I paid off all my debt. I got a secured credit card for about 1 year and i charge it and then pay it off before the end of the month when they report to the beurus. really i only charge it so that way they keep reporting it. by the time they report i usually have a balance of 5-10 dollars.
For the last (almost year) i have not only made the payments for my car on time but made many many extra payments to knock down the princible.
Today i pulled my credit and i am at
Experian 573
Equifax 596
Transunion 583
what can i do to boost my score. i would like to be at least average. :)
2007-09-07 19:29:53 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Bleu,
no i do not have student loans. EVERYTHING is paid.
I know one thing. if you do not charge on the card they will not report it. then the account looks stale lowering your score.
Having a balance of 5 dollars on a credit card is not bad. it does not mean your in debt what they are looking for is having a high amount of credit you are approved for and not usuing it. so the more you have avaible and not use the better your score is.
Pulling your own file does not make your credit score drop. that is credit 101.
the bill is not due until the 5th of every month they report around the 27th. i make sure my payments are cashed around the 25th thus it is paid before they ask for it.
I am looking for what i can do next. pointers to raise it. i know how not to screw it up i have spent the last year fixing it.
the question was..... now what.
2007-09-07 20:08:39 · update #1
Oldmansea....um....gosh. What moron gave you a keyboard? Where in the world did you come up what that answer? It's not even close to reality!
OK, my first thought is something is on your credit report. Do you have some negative stuff on it?
You make comments about paying off your old debt, does that mean they were in collection? Have you only been working 1 year to repair it?
Without looking over your report I can't really answer this one. I have two suggestions.
Go to http://www.myfico.com/12 and order their credit report and score. It costs about $44 but with this site you will be given your report, scores, PLUS the reason codes that are on your report that discuss why your report is low. This will give you a roadmap on what needs to be fixed.
Then go to http://www.lifeafterbankruptcy.com
When you get their, goto their past newsletters and find the ones that discuss the 24 steps to follow to increase your credit score. It's sort of a process that takes a couple years, but will dramatically improve your score along the way. This information is free. I highly recommend the site.
Good luck. Contact me if you need more info. I think you have some bad items on your report that need to be fixed.
2007-09-08 13:57:48 · answer #1 · answered by Anonymous · 4⤊ 1⤋
You are doing the right things. Keep on doing what you are currently doing.
Clearing a poor credit rating takes time. A year sounds like along time for you but the poor credit that you had stays on you record for seven years, As time goes on your credit score will improve.
It is very important that you continue to pay ALL of your bills on time. Do not be disappointed about how long it is taking. You know the expression that Rome was not built in a day and good credit is not built in a year.
There is something that you can do. Attempt to increase the credit line on you yr credit account. See if you can open other credit cards as well. Do not use the new line or new card except for purchases where you have the ability to pay it off in full before the payment deadline. The reason is that your credit is partially based on the ratio of how much credit you have compared to how much you use. By raising your credit limits you will be benefited as long as you do NOT use your new credit.
Good luck.
2007-09-08 11:46:42 · answer #2 · answered by DrIG 7 · 1⤊ 0⤋
Have student loans? pay on them too. Don't charge on your credit card for 6-8 months. Eventhough you're not using them, they wont go inactive. It will look like you have credit avaiable which is great. Plus, if you don't owe a balance, that's better than having $5 on the account because you're not in debt. It may take you awhile to build your credit. Joint accounts can help too. Also, since you pulled your file today, do not anyone else pull it for a while. That will take the score down. Oh and try to pay the balance in full before they send you a bill(not before they report). Keeps the account in good standing and like I said before, you don't look as if you're in debt. Good luck honey. Those are all the pointers I can think of.
2007-09-08 02:47:55 · answer #3 · answered by Bleu 2 · 0⤊ 1⤋
It sounds like your old negative history is still affecting your score. The more time that passes, the less it will affect your score. After 7 years it falls off. You could try disputing the negatives on your report, and since your debts are paid, maybe the creditors won't bother verifying your debt to the Credit Reporting Agencies.
2007-09-08 07:46:27 · answer #4 · answered by Don 3 · 0⤊ 0⤋
Now cancell some cards as you pay them off...as you do that they will send you more apps to fill out and get new ones... wait at least one year of debt free and your score will raise to 1000. Minus your age from that score and add any funds you have in the bank...so, it your 21 and you have 40 years to work, your score should be 600 plus 10 pts for cash...say you have 12000 in the bank..your score would raise to 720. not bad for a beginner.
2007-09-08 03:47:13 · answer #5 · answered by Oldmansea 6 · 0⤊ 4⤋