my husband and me wanna fix our credit.he has a bad credit(around 570)and I have no credit.over the last 3months we put payments in my name to build my credit, but its still insufficient.we thought once my credit is good, we could get his score up through my credit.
Is that possible or would it be better to fix his credit first?the problem is, we dont really have the money yet to pay his credit off!
2007-05-23 11:05:35 · 5 answers · asked by levi 1 in Business & Finance ➔ Credit
Your credit score will not affect your husband's credit score. If you have any joint accounts, making payments to those accounts will affect both credit scores. But if accounts are in your name only, they will only affect your credit score.
My brother has a low credit score and he has been trying to increase it over the last year or so. It can be a slow process, so you have to have some patience and be careful not to make any more late payments.
If your husband has credit card debt, he can start improving his score by at least making the minimum payment each month. If this is impossible, have him contact the credit card company to see if they are willing to lower the minimum payment. Your credit score is greatly affected by missing payments or making late payments. Try to make an arrangement with the credit card company (or companies) that will help you to make payments each month. If he has two or more credit cards carrying balances, he might be able to consolidate the debt onto one card, which can sometimes decrease the overall monthly minimum payment.
Be cautious about paying for services that claim to improve your credit. Many (perhaps most) of these will just end up costing you more money. There are many corrupt people out there trying to make money off of people in difficult circumstances.
Good Luck!
2007-05-23 11:23:08 · answer #1 · answered by elmo13595 2 · 0⤊ 0⤋
Only time or money will help his credit. Having no credit is sometimes worse then having bad credit. I would look at what it is your trying to achieve, 1yr or 5 yrs down the road.
You have no quick fix to your credit problem. Use the time its going to take to plan a strategy so you dont end up in this situation again. I have been in your shoes, I work with the people to fix and repair credit reporting errors. It probbly took me 5 years to go from a 615 fico up to a 765 fico.
Sometimes the best way to learn how to be a responsible borrower is to have to start at the bottom with a low score. Then when you get the A+ credit offers you appriciate it and manage it wisely knowing how hard it was to get up to that credit score. The good news is it can be fixed and it doesnt take money if you have to spend instead.
2007-05-23 18:19:39 · answer #2 · answered by Jacque w 3 · 0⤊ 1⤋
Aside from the obvious which is paying on time, the first thing is do you have BAD credit or NO credit? If BAD credit than keep paying on time and check out this place htts://www.lexingtonlaw.com/ they've got 12 bad entries off my credit report in the last month in a half, lot more to go but so far so good.
2014-06-09 15:37:21 · answer #3 · answered by Steve N 7 · 0⤊ 0⤋
The best way to fix a low credit score is to make your payments on time. Apply for a credit card in your name use it wisley and make the payment on that card on time. This will take about a year to accomplish. Good luck to you.
2007-05-23 18:18:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Its simple do to the bank borrow as much money as you can turn around and give it back before the first payment is due. this is a trick my teacher from a long time ago did this for his daughters before they went to collage and got loans and debt. hope that was of help.
2007-05-23 18:18:30 · answer #5 · answered by thesixleggedchicken 2 · 0⤊ 0⤋