I have a credit score of 519 and want to improve my score... How?

Question

After my dad died (he paid my credit cards every other month) I spent two years trying to pay them off myself. I cancelled them immediately even though I had a balance, but I finally have them paid off (after going months without being able to pay any of them because of other financial situations). Now my credit score is 519, I have no credit cards and need to improve my credit score somehow. Financially, I am better off so I could get another credit card and keep the balance low, but I dont know anyone who would let me sign up for another card! Please Help!

Answer 1

No need to worry; the offers will be in your mailbox soon enough. If not, look for a secured card. Just be careful not to get yourself into the same woes again.

You can't do anything about your credit history except wait it out until items drop off (usually within seven years). What you can do is use credit responsibly and pay your bills on time (other payments such as rent are reported as well). With your accounts paid off and no more blemishes on your record, you should see an increase in your score in about 60 days. Obtaining another card, using it moderately, and paying off the balance monthly will have even more of a positive effect.

When your report begins showing a substantial improvement, credit card offers will begin to flood your mailbox. Don't apply for many (and don't accept any card requiring a fee), but having a few months worth of your income available in revolving accounts, and using very little of it, has a dramatic effect on your score.

Answer 2

SUB-PRIME MERCHANDISE CARDS: The
single most cost effective (and
powerful) tool for consumers to
increase their high credit limit and
decrease their debt to credit ratio is
the use of Sub-Prime Merchandise Cards
which report to one of more of the
major credit bureaus.

Unfortunately, despite their immense
benefits, these are the most
misunderstood cards in the credit
industry. A large portion of the
misunderstanding is due to marketers
misrepresenting the cards and the
growing number of companies promoting
them. When you learn how they work one
quickly understands why they have been
the subject of much misrepresentation.

A Sub-Prime Merchandise Card is
nothing more than a card attached to a
line of credit which allows you to buy
merchandise from a specific vendor
(usually the company that sold you the
card). The merchandise (in most cases)
will be purchased through a catalog or
online mall.

Where the problem arises is that the
cards are marketed almost exclusively
to the sub prime market via email,
telemarketing and direct mail etc. The
reason for this is they can advertise
almost irresistible offers like "$5,000
Credit Card... GUARANTEED! No Credit
Check! NO Cosigner! You cannot be
turned down!" or "Unsecured $10,000
Credit Line! Everyone Approved!". I'm
sure you get the idea...

While there are many companies which
do this and are a "shady at best",
there are a few which do it
legitimately and it's the best kept
secret to build your credit and build
it fast.

Here's how it works: the company
approves anyone with a pulse
(literally) and gives them a card for
$2,500 to $12,500 with NO credit check
and NO cosigner. However, the card is
only good for merchandise through their
website or catalogs and the consumer is
required to put down a deposit on
whatever they purchase. After the
deposit is paid, the remaining balance
is financed on the card.

For example. A person buys $1,000
worth of merchandise. Their deposit is
$300 so they then finance $700 on their
merchandise card and make payments.
Sound like a scam? If you say "Yes"
like most people then you're missing
the point... big time.

With a legitimate Sub-Prime
Merchandise Card your credit line WILL
be reported to at least one major
credit bureau (or more). This means if
you get a $5,000 card and you finance
$500, on your credit report it will
look like any other credit card and
will do three extremely important
things for you.

1.) It will increase your current
"High Credit Limit" by $5,000 almost
overnight as the account "looks" like
any other unsecured revolving account.

2.) By carrying a small outstanding
balance it will positively impact your
credit report by building and showing
potential lenders your credit
worthiness.

3.) With a good payment history you
are virtually guaranteed to receive
"legitimate" pre-approved credit offers
in the future due to other lenders
renting your name from the credit
bureaus.

This technique is hard to beat for
both cost and effectiveness. Of
course, the whole key is knowing
exactly which cards report to the
credit bureau and offer the best rates.
The only thing more effective is...

For more information on the CREDIT
SECRETS BIBLE you may visit:

http://gaby1221.niesong.hop.clickbank.net
=======================================

Answer 3

You're going to have to start from scratch here. Get a secured credit card and pay on it monthly, keeping the balance to credit limit ratio low. Whatever you do, don't max it out...that will tank your score. Read all you can about what goes into a FICO score. You can find lots of information at myFico.com.

Answer 4

department stores (Sears,JC Penny) and gas cards(Exxon,sunoco) are easiest to get, your credit score is not that bad though, you should be able to get a Visa or MasterCard. You will have a high interest rate and a lower credit limit though until you build up your score.