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Rebuilding my credit score...
My mission: To acheive the highest possible credit score I can in a somewhat reasonable time.
I understand these things take time but I was curious to know of any tricks or good practices aside from the obvious...paying bills on time... that could boost me back up to a good to high rating. Where I stand: At the end of this month I will be 100% debt free, I've been working on paying off a credit card for the past 2 years and will finally have zero payments left. I have no student loans, I don't own a home..I rent., no car payments, etc. The long of the short of it is that I smashed my score right into the high risk zone as a silly youth and now I've been paying for it. I have a savings account where you can only find cobwebs and I've never had a checking account. I guess what i'm asking in a scatterbrain way is...Is there anyway to expedite these matters. All I ever here is about how long it takes to get in good standing again. Maybe my sources are rotten and I'm misinformed, thats why I ask. Also it may be evident I know very little about these things, this is true. So any suggestions given will be greatly appreciated, and any questions I'll try to answer the best I can. Thanks everybody |
Your credit score is a rating of how well you handle credit (debt). If you have no debt and no history of debt, your score will remain low. The only way to improve your credit score is to go get some debt and pay it on time.
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Do you have a good relationship with a local bank and know someone there you can talk to? One suggestion: Borrow $600 from your bank. Set up a savings account, deposit the $600 into that account and have the loan payments automatically deducted from that savings account. You will have to deposit a bit more to cover the interest. This is a start.
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with the new law that Obama signed yesterday, it may keep the creditors from preying on people now, but good luck getting credit. Annual fees, higher interest rates, and harder credit access are here to stay. Good luck with that.
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I don't know how things work in the US compared to the UK, but I was told by someone at my bank that the fastest way of building a good credit score is to use your credit card for everyday purchases (groceries, meal out, clothes etc), but pay your credit card off in full every month.
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There are many factors that affect your score, but the biggest factor is time, unfortunately.
Just keep using credit responsibly, and your score will continue to improve. The trick is to actually use credit, make payments on time, keep balances low (below half is fine), refrain from acquiring new credit accounts, and refrain from closing current accounts. Next, just wait it out and your score will improve. |
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Also some useful advice here: FICOŽ Forums - FICOŽ Forums Lindy |
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I have plenty of credit access, have had two mortgages on 3 mortgages on 3 separate houses and plenty of good credit because I didn't play around. I currently have a 3200sq. ft. house..it priced around $110/sq. ft. you do the math. So I know how to handle cash and credit. Quote:
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And I've always liked AmEx, (own some of their stock) even with an annual fee. They have a very versatile rewards program. When I lost my AmEx card in Bulgaria, I had a replacement the next day. (My small town credit union Visa took three weeks.) They've always treated me well, though from what I hear, I wouldn't want to be on the wrong side of them.:paranoid: Quote:
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Lindy |
wow, I wasn't exactly sober when I wrote that, so my mortgage statement is all fucked up :lol:
3 mortgages, 3 houses. whew.. Yes, I've also heard that to be on the wrong side of AmEx is like being under the devil's pitchfork. Not where I ever want to be ;) |
Some useful information in there, thankyou everyone for the tips and stories. I'm sure it will be a help in the future ; )
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