What kinds of offers can I be approved for with a credit scor of 525? Dell turned my down for a computer and all I have is a credit card with a $300 limit. What else can I be approved for?
2007-09-05 07:43:23 · 7 answers · asked by lil_model05 2 in Business & Finance ➔ Credit
I don't know what credit card you have, but you might try First Premier and Orchard bank.
They have fees and high interest rates but if you use them correctly and never exceed 30% of your credit limit in any given month and pay in full before the due date you can avoid the interest and build your credit score.
Doing this does two things, first it establishes a good pay history and second it keeps you debt to credit ratio very low, these two things alone make up 65% of your credit score.
2007-09-05 08:03:58 · answer #1 · answered by ? 7 · 0⤊ 1⤋
You need to call your card company and ask if they report to all three major credit bureau's. If you have been in good standing with your card holder you might be able to get a raise on your credit limit and this will help to raise your credit score if you remain in good standing. You can always buy a car on credit, but that low of a score your down payment will have to be a around 20% to get a decent deal. Also get a copy of your credit report to see who is giving you negative remarks. Sometimes a simple letter to a creditor can get rid of a negative, sometimes its there for around 7 years no matter what.
2007-09-05 07:56:15 · answer #2 · answered by Mataleon 3 · 0⤊ 1⤋
just keep paying your credit card on time. I brought my credit score up for a 435 to 630 in a matter of six months. I did that by using my credit, making purchases and slowing paying them back.
When you pay your card off every month, yes you avoid interest, but the bank doesn't make money. They want you to barrow money. So i would recommend making small payments on your credit card. Then in a few months try for another card, one with a fee might be a little easier for you to get but i would not recommend doing that.
2007-09-05 07:54:05 · answer #3 · answered by jennie7562 1 · 1⤊ 1⤋
Nothing..you don't have a 525 score by paying your bills, you have a 525 score from taking out credit and not paying it back.
You can't afford to purchase anything else, and if you know you have poor credit, you are damaging it further by applying for credit that you know you most likely will not qualify for.
You need to see a copy of your credit report and figure out wants vs. needs. You need to pay off EVERYTHING that you owe, before you start promising people you'll pay them back...b/c your credit score reflects that you don't keep that promise.
2007-09-05 08:17:50 · answer #4 · answered by Expert8675309 7 · 0⤊ 3⤋
You don't need more credit you need to fix the mess you have made already.
You might get a magazine subscription on a bill me later but little else.
Oh and you are not helping your score if you keep applying. It lowers your score each time.
Additional comment
What is with the thumbs down on excellent advice by other posters?
2007-09-05 07:55:37 · answer #5 · answered by Anonymous · 2⤊ 2⤋
You need to establish a consistent on time payment history of at lease 2 years. If you have negatives on your credit report, work on negotiating settlements. That will help increase your score.
No one will extend credit to you until your score and history improves. Well, maybe the up front fee and outrageous interest rate loan scams.
2007-09-05 07:52:36 · answer #6 · answered by bdancer222 7 · 2⤊ 2⤋
one thing you can do to raise it.. that is if you get a big tax refund is pay off all your depts.. even your credit card.. esp them.. and remember if you pay them off the money is still there to use again,.. just dont run it up again and get in to that promblem again.. keep the smallest one .. for fun money..i got a $500 one that i use for that .. the rest in emergency.. beleive me i fell into that trap.. my score is around 640 but i could go down because i had a few i could not pay for... but that is how i always pulled out of it
2007-09-05 12:28:11 · answer #7 · answered by vis 7 · 0⤊ 0⤋
practically nothing. That's about as low a score as I've ever heard of. You have to pay off your bills and creditcards and pay them on time to improve your score - it will take 1-2 yrs minimum to get it over 600 probably
2007-09-05 07:51:05 · answer #8 · answered by Anonymous · 1⤊ 2⤋