Questions About How To Improve Credit Score Immediately

John asks…

How can I improve My Credit Starting Today ?

The other day I went into a Gap store to browse around, the saleslady talked me into filling out one of those quick result 5 minute electronic credit applications. I don't even know why I bothered,the reply came back no.

Is there a step by step approach to improving your credit score significantly in a short amount of time ? What are the best ways to immediately improve credit ?

admin answers:

Are you under 21?
New Federal laws were passed that will make it nearly impossible to get a credit card.
Also store cards are not harder to get - they've been hit by the subprime users.

Two ways to develop credit.
Get a parent to co-sign on a credit card with you.
Remember - charge something small like gas or food and pay in full each month.
Carrying balances can easily destroy credit.

Get a secured card from your bank where you have a checking account.
This card with good usage will turn into a credit card.
Good usage - replace the money in full each month - no games.
Note: If you are under 21, this card may not turn into a credit card unless you have stable employment and strong ability to pay back...

David asks…

How do I improve my credit score?

And, if I use my credit card then pay the balance immediately, before it is due, will it be good for my credit score? or should I pay it little by little?

I am new to this credit thing so any advice would really help.. thanks..

admin answers:

Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service - credit-report-score.10001mb.com

Sandra asks…

Improving credit rating - overdrafts good or bad???

Hi all,
how do you improve your credit score? Are bank overdrafts a sign of trust from the bank or are they looked upon negatively by credit companies?? I live in the uk so info should be relative to that.
how long does it take for a paid off credit card etc to impove your credit score. EG if a person paid a credit card debt off would there credit score immediately improve or would it take months?? any info appreciated! :)

admin answers:

In terms of overdrafts, it won't impact your credit *unless* those overdrafts aren't paid off. Banks typically don't report them like a normal credit card but they do send them to collections agencies if not paid within 90 days or depending on their policies.

The credit cards will stop impacting your credit after 24 months of post stable credit and payments. As long as the card wasn't discharged (collections), otherwise you're looking at up to 5 years. Paying off the card won't improve it considerably in the short term but will help.

Keep in mind, there is no magic way to fix your credit. FICO (Fair Issaic Credit Corporation) has a confidential system of determining your score. The *most* important is length of positive credit history.

If you have no credit cards at the moment, I would advise going to a bank and obtaining a secured credit card. In other words, you're putting down collateral. If you put $300 down, you can get a credit card for $300. There is no credit check performed since you're putting down collateral. In turn, the secured credit card acts just like any other and is reported to credit agencies that you're paying your payments. Having 3 credit cards or lines of credit open in good standing is the magic number but do as you can afford.

If you don't have credit, you can't improve your credit. You have to maintain your credit history otherwise you will never be able to fix your credit.

Try to pay off any collections, have them resolved, and start rebuilding your credit. As said prior, there is no magic way but start taking positive steps AND time.

Mandy asks…

I paid my credit card late 2 times within 6 months. How can I, a college student, improve my credit score?

I know, I was being stupid. I got my first (and only) credit card on Sept 06 and have paid late twice within my introductory period of 6 months. Since then I have been paying my balances in full. I'll be graduating in '09 and am worried about how this could affect my credit score. The only other debts I have are my student loans which are federal and not private.

What are some possible hardships I should be aware of in the near future?

I do plan on going to grad school either immediately or soon after I get my B.A.; will I be affected when I apply for grad student loans?

Is there anything else I could do to improve my credit other than paying off or keeping my balance at $0?

Thank you!
I forgot to mention...For the two times I paid late, I was able to make my confirmed payments within 1-4 days after the due date.

I've read that some credit card companies don't report unless payments are 30 days past due...But I'm still new to all of this and I am worried anyway.

I have a Citi MTVU Platinum Select card, and since paying off my card for almost a year straight now...I credit limit has been increased 2 or 3 times.

admin answers:

If you weren't 30 days late it won't hurt your score. You will face many hardships in your life. Some can be avoided like having children you can't afford others are unavoidable. Getting into debt is avoidable except maybe student loans but you can limit them if you don't live more expensively than you need to and work part or full time while in school.
Hardships you will face are unemployment, sickness, injury, and things breaking. The less things you own the less that can break and an emergency fund of several months expenses can help with the cost of the hardships.

Michael asks…

How do I improve my credit in my situation?

Ok I had good credit until I found out that I forgot all about a $140 purchase made with a store credit card 7 months ago and I never got the statements since I moved and no one forwarded them to me until recently. I paid right away. I have found out even though I have been paying off all my visa and other credit card bills in full immediately every month (about a 1000-1500 a month) that just because of that $140 purchase on that store credit card that I have used twice in over a year that my credit has been effected quite a bit. So what can I do to undo the damage without taking out a loan on something and paying that to improve my credit score?

admin answers:

Normally, I would agree with my bud Spifiman on this, but I think there's a couple more options. You could dispute it with the credit bureaus that you never received the statement, a long shot at best, but it may work, or you could contact the store credit card company and let them know you never received a statement or else you would've easily paid. You could google "goodwill letter" and you could find a form letter template that may suit your condition and you could send that to the original creditor to see if they would re-age the account since you didn't ever get the statement. It's a long shot too, but it's better than nothing.

Powered by Yahoo! Answers