I am getting ready to pay off my debt but when I do that I know my score will not go up by much. I can't get any loans because my credit is THAT bad. What can I do? I make my car payments but that doesn't seem to help it by much? Can't get Credit Cards, nobody will give me one! lol! Is there anything I can do to increase my credit score drastically?
2006-07-30 13:54:37 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
well, think of credit like grades, it's easy to from straight A's to D's, but it's tough to from D's to A's. The best thing you can do is maintain. Dont pay things off early. If you can afford them make the payments on time, sometimes pay extra, but not too much. If you have a cell phone, pay it on time. For sometime dont let anyone run your credit, it brings down your score fast. If it's real bad, ask a parent/spuouse to help you, have them co-sign a small $3000.00 loan, and pay it off with monthly payments, and get it done on time. The idea is to creat history. Try getting a credit card from a local gas station. Use it like 2 times a month, and pay it at the end of the month. Show a history of use and pay off. Once again the idea is history, your trying to prove your a good risk for money. This may take time, dont rush it.
2006-07-30 14:04:23 · answer #1 · answered by donkey176 2 · 1⤊ 1⤋
You're only 19... you couldn't have messed it up that bad that quickly, could you?
Once it's bad there are only two things that will make it better. Time and Money. Pay off the things you can afford to pay off. If it's a credit card in default, call the company and make arrangements to pay it down with them, not a collector. If you can afford it, they may offer a discount payment. However, you probably haven't been in default that long (you've only had it a year or so, right?) so they may not have charged off yet.
I would expect paychecks to be intermittent in your line of work, so don't try to pay everything off all at once. You may end up being short for other bills that are in good standing. Keep a good amount in your bank account for emergencies and make lower payments over a longer period. There is nothing worse than paying down a debt and then falling behind again because you paid too much the month before. Slow and steady wins the race.
The best advice I could give is to forego credit cards and just keep cash in the bank. If you make and can save a decent amount of money, it's no much different than having a credit card. Just use a bank card where you would use a credit card. Except maybe the check-ins at the airport. Everytime I tried to use my TCF card at O'Hare it would not register since it is not officially a credit card... even though it has the VISA logo.
2006-07-30 23:30:23 · answer #2 · answered by Wyld Stallyns 4 · 0⤊ 0⤋
First join a company like CreditExpert.com there is 9.95 monthly fee and u can monitor your credit. Then make sure everything on there is yours the information is correct (they had me living at my ex-husbands house) and if there are any problems dispute them. Then after u do that start disputing things even if you know they are yours if the company doesn't get back with creditexpert in 30 days they have to take it off your credit.
I also have 3 credit cards that i pay a fee monthly for 1 time yearly and they report to the credit bureaus every month instead of every few like some of the larger companies. Aspire.com,
First National Bank of Marin and Orchard.
My credit score was 495 about a year and half ago and now it is 643. Just takes time. Also, when u do get these credit cards use then and don't totally pay them off pay more then the minimum let them know that you trust yourself to make montly payments.
This really does work. The first thing i do in the morning is check my FICO score and had changed daily in some cases.
:)
2006-07-30 14:16:21 · answer #3 · answered by jodi_lynn_124 2 · 0⤊ 0⤋
Look into getting a Secured Credit Card. It is a credit card that you must pay in order to use. It will help you increase your credit score, but as all the rest of answers say it will take time. Scores take a while to build but in a few months it can be killed. Just make sure you make your payments on time for everything.
2006-07-30 14:48:09 · answer #4 · answered by Samantha H 1 · 0⤊ 0⤋
The problem with bad credit is you done something bad like didn't make payments or have a lot of debt outstanding. So the only way to fix your credit is make payments on time and let time pass by until most of your current debt is paid off. You might have just had run ins with like the Cell phone companies who charged off your debt, that always looks bad.
Don't use those rip off credit cards that charge you a annual fee just to try to raise your credit and don't be applying for a lot of credit cards if you know you can't get any. That kind of stuff ruins your credit too.
2006-07-30 16:14:45 · answer #5 · answered by NOVA50 3 · 0⤊ 0⤋
After you pay off your debts, start saving money and open an account in a bank or credit union. Schedule an appointment with the loan officer to meet him/her and ask about loans they make. Then take out a small loan, say $500 for 30 days, and then pay it back. Do this several times and it will build your credit standing. You can then use the loan officer as a reference to further build you credit credentials. Remember bankers do not like to loan money to people they do not know, so when you stop by the bank always peek in on them and say "hi" With a history of prompt repayment they will feel confident approving the next loan and vouching for your reliability to other lenders.
2006-07-30 14:14:36 · answer #6 · answered by wealthmaster 3 · 0⤊ 0⤋
First of all, you need to check you credit to see what all is on it. If you have outstanding balances call the places you have these balances with and set up a payment plan. Pay all of your bills on time. Your income needs to exceed your expenses. Start by working on paying off all of your debt. Then, get ONE credit card and make small purchases. When your credit card bill comes in, pay it off in full. You do not want to have a revolving account (one that constantly has a balance).
2006-07-30 15:39:13 · answer #7 · answered by Lacey L 2 · 0⤊ 0⤋
sounds like you are in a tight spot. If you have rent and utilities to pay, dont slack off. That will kill your score. Keep trying, different institutions have different standards. I have a gold card and a platinum card, but cant even get a fashion bug charge card. Credit is tricky. Just keep trying to get it up any way you can. Definately pay your bills on time every time. Hope this helps somehow. Good luck.
2006-07-30 14:01:18 · answer #8 · answered by Ravenfire 3 · 0⤊ 0⤋
Sounds like an interested question
2016-07-27 05:32:32 · answer #9 · answered by Cortney 3 · 0⤊ 0⤋
I,m in same boat as you are how can you offer me a job if you need money like me, I like to know
2006-07-30 14:28:52 · answer #10 · answered by pattibcacl 6 · 0⤊ 0⤋