My credit score is 505. Is there a legal way for me to raise it to 620 in the next three months?

Answer 1

When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it...
Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:
35% - Payment History
30% - Credit to Debt Ratio
15% - Credit History
10% - New Credit
10% - Credit Types in Use

I raised mine to well over 700 points from 500 using these steps in less than a year -- :

# 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 from my blog :
10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/increase-fico-credit-score/

Answer 2

This Site Might Help You.

RE:
My credit score is 505. Is there a legal way for me to raise it to 620 in the next three months?

Answer 3

While most of the answers I've read here are what i would recommend there are a couple no one mentioned. Like calling creditors and trying to get them to lower the interest rate to something more managable so that you can get in under control (can you believe some people are paying more than 30% interest). while it will not work with a home loan, credit card companies may work with you. Also using a debt consolidater sound like a good idea but when my mom used one, it showed up on her report like a bad thing and she was not able to get any kind of loan (for auto, home) until it was paid in full which was a couple years away according to her debt plan. She found and outsider (friend) to loan her the money at a decent 7-8% rate and payed everything off and has one monthly payment that she makes on time. That is the most important. A credit score is of benefit for many reasons. A higher score will likely get you a lower interest when applying for a loan. You could go through life never needing a credit card or a mortgage, or a retirement plan. You could keep paying rent and never have anything to show for it or you children. And you will probably end up a 70 year old walmart greeter who doesnt get to enjoy their golden years because social security is non existent or not enough to support themselves.

Answer 4

Make sure you pay your bills on time each month.

If you have credit card debt do the following:
1. If you get credit card offers in the mail, collect a few. Then call your credit card companies and ask them to lower the rate. Tell them you'll take your business elsewhere. Talk to a supervisor if you need to. This will help you pay the cards off quicker.
Don't use the offers though. This is "new" credit and could temporarily hurt your score.

2. Make sure your credit card debt is below 50% of your credit limit for each card, because that hurts your credit score. If that means paying more on one card than the other to get the balance down, then do it.

If you have any overdue medical bills, make sure to talk to the doctor/hospital and work with them. Make sure you understand what you owe also. Many times the bills may be overpriced or miscoded and you don't truly owe as much as you thought.

I can't speak to your timing of 3 months, but these are steps to get you in the right direction.

If you are trying to raise your score to make a big purchase, you may want to rethink your decision as well. I think that it would be better to spend time working on paying debt down, saving money and making better financial decisions. Once you've done that you will be ready mentally and "technically" with your score.

Best wishes:)
4xrules

Answer 5

It depends on why it is bad. If there are errors that can be corrected, it is possible.

Going the "authorized user" route is fraud if it is done for loan purposes, and many lenders no longer allow it. It is easy for them to deduct for the points that you get.

You need professional help which will cost you money.

If your score is low because you didn't pay bills on time recently and don't have much positive open credit, it isn't going to happen in 3 months.

Contact a "credit repair" company and be careful. Many are scams, a few are legit with legal methods to get SOME negative credit removed. It is crucial to know WHY your score is so low.
If you have mortgage lates within the last 12 months, those can be the kiss of death if you want a home loan.

Answer 6

I doubt it will happen in three months, but I can give you the best ways to get that score up.

If you have a friend or family member with good credit and a credit card, ask them to add you on as an authorized user. You don 't need to use the card, ever, or even have a card, but what happens is thier info gets reported onto your history. This really works and really helps.

Ask for utility companies to report your history, then pay on time.

Get a secured Visa and use it.

If you are planning on making a purtchase, use someplace that will rent-to-own. Very important, but you need to pay it fast so you don't end up paying outrageous charges. That will add to your good credit.

You can dispute all of your bad credit. Sometimes it will get removed, sometimes it won't, but if one person doesn't verify the debt, it has to be removed.

Patience and persistance. Monitor your credit continously and start paying your bills on time, every time. At the very least, bad debt gets removed in 7 years, expect in the case of bankruptcy or judgements.

Answer 7

It depends on why the score is so low in the first place. If there is a bankruptcy or lots of accounts in collections it will be very tough for you to raise it that quickly. I like what someone else suggested...getting someone (or two or three people) with good credit to add you as an authorized user. That could really help.

Answer 8

You need to check out this video on how to increase your credit score by using a 100% legal loophole. Here is the video URL: http://www.creditscoresecret.org

I was able to get to 595 from 489 in just one day and from 489 to 748 in just a few week; that's pretty fast in my book. Good luck!

Answer 9

Kudos and thank you to Amanda and the other helpful respondants.

Whatever is happening in 3 months is not the end of the journey. Even if you don't increase your score 100 points in that time, you will have made progress.

Answer 10

Three months is a little too short...but you're on the right track! Learning how to clean and repair your credit by yourself. There is a site that can help you www.thecreditrepairmanual.com