anyone and is delinquent, nothing else he does is going to help.

Once that is all clear, he really should live on a cash only basis for a couple of years to learn to manage on what he makes. If he can put together savings for a car or house down payment, and all his debts are long paid off, he'll have no problem getting a loan and that will be the first step back up to good credit.

THEN he can think about getting A single credit card (shouldn't have more than 2, period).

Answer 2

As long as he pays off his old debts, his credit will slowly start improving. After a few years he'll start getting credit card offers again. When he gets one with a pretty good interest rate (19% area) he should apply and get it approved. Then he uses the card only to the amount that he knows he can pay off when the card becomes due. Pay it off in full every month NO MATTER WHAT. After he does that for a year or so, his credit will look much better and he can get financing for cars (though not the best, but better) and such.

Answer 3

I agree with most of the answers already given but I also know that he can help improve his credit by taking out a small loan, putting that money in the bank and pay it on time for a couple months and then pay it off in full. If he does that a few times (increasing the amount as he goes) it will show that he has paid his debts and on time and that will improve his score. Of course, paying off past debts is the key.

Answer 4

He needs to deal with his bad credit.

If the accounts are with collection agency's, just paying them will not improve his score. Due to the collection agency's reporting as a paid collection account.

If they are with collection agency's, the best thing he can do is send them a debt validation letter, certified mail return receipt (CMRRR). After the agency properly validates the debt, send a pay for delete letter (CMRRR) and request to pay a percentage of the amount, request that the agency will delete any tradeline they have placed on his report, request that they will not continue to try and collect the debt and will not sell the remainder of the debt.

I would suggest going to the "free" site that I've added a link to and do some reading on how to repair his credit.

Answer 5

Credit is built like a brick Wall with no mortar. You build it one account at a time and over a period of time. Pay it off and add to it keeping your debt ratio low. The wall will be solid but if you make a mistake or evade a bill it will come tumbling down.

Answer 6

Having bills in my own name and paying them on time helped my credit score jump way up

Answer 7

if he has bad marks on his credit. meaning people he owes money to and its in collection. pay those off. if he just has no credit or slow credit try for a unsecure credit card. they say you need 3 revolving accounts for your score to go up? if he can not get a unsecured credit card. try for a semi or fully secured credit card. remember that you do not want to use more then 30% on the credit card or your scores goes down. trust me i was trying to rebuild mine. in all my research i have found out 3 reolving accounts and no more then 30 % on credit cards. and it takes years to rebuild. if im wrong i am more then welcomed to be corrected cjone782000 on yahoo

Answer 8

Credit Score is a losers game. Don't get caught up in it. Teach him....if you don't have the money for it....wait til you do. Credit cards and the like are a black hole! Budget...Budget!

Answer 9

get a credit card from orchardbank.com
that card is gaurenteed for ANY CREDIT
make purchases on it then pay that off in 25 days

Answer 10

have him order his credit report. He can then contact his creditors and set up payment arrangements. He can get a credit report from all creditors from freecreditreport.com