i have start paying alot of my debt down, and now i only have school debt left, but is there anything else i can do to make my credit look better?
2007-04-23 07:02:58 · 7 answers · asked by haley01 1 in Business & Finance ➔ Personal Finance
Build up your savings account so that you have at least 2 months of salary in savings. This shows your ability to avoid debt.
Also, get rid of credit cards that you no longer need. Each card is a piece of your entire credit worth. Anyone who would give you a loan would see these as the total amount you are able to borrow, not only what you owe. Paying off your debt shows responsibility and the ability to pay. Total credit available shows the trouble you can get into.
ie. You have 5 credit cards, all with $10,000 limits. You only owe $5,000 on 1 card. A potential lender will see you as having the ability to be $50,000 in debt. He would then offer you a smaller loan based on this.
2007-04-23 07:15:32 · answer #1 · answered by mad_mike_j 4 · 0⤊ 0⤋
Continue to pay all your bills on time, and also don't close any credit card accounts, even if you find a better rate. Closing any accounts actually hurts you. You can go to www.myfico.com. This is a site that I use myself to watch my credit reports and to play with what-if scenarios to see how it would affect my credit score.
If you try to get a another credit card or obtain a credit card, remember that it will affect your score at first, sometimes positively other times negatively. All depends on when and how much revolving credit you have currently, and how maxed out you are on your cards if any.
Good luck and take a look around, I am sure that you will find that other people have asked this question here before.
2007-04-23 14:11:51 · answer #2 · answered by rfrstormer 2 · 0⤊ 1⤋
Just keep making regular, on-time payments. And make sure you aren't using too much of your available credit (ie: don't exceed more than 50% of your credit card limits). If you're maxed out-- ask for a credit limit increase. Or, switch to a new credit card with a higher credit limit. This will help improve your credit score.
* Don't make the mistake of creating even more debt if you increase your available credit!
GOOD LUCK!
2007-04-23 15:00:17 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Don't get any more cards and only buy what you really need.
My parents made the mistake of having 20+ cards and are in hundreds of thousands in debt. We barely have enough food to eat. What I decided to do was take charge... haha... I added up how much they make every month. Then I added up how much each monthly bill cost + some money for food and necessities (Ex. toilet paper, animal food, etc... Not things like fast food, clothes, dates etc.) Then after I subtracted the total cost of everything from what they make, that is what we can spend for what we like every month. The best thing to do is organize and make sure you know how much you have before spending...
2007-04-23 14:22:59 · answer #4 · answered by invalid chromosome 2 · 0⤊ 0⤋
pay your credit cards off every month, never have a late fee/payment, never spend more than you have
2007-04-23 14:08:56 · answer #5 · answered by Panda 4 · 1⤊ 0⤋
Pay all your bills on time.
2007-04-23 14:06:30 · answer #6 · answered by Nelson_DeVon 7 · 1⤊ 0⤋
make sure u pay your bills on time!!!!
thats the best u can do for yourself..
2007-04-23 14:22:13 · answer #7 · answered by shorty21 5 · 0⤊ 0⤋