Donald asks…
how can i improve my credit score fast?
i have a credit score of 548. never had a credit card, im in debt with my school loans of $4000 which im paying back monthly. what can i do to get my credit score higher? what kind of credit cards will i get approved for with score of 548?
admin answers:
First, you can't increase your score quickly. It takes time, since one of the main factors is your credit history - the longer your on-time history, the higher your score, and you can't speed up time. As for raising your score, first, make sure your loans are being reported to the credit bureaus. If not, you can pay a small fee to have them manually updated - however, this is a one shot deal, the credit bureau will only verify and get the payment history the one time, unless you pay again for the account to be updated.
Also, pull all three of your credit reports (http://www.annualcreditreport.com) and make sure they are accurate and truthful. Anything inaccurate should be disputed.
Finally, try to get a card at a local/regional department store - they tend to be easier to get. However, do not try a whole bunch all at once. If you can get a card, use it every couple of months for small items you would normally buy for cash (and remember to pay off the balance when you get the bill). The payment history will help the score (assuming you pay on time).
John asks…
How can I improve my credit score fast???
I checked my credit score about a month ago on freecreditreport.com and my score was 665.
This month I apply for a loan to purchase a home and because I had 2 credit cards almost max out my credit dropped to 590 (that is the score that the loan officer told me I got).
I already fixed this problem ... I paid almost half of the balances on both credit cards.
I would like to pruchase a home as soon as possible. How long should I wait to see my credit score go up???
Do I need to do something else.
Your advise is greatly appreciated.
admin answers:
Hi, I would say there are a lot of things you can do. You are on the right track to paying off your debt but whatever you do, DON'T cancel your cards--part of your credit score looks at you credit limit to debt ratio.
Also one of the things you can do right now to raise your score up to 50 points is fill out the 'opt out' form. The opt out form found at this link: https://www.optoutprescreen.com/?rf=t will make sure that creditors can't pull your credit and send you offers at random without your permission. The credit beauros look at this as responsible.
I think your credit score will start to go up immediately, but don't pull your credit score again until absolutely necessary because everytime someone pulls your credit score it adds negative points to your credit report and your score will go down. I think these points stay on your credit report for 12 months. If you've had a lot of hits to check your credit score in the last year, wait a while and your credit score will go up automatically.
Nancy asks…
How much and how fast will my credit score improve?
Here's the background info:
Came to the US in mid-2001, opened my first credit account shortly thereafter.
Everything was going great, making ontime payments, keeping my balance low, until mid-2004 when I hit a bump on the road, which resulted in several late payments on several accounts, a couple as late as 60, 90 days.
Picked myself up a bit, but have been only able to make minimum payments. Cards are maxed out, which is the reason for my score of 580, I guess.
Have about 4K in credit card debt, which I am planning to pay down completely within the next 3 months.
How much and how fast can I expect my score to increase? When will it reach a respectable level assuming everything goes well from now on?
Thanks in advance.
I'm asking because I want buy a house.
I have no accounts in collection.
All my accounts are open and current, but just very near the credit limit.
I have been making on time but minimum payments for the past several years.
admin answers:
First, do NOT close those accounts after you pay them down. Closing an account can hurt your score, and closing an account can never improve your score. You are correct that max-ing out credit cards hurts your score. This concept, called credit utilization, is worth 30% of your FICO score. Second, if any of those maxed accounts are your oldest open accounts, closing them will damage another 10% of your score, which is age of oldest open accounts. Third, if you close all your open credit cards, you'll hurt another 10% of your score: credit mix. Fourth, how fast can you improve your score? As soon as your payment clears the creditor and the creditor reports the new balance to the CRA. The creditor usually reports monthly. A credit score is a snapshot in time of the latest info available to the CRA. Check your credit report for errors, identity theft, derogatory accounts (other than Ch 7 BK) that are over 7 years old, and make sure the creditors are still reporting your good, on-time accounts. After 2 years, the effect on your credit score of a late payment on your credit report drops considerably. I've read of people having scores in the 700s about two years after discharging a bankruptcy, and you're in much better shape. Did this help?
Jenny asks…
how fast does your credit score improve after paying off credit cards?
I have a good payment history with all my credit lines but I have a lot of revolving credit card debt. I plan on paying them all down to less than 25% balances in the next 3 months. My credit score is now in the low 600's. If you have been in a similar situation how long did it take for you score to come back up to good level (ex. 700+) and any other tricks you used to improve it quickly. thanks
admin answers:
Crazybird,
Be careful of the "advice" you recive on these forums.
One poster recomended you close some of your credit accounts once paid down? (DO NOT DO THIS) that will hurt your score.
Keep all of your cards about 25% credit limit utilization, pay all of them on time, every time, you can expect to see an increase of about 10-15 points a month.
BONUS:
If you know someone that you trust, and that trusts you, IF they have great credit, they can add you as an authorized user on one of their accounts. (they do not need to give you the actual card).
Within a month, all of their positve credit history on their account will show up on yours, and depending on how "old" their account is..you can expect possibly a 100 point boost. I have done this.
Good luck.
Daniel asks…
How fast will my credit score improve once I file bankruptcy?
I'm trying to look at all the options here and wondering if I file bankruptcy when will my score go up or does it ever go up?
admin answers:
Only after your bankruptcy discharges and you start to reestablish your credit will your score start to go up.
As soon as you file your score will take a huge hit, but after it discharges you can rebuild your credit back to better then it ever was in as little as 24-months if you know what your doing.
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