Once I pay off all my debt on my credit report what can I do to get my credit score up to the 700's?

Question

With out having a credit card becouse I really don't want one of those things.

Answer 1

check these link, then decide what you want to do, they might even get you to change your mind!
see the FAQ on the first link down but really there's plenty of advice throughout if you have time to read:
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
good luck!
if it helps please remember me cheers

Answer 2

Even if you manage your credit well, the only thing that you can do for your score to accumulate into the 700s and then the 800s is wait and give it time. Part of the legitimacy of your credit report is that it evaluates you over time - so that is what this is all about.

Make sure you NEVER miss a payment. This gets recorded and will stay on your report for years. Set up reminders, etc. but don't miss one.

Doesn't sound like you have any cards right now, but if you do have them - it's not a bad thing and I would recommend you don't cut up your old credit cards that you don't use - one of the ways they evaluate credit is based on how much credit you have been extended by various companies. In time and as these companies see you as responsible, they increase your credit limit and you will benefit from it. But once it's open - keep the cards in a safe place (not your wallet ;)) and just leave them there (or throw them away but note the information and make sure to watch your account for anything funny).

Without credit cards - in a way you don't benefit from the fact that companies trust you with credit, which is what this is all about.

Search the articles on www.about.com for a lot of articles, here is an example:
http://banking.about.com/od/loans/a/ficocreditscore_2.htm?terms=improving+credit+score

Good luck!

Answer 3

Your score can be under 700 and still "good" if it is over 600, just not "excellent". Is your credit score "bad" or just lower than you want it to be? Why are you looking to improve your score now, and how fast are you expecting to see improvement?

Good credit is really easy to mess up, requires a lot of discipline to maintain, and is very hard to improve. It is too bad more people don't know this before it goes bad.

You really need to talk to a consumer credit counselor, but be careful not get mixed up with the ones that want to help you "pay off your debt for less than you owe" because that is just a gimmick to make money off you and it will likely NOT improve your credit score. Good luck!

Answer 4

Your credit score is a number that helps creditors determine your risk factor. There are several factors that go into making up your credit score. Among them are:

- Payment history
- Balances (keeping balances below 50% on revolving debt)
- Number of Inquiries (hard pulls on your credit report, not soft inquiries for informational purposes only)
- Types of credit you have open (revolving & installment debt)
- Public Records (bankruptcies, collections, liens)
- Length of Credit History

Now, these are just a few things that affect your score, but they all get placed into the calculation. It is important to make sure that things like payments are kept on time always, and keeping things like applying for new loans to a minimum.

You should always have a good mix of types of debt as well. That doesn't mean that you should get a credit card, and use it unwisely, but with proper usage, can help you build up your score.

There are some good articles here:
http://www.brightscore.com/Education/improve/ImproveScore.aspx

and here:
http://www.experian.com/ask_max/max072804d.html

that can help.

Answer 5

You need to continue paying debts, and either paying off loans on time or early. As well as build up savings and monotarty assits.

Your credit report, as my understanding is a score based on your ablity and history of paying loans and therefor trust in new loans and debts.

If you have no debt, then you are on your way, try not to create new debt, and if you do, pay early and often to remove it and gain points.

You can allways get the card a distroy it, so you have an account in your name to use to build credit, but not on you so you won't use, or have and use rearly to build credit.

Even if you don't want one, it's a good thing for emergancies and onther unforseen exspences which might come up. You can allways use as a payday advance if needed. They are a nessesary evil but worth having.

Answer 6

It's called credit history because it takes time to build it. High credit limit with low balances shows that you are responsible with money. Pay more than the minimum each month. Keep accounts open, the longer they are more of a history you'll have for companies to evaluate your credit history. Search on the net for more advice, tons of information out there.

Answer 7

Main page of my source, scroll to the bottom, all about "Your score evaluates five main categories of information* This will help decide what needs to be fixed to enhance your credit report... excellent article helped me alot