My FICO score is 425 and my credit score is 492. What the hell should I do?

Question

This is so depressing.

Answer 1

Pay your damn bills on time!

Answer 2

how old are you and what did you do (or didn't do) to get such a low score? credit takes years to establish, it took me 13 years to get my fico score at 805. and i was never late on any payments nor did i ever have any judgements against me. you have to learn the tricks....... example:
1) pay everything ON TIME
2) keep your oldest credit cards OPEN, even if they don't have a balance
3) don't max-out your credit cards- high balances take points off your score
4) don't apply for a lot of credit cards at once, too many inquiries on your credit can lower your score as well
5) pay more than the "minimum amount" due on your monthly payments if you can
6) never close an account with a balance on it, you might think closing accounts will help your score, but in turn it will hurt it-
7) there is NO SUCH THING as a QUICK CREDIT FIX! Stay away from companies that claim they can fix your credit overnight!

That's all I got right now..... maybe some other posters can add to it....
goodluck!

Answer 3

Why is your score so low? It is probably at least 1 or more of the following cases.

1. Do you have any accounts in collections if so pay them off this is the single biggest killer of any credit score.
2. Do you have late payments. Just pay your bills on time every time.
3. Are you using more then 30% of your available credit. If so pay it down.
4. Are you applying for a lot of new credit. If so don't do that anymore.
5. How much credit history do you have? Only time will improve this one.

In time if you take care of these things your score will rise. If you don't you can pretty much guarantee you will be at this level for quite a while.

Answer 4

Those are the same thing, you just get slightly different scores from different bureaus.

OK, now here is what you do (I know this b/c I did it!):

Get a copy of the book "Total Money Makeover" by Dave Ramsey. It is a very practical, no bull crap plan for getting your financial act together. If you follow it, you will learn how to live on a budget, keep track of your money, pay off your debts & actually have money to buy things, rather than needing credit. It will even explain how to settle with creditors with which you are behind. If you follow it, your credit score WILL improve, then it will slowly go down again, but you will not give a damn. By the time you have NO credit score, you will have amassed a small fortune (compared to most people) & will have a paid for house & cars & money in the bank to replace every large item you own or weather any upsets (like a layoff). We have been following Dave's plan for about 3 yrs. I look forward to paying off our house in a couple of years & (soon after reaching that goal) having NO credit score. I promise, it will NOT be depressing.

Answer 5

Pay it off! Get yourself new credit like the Imagine Master Card or Orchard card the limits or low 300-500 and rate high but you are not trying to shop you are trying to build credit. You charge a little and pay fast within 3 mos you will have better scores. The first thing I did was disputed the hell out of everything and 27 days later I disputed it again. Next or during the same time call all the companys listed on the report that you owe that may be charged off or wrote off and ask them to make a one time payment deal. Expample if you owe 800.00 on a bill see if they will take 400.00 to pay off get it in writting keep all the receipts showing paid. Next you can get these secured credit cards with this product called "credit builder" on it that reports to the agencies.You pay yourself back the money on the visa secured card but they will report it to the agency. The more you show you can pay off with 3 creditors the more you will build new credit, that is the only way to fix bad credit, pay old ones off fast as you can and get new ones and pay them off fast at the at the same time. Pay them in on time before the due date for 6mos and you will have helped this. With a 1 to 2 years you will have a great score and credit.

Answer 6

Wow...I didnt know that the scores could go that low.

I am guessing that your score of 492 is a FAKO score...they are almost always higher then your FICO and are about as useful as a jar of mustard. Throw that score out, your focus needs to be on the 425.

I cant imagine the shame you must be feeling, but it is always possible for people to turn their credit around. Read EVERYTHING that you can get your hands on about credit.

You can fix this, but be prepared for it to take years and years.

Answer 7

"Buiilding credit can be done in many ways. If you are disappointed at your loan application being turned down, it is mainly because of absence of credit history. You should learn how to do build your credit.

Do not buy unnecessary items. If you are looking to build credit start spending properly.

If you see any errors in your bills or credit, reports, contact the concerned persons immediately.

If you have purchased an item using your your credit card that later turned out to be defective or gave poor service, then you need not pay the charges.But you have to dispute the charges with the parties that were responsible for the act. If they do not replace the item or compensate you for a service or product, you are justified in refusing the payment."

Answer 8

Your FICO score is your credit score. How can you get two different scores? Anyway just pay all your bills on time even if it's the minimum, the key is paying on time and your score will improve dramatically in about six months. Good luck.

Answer 9

Know how you feel. Been there. First, don't let it get you down. What is done is done. Second, if you are not doing it already, start paying your tithes at church. Third, contact a financial counselor.
Best of luck and stay positive. As long as you have good health, shelter and food, be happy!

Answer 10

Don't spend any more money that you do not have. And pay your bills on time, every time. For the next 7 years. Voila, you will have perfect credit.

Answer 11

Was thinking to ask this question too