2006-12-19 12:58:48 · 10 answers · asked by help needed 1 in Business & Finance ➔ Credit
get a pre-paid credit card, liek the one capital one does. it will have a rubbish credit limit and an even worse interest rate, but that wont bother you because....
put a little on it every month and pay it off without fail. After about 9 months of doing this your credit rating will improve enough that you should be able to apply for the odd other card, although you might not get a full credit limit on those for a while.
2006-12-19 19:40:50 · answer #1 · answered by alatoruk 5 · 0⤊ 0⤋
You have to know how to play the FICO game! Here's the secret: don't be late and only charge minimally on your credit cards and you'll be ok. Don't open new accounts and only apply for credit once or twice a year. Go out to myFico.com and read, read, read. Learn about what goes into a FICO score (yeah I know, it's mostly a secret) but there are tricks to improving your score quickly.
For example, a great credit file would look something like this:
1-2 credit cards
1-2 mortgages
1-2 installment loans
1-2 inquiries
Average age of accounts 10 years +
Keep a good "mix" of credit and don't be late on anything if you can help it.
2006-12-19 21:02:33 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
First you need to sit down and do a budget. Make sure that you can safely pay your current obligations (shelter, food, car expenses).
Then look at any collections & debt on your credit report. Anything over four years dont pay. Pay the newest stuff (collections) first. This has the most impact on your score. Your score is generally the msot recent 12 to 18 months of info.
Any money you have after calculating your budget should be used for the paying off of the collections mentioned above. Dont buy anything else not necessary to keep you alive and safe - until you have paid off all collections. Your credit should improve in 12 months if you do the above.
2006-12-19 22:36:00 · answer #3 · answered by Chrisusc 2 · 0⤊ 0⤋
Start with a secured credit card that has a low limit, like 500 dollars or so. Buy small things on card and pay the entire amount when bill comes. Look for a credit counselling company to assist.
2006-12-19 21:08:49 · answer #4 · answered by utuseclocal483 5 · 0⤊ 0⤋
You need to read up on repairing your credit. Either try a free site (one is listed below), borrow a book from the library, or buy one (there's many on the market, and if you're not sure which to get, read the reader's ratings of books on Amazon.com) Sometimes people do more damage when they are trying to repair their credit since they are lengthening the statute of limitations, closing open accounts, or making old bills look newer by paying on years of old debt. Good luck!
2006-12-19 21:05:14 · answer #5 · answered by Mariposa 7 · 0⤊ 1⤋
Your credit score is BS. It only tells the CC companies that you pay alot of interest to them and they will issue you more illegal and unconstitutional cards. All a high credit score does is get you into more debt. Take it from me. I have a 840 score with one and a 800 with another beurau and I am about to crash.
Learn the facts about the true nature of credit. Just don't do the research if you don't want to get depressed at how illeagal our banking and credit system is.
2006-12-19 22:13:21 · answer #6 · answered by Quack doc 2 · 0⤊ 1⤋
1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
4. I was told by an underwriter that having just two cards, a major credit card (VISA, MC) and a consumer card (Sears, best buy, etc...) is the best mix for revolving credit.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
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http://www.bestcreditrates.net/
2006-12-20 00:31:52 · answer #7 · answered by bijan816 2 · 0⤊ 0⤋
in addition to all of the advice given...you also want to look at your credit report. some things may be too old, already resolved, or duplicated and ALL of these things should be removed. the fact that they still remain hits you negatively.
and remember, everytime you even APPLY for something, your score gets a 2-3 point ding.
2006-12-20 00:56:05 · answer #8 · answered by soren 6 · 0⤊ 0⤋
Credit counselor's
2006-12-19 21:11:19 · answer #9 · answered by plowboy 2 · 0⤊ 0⤋
Your the only one who can make it worse, it doesn't do it on it's own. Start paying your bills!
2006-12-19 23:02:21 · answer #10 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋