My score is 555 , i have 2 collection accts with a total debt of 590.00... Other than a co signer,paying those wont raise it much ,itll just show them a spaid. anyone know how I can get started?
2006-08-11 17:39:13 · 10 answers · asked by chris l 1 in Business & Finance ➔ Credit
You're right it won't raise it much! Here is what you need to do.
1. Pay off everything!
2. Get rid of any available credit that you don't need. If you have any lines of credit at any stores or thing like that, get rid of them IF you DON'T need it. Having large amounts of available credit will lower your score, because you are perceived as a greater risk (ex. You could get a new line of credit, then run up the old credit. Then you would be in a lot of debt and not able to pay back the new line of credit)
3. Continue to pay all bills on time.
4. Try to get a SECURED loan from your bank or credit union for a 6 month term. Making these payments will show up on your credit report and increase your score. After the 6 months get another one and do it again.
5. Pay off credit cards every monthly. NEVER carry a balance, it makes you look "credit hungry". AND it keeps you from having to pay interest.
6. It is good to have 2 credit cards- 1 for emergencies and 1 to use. I don't advocate the use of credit cards , but to raise your score you need to establish good payment history! (Suggestion - use the credit card to pay a couple household bills and use the bill money to pay off the card. This will keep the card at a zero balance and establish good payment history!)
7. IF you don't have any credit cards, get a secured one. Those are fairly easy to get. MAKE sure you read all the terms and conditions and choose the one with the lowest fees.
8. Any negative items on your credit report can possibly be removed. IF you've paid it off try writing a letter and ask them to remove the item from your credit report.
9. Do not apply for any unneccesary credit. Inquiries DO drop your score.
10. Follow these steps and in time your score will improve. Remember pay everything on time and if your can't call creditors in advance and work something out BEFORE it's past due.
I hope this helps you out! Good Luck!
2006-08-11 18:11:13 · answer #1 · answered by golddiggalova 3 · 0⤊ 0⤋
Paying your debts does raise your credit score over time.
The best way to raise your credit score is to get a credit card. They have cards designed for those with bad credit. Buy something with your credit card every month, pay slightly more than your min. payment, and keep a balance of not more than 10% of the max limit on your card.
After a year or so of paying this on time, your credit score will rise dramatically. At this time, you might want to get one more credit card (you will be able to get a much nicer card this time) and repeat the process.
That, combined, with staying out of debt, paying off your current debt, and not living beyond your means, should raise your score 100-200 pts.
Hope this helps!
2006-08-11 17:45:11 · answer #2 · answered by rita_alabama 6 · 1⤊ 0⤋
HI :) Ok first go on Orchard or Marin apply for credit. Charge on them and pay most of them off each month leaving a balance so the credit companies don't think you don't trust yourself enough to have to make a payment next month. This is what I did almost 2 years ago and my credit score was lower then yours now is it 679 so getting better. Just wish it would be better.
2006-08-11 18:51:05 · answer #3 · answered by jodi_lynn_124 2 · 0⤊ 0⤋
555 is seen undesirable. you're seen as severe probability. it is not substantial how plenty money you're making, your credit historic previous tells all. creditors sees you as financially irresponsible and thinks you will default on the indoors maximum loan. in case you have a co-signer or collateral, you're becoming greater effectual opportunities for a private mortgage it relatively is recommended to start up with a credit enjoying cards for below-average credit. you will ought to pay expenses to apply the cardboard in spite of the incontrovertible fact that it establishes your credit.
2016-12-11 07:16:55 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Dispute the collections on your credit report.
If they don't fall of send the collectors a "pay for delete" letter.
Then take out a secured credit card.
2006-08-12 06:03:29 · answer #5 · answered by Johnsmatrix 3 · 0⤊ 0⤋
If you mean credit card as to your question credit. I'd go with Orchanbank.com, master card...they'll take you with 555...you'll have a annuel fee plus high interest...pay your bills on time and heal this within 3 years
2006-08-12 02:13:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
yep! absolutely! you need to legally delete the negative and put positive in the reports. ask these guys, they won't jerk you around, but they are not free. 1-801-350-3999 . please note that i am not an affiliate nor making any profit by letting this person know who to contact that actually helped me fix my credit. and do as the lady above says, she knows what she's talking about
2006-08-11 17:48:23 · answer #7 · answered by snafu22bohica 2 · 1⤊ 0⤋
This topic is worth everyone's attention
2016-08-23 04:09:33 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Maybe it's bad
2016-07-27 06:49:05 · answer #9 · answered by ? 3 · 0⤊ 0⤋
pay your debts
2006-08-13 03:00:18 · answer #10 · answered by hen d 2 · 0⤊ 0⤋