Repairing my credit.?

Question

I have 2 credit cards I paid off and closed mistakenly. I only have one card left which is closed due to dilenquency that Im paying on. My credit score is 524. Is there any legitimate company that will give me credit based on my score so that I can reestablish my credit? I dont think a repair company will help because the report is correct. Any advise on how I can get my score up quickly?

Answer 1

I hate that happened to you, but L-Boogie's right. Your best bet at this point would be a secured card. At first it may suck to have to put a deposit upfront to get a line of credit, but then again you could work this to your advantage. The biggest advantage that a secured card has over an unsecured card is that YOU control the credit line, instead of being at the mercy of the credit card company. Granted, you would have to add to the deposit to increase the credit line, but as long as you handle your business by paying on time and not maxing out the card, you'll get that deposit money back anyway, and chances are have higher limits on those secured cards than you did when you had regular cards. I had countless opportunities to get unsecured cards, but there was 2 things that I wanted: #1 to create a savings or "rainy day" fund, and #2 set MY OWN limit. So I opened 2 secured cards. Any extra money I had whether it was from bonuses, tax returns or just extra overtime I worked, I loaded up on both cards until I topped the limits out on both. Now that didn't meant I went crazy and charged up to limit. I made small purchases that I knew I could pay on time every month. After about a year, not only I got all that deposit money back from both cards, but it had also accumulated interest that I've put in my retirement account. Think of it as building credit with a savings account. Just start small and work your way up. It takes a lot discipline to sock away that much cash and not even think about spending it. What helped me was that I knew that if I stuck to the script this would be the end result. Now not only I have stellar credit, but I also have something to look forward to when I retire. I posted links to several secured credit cards. (Citi has a cool one where it goes into a CD that draws 4% interest)

Good luck!

Answer 2

I wouldnt recommend using any company to help you repair your credit because usually they are scamming or they are doing illegal things..

Also I would not recommend Orchard Bank aka HSBC, they have horrible service and you might end up worse than when you started ... no you don't need a credit card right away to start fixing your credit, though it helps. Doing some simple clean up can give you just the boost you need to apply for a decent card..

The best thing to do is do the right things yourself.. try some of these steps that you can do with and without a credit card.

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score tracking listed below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you

Read more here on my blog:
10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/increase-fico-credit-score/

I used these to boost my score from 500 to 700 in a little under a year or so.. more like 7 months.. =)

There are little things you can do that will have a big impact. You should also get a credit report and myfico score and start cleaning up any inconsistencies or inaccurate information.

I use the credit score tracker/monitor to alert me of any changes good and bad as they happen which has really helped a lot.

Answer 3

There are many credit cards and car loans available to people with poor credit. Expect to pay much higher interest rates and fees though.
Only time and good payment histories will repair a credit score. You're correct about credit repair services...they are a ripoff.
Keep paying on the delinquent card and make sure it is reported as paid in full when you pay it off.

Answer 4

Sorry, there is no legal way to increase your score quickly. It only happens over time. There are two ways to go about doing it: 1- pay your bills on time and 2- minimize your outstanding debt.
May I suggest a secured credit card? That is a good way to get back on the credit horse and start riding again.
Be aware that it might be hard to even get that b/c of your history of lateness. Good luck, though!

Answer 5

I agree that you need credit repair. . Usually companies charge hundreds of dollars to simply pull your credit and send correctly worded dispute letters—this is the key…..people will tell you that you can do this yourself for free but the truth of the matter is that the credit bureaus will throw your letters away or simply reject them. There is an easy to use online kit that will deliver the results you want available for just $19.95 at the source website. A similar kit is being sold via infomercials and radio talk shows for seventy dollars more but they try to solicit you repeatedly for other services after the fact.

Answer 6

You may be able to get a credit card with Orchard Bank or First Premier Bank. They both are easy credit cards to get with bad credit to help increase your credit score over time.

Answer 7

u are in a better position than millions of ppl. u don't have any active cc. stay that way. u have lived as u have without any. u can live like a few of us who operate on cash. cc are like snakes u keep them around they will bite u. that's why u are paying off a cc now. and i know u will be told to build ur credit and stuff. don't worship at the alter of credit score. if u need to buy something pay cash. if u don't have cash u need to rethink, plan on saving and then buy.

get the book Total money make over - dave ramsey it will guide u on staying debt free. here's a simple summary of the steps

-save a $1000 for an emergency fund and don't touch it.
-pay off ur debts except ur home
-build an emergency fund equal to 3 to 6 months expenses
-pay off ur home
-invest, save for retirement to build wealth to have enough for ur future and even to give away.

Answer 8

get a student loan, my credit score went really high after i got my student loans, but the most important thing is to pay them on time and never late!! but it will make your credit score go up and quickly!! :)

Answer 9

Orchard bank

Answer 10

www.orchardbank.com....credit repair credit card