how do i improve my credit after i have paid off and canceled all my credit cards?

Question

who knew you'd have trouble getting a credit card after paying them all off. now i just want to build up my credit again and am having problems getting approved?

Answer 1

I've supplied a link below to an excellent article on how to rebuild your credit

Answer 2

When a credit card company or anyone else looks at your credit score it has a bad effect on your credit. Too many in a short amount of time will look bad. Leave the applications alone for roughly a year. Use your debit card. If your credit is low it will eventually get back up, but be careful. Just because you paid off your credit cards doesn't mean you will instantly get good credit again. Depending on how late you may have been with the payments prior to paying off the cards, how many time you've reapplied for a new card, you need to just leave it alone for a while. Then try again to apply for a card.

Answer 3

Get a small credit card with a small limit and make it a point to charge something each month. You can charge very little and then pay the entire balance off before the next payment due date and no interest will be assessed. If you have a personal bank, ask them if they have a small unsecured loan available or a credit card with a limit of no more than $250.00. If you chose to get a small loan with your bank, you can put the money in your account (or a savings) and make monthly payments with that money. The point is to make monthly payments in a timely manner. The unsecured loan is going to charge you interest though. If you can be approved for a small credit card, this is the way to go because you can charge something (very small, you don't want to acquire unnecessary debt) and pay it off each month before the payment is due. Your credit score is determined by several things. One of the most important is your payment history. You need to pay on something each month to obtain a good payment history.

Answer 4

As long as you had no late payments and you had each credit card account open for a least a year you can start rebuiding your credit by getting a loan from a bank. It's better than getting more credit cards. Get a personal loan for at least $5000.00 and make all your payments on time and that will do alot for your credit. Only thing is that with a personal loan if you have any other credit bills they will most likely want you to get the ;oan for enough to pay off those bills also on top of the rest of the money that you ask for. You'll need a good reason for the personal loan like to make a big purchase. Example say you want to buy new furniture. Dosen't hurt to try.

Answer 5

A lender friend of mine always said that it is dangerous to be "credit invisible". Basically, he means that if you've had credit problems in the past, do not scrap it all swear off credit all together.
I don't know if your accounts were delinquent or in good standing when you closed them, but to the lenders, you look like you are trying to disappear. That might be why you are having trouble getting approved to start over.
Try getting a store credit card (like at the Gap or JCPenney or Kohl's). They are sometimes easier to obtain than a major card (like Visa, Discover, etc.).
Good luck! :-)

Answer 6

You shouldn't have canceled the credit cards. Once you paid them off, that allowed for your credit score to be raised due to the amount of credit available to you. You may want to call some of them to see if they will allow you to reopen the accounts. If not, your next best bet is trying to get one from your banking institution. They are more than likely to approve you if you have funds available and a good positive experience with them.

Answer 7

get an unsecured credit card from Orchard bank. It has helped me and just make sure u pay them off on time and try to get some of the things u paid off removed by the credit bureau..

Answer 8

Here is a free guide on repairing and rebuilding credit.