Now that all my bills are paid on time, and I'm debt free, how do I raise my credit score?

Question

I rent, and pay all my bills on time including electric, phone, etc, and I paid off all my student loans in full. I have a 403b at work where I contribute 10% of my pay check. But what else can I do? I haven't been able to open a line of credit because of past delinquency on a card (which is now paid in full and closed). My credit score is right around 620.

My credit card is now closed, and I don't have any other line of credit open. I already tried to get a card through my bank, but was turned down.

Answer 1

620 is fair credit.
Maybe the problem is you now don’t have enough credit.
If that’s the problem, try getting a secured credit card.
Make sure you check and see what the services charges are, some are outrageous.
Look around find one that will work for you.
After you get your card (lets just say it has a $300.00 limit) only use 50% or $150.00 and make the payments before they due. DON”T BE LATE! If you use more than 50% of your credit limit, your credit scores could go down.

Another way you can try is get on someone’s (a GOOD friend or relative) department store or gas card account as a card user only (you won’t be responsible for there debt). Be sure this person has good credit and make all payments on time, if they don’t this will work against you.
Every month when the credit is reported you will receive the benefit of your friends good payment history. That in turn will raise your credit scores and make new credit more available to you.

Good Luck

Answer 2

I agree with Excellent Credit Service. Your score isn't going to improve if you have no open trade lines reporting. You may have to get a credit card from a company like Orchard or one of those with a $300.00 limit. That or have a friend add you on to one their cards as a user. You can also try to open a credit account with a furniture or jewelry store. They are sometimes easier to open. Bottom line is you are going to have to get something reporting to the credit bureaus. Your utility companies don't usually report your credit unless you have late payments or collections with them, so paying them isn't helping your score, neither is your 403b.

Answer 3

it is going to take a little time. possibly years. one concern you're in a position to do is to call the credit companies to bypass on re-comparing your credit. provide it 3 to 6 months after playing cards are paid off. it is going to additionally provide you an probability to verify all your suggestions in superb. this could additionally reason a decrease credit.

Answer 4

Once you closed your one and only credit card - you sent your credit score down.....when you close a card, you close the attached history......you should have left it open w/ a zero balance owed.....

Answer 5

there is no quick way to raise you score, you have to keep doing what you are doing and it could take a few years to get it up, if you are trying to get a credit card you could try going though your bank. good luck

Answer 6

I suggest you do internet search and look for credit cards with good and bad credit. I done it.

Answer 7

all you have to do is use your credit card, but pay it off before your 30 days of grace is out! make sure not to max out your credit cards either!! good luck!