I noticed around a year ago that my credit was very poor, Ive been working very hard since then to improve it. i havent missed a payment on any of my 3 open accounts and recently cleared 2 defaults and brought a store card below the balance. I was accepted for a catoulouge account today, is this a sign that i'm going in the right direction or do they accept anyone? Al so does anyone know how many points clearing a default will give my score? Im at 511 and want to get to 550.
2007-05-15 06:55:20 · 7 answers · asked by kieran m 1 in Business & Finance ➔ Credit
No the catalogues don't just accept anyone, you are going in the right direction UP. Well done !!!
2007-05-15 07:00:12 · answer #1 · answered by Dolly Blue 6 · 0⤊ 0⤋
Ok here is what you do . Stop taking more credit pay your bills and hold on to your credit cards and don't use them, every time you open a new account it cost you at least 100 points on your score example. Getting new credit is 40 points in the hole and having a credit report done by someone else not for your own personal use cost 60 points. Bang your FICO just drop from 611 to 511 in one day. You improve your score by having a card over a long time and paying your phone if its in your name, your job how long you been there, your home etc, etc, and I suggest you get a budget book for how to spend smart and not go broke not knowing where your money is going is costing you ten's of thousands when you get to be 60 and no one will hire you and no SS even now its only 500 a month where can you live for that much a month now let alone when your 60. So get your act together quit spending what you don't have, quit trying to rent space in other people's head how wonderful you are and think in your own head how grate you are knowing in 10 years you'll be living the life you only dreamed of having.. Start today right now look on line how to budget and stop buying things you don't need. Go thrift stores by day old bread at the bakery and pack your own lunch to work. Drink tap water and put it in the plastic bottle no one will know your that smart. OK
2007-05-15 14:34:54 · answer #2 · answered by bricher 1 · 0⤊ 0⤋
Please don't let this sound cruel, but if you were offered credit with a score of 511, it's likely they'll accept anyone. You still have a ways to go, but if you've already been working on it a year, it should start to pay off soon. You are most certainly going in the right direction, just bear in mind that it takes longer to fix anything than to break it, credit scores are no exception.
Look at your three open accounts. Pick the one with the highest interest rate, and just pay the minimum on the other two. Get the highest one paid off. Repeat with the other two.
It takes time and discipline, but it's worth it.
2007-05-15 14:01:46 · answer #3 · answered by open4one 7 · 1⤊ 0⤋
A default will still be "visible" to lenders even if it is satisfied for up to 6 years. One way of improving your credit is to have accounts open with very small balances (making sure that at least the minimum monthly payment is met) or zero balances. Do not have too many as lenders will view this as you stretching yourself, but making sure you stay in the same property, job and bank will all add points to your score. Co-habiting scores less than being married (for some reason!) and single application tend to be viewed less favourably than a joint application with a partner/spouse. Hope this helps?
2007-05-15 14:21:34 · answer #4 · answered by Nic W 1 · 0⤊ 0⤋
it will go up 5 to 10 points and good job on clearing your credit
2007-05-15 14:00:25 · answer #5 · answered by shorty21 5 · 0⤊ 0⤋
Only your credit score should be used to measure your success, not unsolicited ads for credit.
2007-05-15 13:58:16 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes you are! You'll be suprised how much better it is going to get....
2007-05-15 14:04:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋