About 2 months ago I had a good credit score but I didn't pay a credit card off and I let it go so now they screwed my credit score by 150 points and now I cant get any thing on credit . Can anyone help me on a quick fix - 9mo.
2007-06-02 15:48:11 · 7 answers · asked by Richard S 1 in Business & Finance ➔ Credit
The best way is to buy every single thing with a credit card. Best way to do that is probably when you go groceries shopping. When i got my first card i got it up to 690 in about a year just by using it everytime i needed to buy something.
2007-06-02 15:54:18 · answer #1 · answered by ucrguy 2 · 0⤊ 1⤋
Building a good credit score is a long term process. As they say a journey of a thousand miles starts with the first step. Beware of quick fixes. There are none except for the quick fix of getting into your wallet by way of a scam and there are some out there. Here are three sure fire ways to boost your credit score.
The biggest component of the FICO score is the percentage of available credit you are using. The traditional way of course is to pay down your accounts to improve the percentage. The higher the percentage the lower the score.
There is another way.
1. ASK FOR CREDIT INCREASES. This achieves the same result-decreasing the percentage of credit used. Just be careful not to use the new found "wealth". That is like shooting yourself in the foot. Be careful not to ask for too much of an increase.
2. PAY OFF YOUR BILLS. Pay them off not when they are due but before they are due. Find the statement date (usually 20 or so days before the due date) and pay it off a day or so early. That brings your account balance to $0 thus increasing the percentage of available credit. If you pay the bill on the due date it will not have the same effect.
3. DON'T TOSS THOSE OLD CARDS. I found out about this one the hard way. If you are not using an old card for any reason do not throw it away. Take advantage of it and charge small amounts occasionally. This results in an active vs. and inactive status for that account. Active accounts are factored into the FICO scoring system-inactive accounts are not.
Using these three hot tips will boost your FICO score almost overnight. Take the knowledge and run with it and improve your score today.
2007-06-03 04:15:12 · answer #2 · answered by Tom J 3 · 0⤊ 0⤋
So was there an error, or you just didn't pay an account?
If it was your fault then how were you screwed?
Ok to your question.
1. Completely payoff any account that was delinquent. If not already closed, close the account yourself.
2. Do not apply for ANY credit or have any inquires.
3. Reduce the number of accounts you use, ie pay off store cards, gas cards, small balance accounts and do not use. Keep them open.
4. Payoff as much debt as possible.
2007-06-02 22:59:30 · answer #3 · answered by Gatsby216 7 · 0⤊ 0⤋
You do not want to close any accounts. You want to keep them open. You want to have your credit cards with at least half the credit available. Make all payments on time. You do not want to pay them off, just make the minimum payments so it shows you are making your payments on time. Do not take out any new credit or have any new inquiries, that brings your score down. Payoff any collections you have. Good luck.
2007-06-02 23:31:06 · answer #4 · answered by Damian S 2 · 0⤊ 0⤋
you can piggy bank off someone who has good credit. That means if you no someone willing to add you on their account as an authorize user your credit will get the same point. Not all cards really majors such as sears, american express, an so on. you can also dispute the negative info on your report and the creditor just might not respond. if you have a lot of unpaid collections settle with them at 40% off. good luck
2007-06-02 22:57:16 · answer #5 · answered by Luckys Charm 4 · 0⤊ 0⤋
1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
4. I was told by an underwriter that having just two cards, a major credit card (VISA, MC) and a consumer card (Sears, best buy, etc...) is the best mix for revolving credit.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
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http://www.bestcreditrates.net
2007-06-03 03:28:09 · answer #6 · answered by Anonymous · 0⤊ 0⤋
ya i had found it very easily by dis source
2007-06-03 03:22:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋