How do you get a credit score to go up by 100 or more points?
2007-07-05 13:43:58 · 11 answers · asked by tman 2 in Business & Finance ➔ Credit
I have a few school loans in deferrment but no credit card bills. my score is in the high 500's and I am looking to buy a house so I need to get my score higher to get a good mortgage.
2007-07-05 14:51:46 · update #1
There are many ways to repair your credit. Read up before you jump into it, because you can end up hurting it even more if you don't know what you're doing.
The good news is, there is reliable, free, legal, step-by-step information on the web on how to do it.
2007-07-05 15:10:48 · answer #1 · answered by Anonymous · 1⤊ 1⤋
It looks like you already have the answer; now the only question is, how much are you going to pay? 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.
2007-07-06 08:33:35 · answer #2 · answered by stephen l 2 · 0⤊ 0⤋
Good question
Here's an article I found on Yahoo Finance...
Motley Fool
Need Good Credit? Borrow Mine!
Tuesday June 5, 3:10 pm ET
http://biz.yahoo.com/fool/070605/118107065741.html?.v=1&.pf=banking-budgeting
Quote... People with bad credit can spend years trying to make up for past mistakes. But an increasing number of people have found a quicker way: buy a share of someone else's good credit rating.
The practice is called piggybacking, and lenders and credit reporting agencies aren't happy about it
Also, you might be able to find someone to piggyback at a social loan club like
lendborrowclub.com - Maybe.
Robert
2007-07-07 09:37:02 · answer #3 · answered by 1090 4 · 0⤊ 1⤋
You need to pay more than your minimum balance for a few months and continue to charge on a credit card, but do not let your balance get too high. The more that you carry that will hut your score.
If you need more credit repair tips check out http://repair-bad-credit-fast.com
Good Luck,
Tom
2007-07-09 19:16:44 · answer #4 · answered by Tom T 3 · 0⤊ 0⤋
The FIRST STEP to repair your credit is check what's wrong in you credit report. This will give you an idea why your credit score is so low... and what you need to do to improve your credit...
You don't have to pay for your credit report, you can obtain it for FREE...
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies (Equifax, Experian, and TransUnion) to provide you with a free copy of your credit report, at your request, once every 12 months.
FEDERAL TRADE COMMISION OFFICIAL WEBSITE.
http://www.ftc.gov/bcp/conline/edcams/credit/ycr_free_reports.htm
TO ORDER YOU FREE CREDIT REPORT:
https://www.annualcreditreport.com/cra/index.jsp
2007-07-05 22:42:03 · answer #5 · answered by francescheryll 1 · 0⤊ 0⤋
Of course it depends on what is making it low. Pay your bills on time and pay off any judgments or charge-offs. Open secured credit card accounts if you need to get some good credit established.
2007-07-05 20:50:29 · answer #6 · answered by Aldo the Apache 6 · 1⤊ 0⤋
It might actually take a bit of time to do that. Your score only goes up when 1- you pay your bills on time and 2- pay down your debt.
2007-07-05 22:34:17 · answer #7 · answered by YSIC 7 · 0⤊ 0⤋
that all depends on what assets you've got compared to the debt you have & what you can use to pay off your debt. each situation is different. in my case, i increased by score by 150 points in 15 months.
i'd recommend that you get a copy of your credit report & review it for accurancy. dispute anything that is wrong. improve your debt-to-income ratio. pay on time. there's more information at equifax. if you buy one of their products, it'll analyize your credit report & advise you what you'll need to do to improve your score. it'll take anywhere from 1 to 2 years to see any dramatic changes.
you can click on the equifax link at the bottom of the webpage http://efppublishers.com/About_Us.html
2007-07-05 21:37:09 · answer #8 · answered by hi91977 3 · 0⤊ 0⤋
You can visit www.cashguru.info and find very useful tips and several articles on credit related matters.
2007-07-06 07:47:24 · answer #9 · answered by rekh 1 · 0⤊ 0⤋
If your score is bad then try to fix it or repair it with thehelp of some expersts.
To know more you can visit
http://www.creditcardbiz.blogspot.com
2007-07-05 20:48:37 · answer #10 · answered by Pamella A 2 · 0⤊ 2⤋