My credit score has gone down since last year (I was at about a 750) and I have only been late on making a credit card payment once. ( I am down to about a 630) What are some things I can do to get it back up to where it was?
2007-03-09 04:25:19 · 11 answers · asked by Samantha S 1 in Business & Finance ➔ Credit
The number one thing is to make sure that you're making your payments on time, if not early.
If you have high balances on credit cards, pay them down ASAP, and use only in emergncies.
Don't apply for unneccesary credit. An inquiry koncks off 2-3 points and lasts up to 2 years.
Check out this website (http://prbc.com/default.php?) You can actually report the monthly bills you pay on-time and have it scored in a report that can be considered with your traditional credit report.
If you know anyone with good credit that you can trust, ask them to add you as an authorized user on thier account without a card. If you're able to do that, make sure that they have the credit bureaus report you as well as them
If you see any inaccurate information on your credit reports. DISPUTE DISPUTE DISPUTE! Here's a link to where you can get more information about your credit rights
(http://www.fair-debt-collection.com/index.html)
Click on "disputing debt collections" to get more information on how to dispute
and finally take your time. If you do all of these things, your score will gradually increase back to where it was.
2007-03-09 04:37:24 · answer #1 · answered by Anonymous · 1⤊ 0⤋
This is a somewhat hard question to answer not knowing if you have much debt. But, first off, be sure to pay your bills on time if you possibly can. If you're only making the minimum payment, and you can pay more on it, you should, even if it's only $10 or $20 more.
Look up your credit report to see if that single late payment may have been the only reason your score has gone done. It could be caused by other things as well.
If you have a large outstanding balance, your best bet to boost your score is find a way to pay it off in a lump sum.
Good luck!
2007-03-09 04:33:15 · answer #2 · answered by Sharon 2 · 0⤊ 0⤋
Depends on how many credit lines you open and have closed in the last year. Things that make it go down are...opening new credit lines and closing them. Credit checks from car dealerships, home loans and other stuff like that...and when you finance anything. When you use your credit card...pay off the whole balance each month...that really helps you out. I have only 2 credit cards and pay the whole balance off each time I get a bill. So, when I financed a car last year they said that was a very good thing to do and my score was a 774.
2007-03-09 04:36:34 · answer #3 · answered by michael s 1 · 1⤊ 0⤋
Dude that is a big drop in a short amount of time.You must have been late a few times and or you have increased the amount of outstanding credit by borrowing a lot this year.Keep making payments on time and try and pay down balances quickly and your score will improve.
2007-03-09 05:36:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That one late payment was all it took to shave a lot of points off your score. Just concentrate on paying down any balances over 30% of your limit and continue paying your bills on time. It'll take awhile, but your score'll go back up.
2007-03-09 07:25:31 · answer #5 · answered by reandsmom77 6 · 0⤊ 0⤋
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
2007-03-09 10:25:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
beneficial as long as you pay it off by using the due date. you ought to use credit as a manner to be sure a background. purely having the cardboard sitting in a drawer or your wallet would not provide you a solid credit.
2016-12-18 09:17:39 · answer #7 · answered by mundell 4 · 0⤊ 0⤋
Pay all your bills on time every time. Time is probably the most important. It takes time to rebuild credit.
2007-03-09 04:33:23 · answer #8 · answered by First Lady 7 · 1⤊ 0⤋
keep paying on all of your cards and make sure that you pay ontime. Try to pay off what you have on your cards if you can that really helps.
2007-03-11 03:55:33 · answer #9 · answered by carolina gyrl 3 · 0⤊ 0⤋
just keep making payments on time, or pay more than have too.
2007-03-09 04:31:37 · answer #10 · answered by shorty21 5 · 0⤊ 0⤋