what is the quickest way to build your credit score?

Answer 1

1)Get a loan, and pay it off
2) Don't carry balances on credit cards
3) Don't capriciously close and open accounts. Establish the ones you have.
4) Show job stability
5) Show residential stability.

Answer 2

The answers above are more or less correct, just rather short.
The idea, if you are on a quest, is to use strategy.
If you have $20 in your pocket, instead of using it to buy something,
use a credit card. Put the $20 in an envelope in a folder to pay
the bill when it comes in. Use/Pay
Again, the answer above about stability - phone, utilities, address,
work - all important.
Get another credit card after a while. Do NOT get too many since this makes the credit look unstable - you could go out and max a dozen cards on a weekend, beyond your ability to pay the total, and the banks know this - 2 or 3, cards, steady, constantly in use, and constantly paid would be about it.
If you can, buy a house. ANY house, and rent it. You are then fulfilling the golden rule of credit - the old " MORTAR AND BRICKS" which is such a gold mine that nothing else compares.
The tennents pay the mortgage. You can even make money if you are handy and do repairs yourself. After a year or two, you use the leverage and credit to get a second house - nothing fancy - in fact a wreck is even better... and rent it out - GOD - the banks will bow down before you ! ! Again, the renters pay the mortgage, and you just get more " value " since the house gains in value, and you get all your money back. If you really study the tax laws, all designed for corporations and big business, you can write off part of your own house as an office, write off a leased vehicle in 3 years as a business vehicle etc. etc.. and save thousands of dollars on YOUR taxes, on top of making money...
Be certain to do your homework though - every lease or purchase MUST be done with the tax laws in mind IN ADVANCE - dont think that you can just wait to the end of the tax year and write everything off - it doesn't work that way...

Answer 3

there is some flase information in this thread. having as many open accounts for as long as possible with as high limits as possible increases your score, however this doesn't answer your question as the inquiries to get all these accounts will lower your score initially and will take over 2 years until it becomes better. I say apply for two cards a year until you have 10 but that is for long term score increase.

The best thing for a short big increase is to find someone with great credit and a high credit line card and have them put you on as an additional cardholder and not an authorized user. As a card holder you are responsible for the debt on the card (as are they) and as such it will go on your credit report. An account with a high limit in good standing that has been open many years will do wonders.

I have done this in the past with relatives with little or slightly bad credit and seen credit card offers with high lines come in almost immediatly.

THE DOWNSIDE is you have to find someone with great credit who trusts you not to ruin their credit (and you trust them not ruin yours any more than it is) and as an additional cardholder both of you have equal rights and equal liability, one burries you in debt the other has to pay for it. Also the card can be closed by either party and can be reopned later by either party the original cardholder has no more control than the other.

So this will increase your score but is very dangerous and i do NOT recommend doing it unless you are willing to pay the credit lines worth of dept for the second party. Like any tool you can build something good or cut your legs off with it.

Answer 4

There's no answer to this question!

The "Fair Credit Reporting Act" was initiated for the wealthy for the sole purpose of controling the wealth in this country! PERIOD!!!

It's the biggest bunch of garbage ever enacted! If it was "fair" then only a judge would be permitted to make any remarks on "your" credit report! As is, any corporation in this country can put anything they want any time they so please knowing very well most people do not have the financial means to challenge them! Our government appointed officials are totally useless when attempting to make "waves" regarding the "system"!! Makes sense, the wealthy are the "government" and who are these officials protecting???

Deposit a huge sum of money then you're home free!

Answer 5

I learned from a bank manager that if you currently have bad credit and cannot afford to completely pay off your loans and/or credit cards, taking them all down to under 50% of your available credit will build your credit score. This is better than paying off one completely, but having others that are still at or near your maximum credit.

Answer 6

Open some Credit accounts and pay on time. Don't have a lot of open credit accounts, but have some that you can keep open with large enough limits so that if you have to use them it will not take you over 40% of your limit. Pay on time.

Factors that negatively affect your credit

Too many inquiries
Not enough Credit
Paying late
Finance company open credit (ie Household Finance,CITI etc)
Proportion of Debt to income
Proportion of used credit to Balances (over 40% of any account will drop your score some)

Answer 7

a stable thank you to construct credit is to borrow money which you do no longer want. An occasion is to borrow say $a hundred from the financial employer. do no longer spend it or something, basically circulate away it interior the financial employer. while the time is composed of pay the a reimbursement, gain this. it may cost somewhat of pastime, in spite of the fact that it rather is going to provide you an extremely stable credit!

Answer 8

2 $1500 credit cards and a $2000 line of credit.

Keep em paid off.. your score will grow by leaps and bounds.

Answer 9

buy lots of things on your credit card and make sure you pay it off each month.

Answer 10

If you are making payments make sure they are timely and ahead of the due date.