what is the best and fastest way to rebuild your credit?

Answer 1

Ditto all the above but to take this a step further.


Go to a bank and borrow One to Two thousand dollars. Put the money in a savings account at the same bank and use the savings account as collateral for the loan. This assures that you can get the loan and at a very low rate. Usually 2 to 3 points
( Percent ) above what the bank is paying on your saving account.

This is commonly done it will not surprise the bank.
Pay the first payment within two weeks or at your next payday.
( Whichever is sooner ) That way you will always be two weeks ahead and have some time to spare in the event of a crisis. The next payment will always be two paydays ahead. But do not use this except
for a real emergency. ie a death in the family, not to buy that
new whatever, which you just cannot do without.


This also gives you an excellent place to put any " Found Money "

Found money is any money which you do not normally receive. Such as birthday gifts, Christmas bonus etc.and especially your tax return. The rule of thumb is to pay the most expensive debt first. This is probably your credit card(s) Than pay other debts until all are paid.

Most importantly after you are out of debt, put the money you have been paying on those debts into your savings account. Than if you need a new washer or some such purchase which you would have to charge now, You can borrow from your savings and than pay yourself back instead of paying MasterCard.

I did this very thing several years ago and never again borrowed any money except for Mortgage and Car.


From a retired banker.
Good Luck.

Answer 2

Pay your bills on time - every month. Pay at least the minimum payment if not more. Do not max out your credit. Always leave at least 50% on the credit card. Always have one credit card with no balance at all. These are all good for your credit score (FICO). In two years you might get a lower interest rate. No, I am not kidding.

This is why it is so important for people to pay their debt and don't get too much debt.

Answer 3

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RE What is the best and fastest way to rebuild your credit?

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Answer 4

Start by punctually and reliably paying your bills. No late payments, no underpayments, no bounced checks. Do this for about two years and you will notice companies that wouldn't give you the time of day begin to take serious interest in you.

Answer 5

Get a small loan and pay it off monthly and on time. Once your payment is done, your score will go up..

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