2006-07-18 04:06:33 · 7 answers · asked by Nyema 3 in Business & Finance ➔ Credit
Get current, stay current and pay stuff off.
My uncle (who is VERY financially suavy) said that there are 5 things that affect your credit rating-
1) the % of available credit- I think "available credit" is figured according to your income. To improve this one, don't take out any loans, and pay stuff off.
2) If you have less than 4 lines of credit. I really don't know how this works- not sure if they want you to have at least 4 credit cards, loans, etc...
3) the # of accounts that are 30+ days late. Here's where the "get current, stay current" one will help.
4) foreclosures or reposessions, or judgements. If you have any accounts that have gotten so far behind that one of these have happened... find a way to settle the debt. Contact the creditor and see if there's a way payment arrangements can be set up. Staying current with your debt payments can prevent this stuff.
5) Unresolved debt- Again, this is one I don't really understand.
2006-07-18 04:16:48 · answer #1 · answered by Yoda's Duck 6 · 0⤊ 0⤋
What I am doing is using a credit card with a small limit to pay my bills every month and then paying it off before any interest rates incur. I've been doing it for less than a year and they just keep on raising the limit.
2006-07-18 04:12:27 · answer #2 · answered by Meg 2 · 0⤊ 0⤋
pay more than the required monthly payment, Write to the creditor when there is expalining any problem. Use Credit only in a dire emergency until everything is paid. You can carefully select a credit counselor, but beware, some are not up and up.
2006-07-18 04:17:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Pay everything on time and start lowering balances on your credit cards, car loans and Things like that. high balances are horrible for your credit. For an example if my cc has a $1000 limit my goal would be to keep the balance under $500. if it goes higher it is likely to start lowering your credit!
2006-07-18 04:12:09 · answer #4 · answered by Nader 3 · 0⤊ 0⤋
get one of those $200 credit cards, use it, pay it off every month, after 6 months they up the limit, keep it going, dont miss a payment. after a while. couple of years your credit is up to 5 grand or so, then buy a new car. dont miss any payments.
done.
2006-07-18 04:10:21 · answer #5 · answered by digital genius 6 · 0⤊ 0⤋
It all takes time. Be on time with your payments now, and in about 6 months, check your rating and what's on your credit report. There may be some items on it you can have taken off if they don't belong there. Just be patient, it won't happen overnight.
2006-07-18 04:10:43 · answer #6 · answered by ray of sunshine 4 · 0⤊ 0⤋
There is some useful advice here.
2006-07-18 05:06:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋