How can you raise you credit score even when you pay on time?

Question

Ok, past credit messed me up. I have a judgement thats almost paid off. I am trying to raise my credit score.I have 3 new accounts that I've paid on time for over 1 year. I read that one way to raise your score is to " piggy back" on a relatives good credit ( have them add me to one of their good accounts and not use it) Is this safe, is it legal. I would love to hear constructive ways to increase my credit score. Please don't judge me. Almost all of my " bad" credit accounts have been paid off. I put my sons first when the divorce came. They lived in the house that I paid for while I lived in a basement.

Answer 1

Here are a couple of things you can do to raise your credit score quickly.

1) Have a relative with great credit add you to their credit card account. This can raise your score over 100 points instantly, and has not risk to them! Even though your relative can add your name to their credit card account, they don't have risk if they don't give you a credit card.

2) Use your credit cards for monthly purchase, then pay balance down to zero every month. If you have the cash, this is a very quick way to raise your credit score. Remember, creditors cannot "see" your income from the credit report, but they can tell you have financial strength when you pay down your card balances every month. This technique can raise your credit score up to 80 points.

3) Use time. Most people don't realize that a bad credit item has the most weight only in the first two months, then hurts your score even less after 6 months, and even less after 2 years. After 2 years, many bad credit items don't even hurt at all. I know a friend with 6 chargeoffs that are 4-6 years old and her credit score is 620, good enough to buy a house. Sometimes waiting even a month or two for a bad item to age is all you need for your credit score to bounce back.

It doesn't mean you are a bad person when you have a lower credit score. Bad things just happen. Good luck with your credit score!

Answer 2

As long as you make at least the minimum payment by the statement due date, the card will be reported to the credit bureaus as on time and will build your credit. However, if you carry balances, you are charged interest. The more you pay, the less interest you have to pay. The smart way to handle any credit card is to use it for regular purchases and pay the statement balance in full every month. This builds credit and avoids interest. If you must carry a balance, pay as much as you can every month and get it paid off as soon as you can. You get no extra score points for carrying balances and paying interest.

Answer 3

Theres no easy way to raise to raise your credit score, you can go years without borrowing credit but have a bad rating die to the fact that you have not borrowed, to improve your rating the best you can do is ensure the loans cards you have are paid on time and you dont into overdrafts etc too excessively. People fail credit scores but when we receive a failed credit score it is not immediate to why this has failed a number of things are because of it, nd as stated before this could be due to the fact that you have no credit or borrowing at all, its all very fickle!!

Answer 4

I write a blog on the subject of credit management, mortgages, real estate trends, etc and just posted an article about this topic. Check it out for more information that may be helpful.

Answer 5

one thing you can do is to close all of your revolving accts. which are accts that can be used at any time, such as credit cards, old navy , sams club. ect. to many revolving will lower your score, even if they are paid off. i have never heard of going under a relatives before, also pull up your credit, and make sure everything on is yours, and contact the company to see what else can be done. good luck

Answer 6

Pay more than the minimum, even it is only 25 or 50 dollars. Don't depend on somebody elses credit to make yours better.

Answer 7

I hope this would help you:

Step-by-Step Credit Repair Guide
http://www.debt-loan-refinance-mortgage-credit.com/category/Step-by-Step-Credit-Repair-Guide.html

Answer 8

Did you Know each time someone checks your credit score it goes down? I didn't know this until they told us.