I need to build my score back up and I know that some stuff on your report, payin bills on time, having income to dept ratio, and maxed revolving loans effects that, but I was just wondering what other things that I could do to raise my score. I was laid off work in 2004 and was struck by Katrina in 2005 and between those problems mine and my husbands score has fallen from an 800 to below 600. We have been paying all our stuff on time and do not have maxed revolving credit, I have a full time job again and still our score will not come up what should I do?

get 5 banks in mind. local to you. take $1,000 to the first bank & tell them you want to put it in CD & get a loan against it to improve your credit. work an agreement with them to pay over a 12 month period. The banks will do this because if you default on the loan, they already have your money in a CD.

take the $1,000 loan & go to bank #2.
Do the same thing.
Then to bank #3. and so on & so forth.

The possibilities are endless. you can go to 20 banks of you can afford the 20 payments. 12 monthly payments on a $1,000 loan will be very small & manageable.

Within 3 or 4 months, (after the banks see that you are serious and have true intentions) the banks will begin reporting your good history of paying your loan… an WALA!!!! you score goes up & the good outweighs those bads that you have been stressing over.

=====NOTE=====
YOU MUST MAKE SURE THAT THE BANKS THAT YOU GO TO REPORT TO CREDIT BUREAUS. IF NOT, YOUR EFFORTS WILL BE MEANINGLESS TO FUTURE CREDITORS.

best of luck to you.

Credit agencies use several factors to determine your credit score, here are a couple that are affected by your student loans.

1. Number of open accounts: The number of creditors you have is one of the factors used – the more separate creditors you have the lower your score. Consolidation can increase your score by combining all of your separate lenders and reducing your open accounts to one.

2. Amount of monthly payments: The total amount of your minimum monthly payments is another factor in your score. Consolidating your student loans will lower your minimum monthly payment up to 60%, raising your credit score. For example, say you have three separate student loans all at the current rate of 6.8%.

1. $15000.00 minimum monthly payment $ 172.62

2. $20500.00 “ “ $ 235.91

3. $ 7500.00 “ “ $ 86.31

$43000.00 “ “ $ 494.84

Or:

One Consolidated $43000.00 loan monthly payment $ 300.49

Monthly savings of $ 194.35 or 40%.

Lower payment = less monthly commitment = higher credit score.

3. Debt to credit ratio: The amount of available credit you have on any given credit line will also affect your score. A credit card with a $5000.00 limit that has $5000.00 in charges on it will give you a lower score than a credit card with a $10,000.00 limit that has $5000.00 in charges on it. Student loans are considered maxed out credit lines until you have made some payments so reducing the number of maxed out accounts will raise your credit score.

If you also have private (non-federal) student loans you are probably already aware that they should be consolidated separately but you may not be aware that your federal loans should be consolidated first. Since private loans interest rates are based on your credit rating consolidating your federal loans first and raising your credit score can help you get a better rate on your private loan consolidation. Generally when you take private loans out you are a young student with not much of a credit history and you aren’t always given the best rates. This makes the consolidation process that much more important. With proper timing federal and private student loan consolidations can save you money, raise your credit score, and reduce the amount of time it takes to repay your loans. It’s a winning situation all around!

Matthew Kelly
http://www.articlesbase.com/college-and-university-articles/will-consolidating-my-student-loans-hurt-my-credit-122166.html

a person has only 1 payment that is reportable then it could take a long time to raise scores. suggestions please.

also what is the scale for credit rating? thanks.

Pay off 90% of your outstanding balances, that makes a huge difference.

I have never owned a credit card but i cant get one due to bad credit so how can i raise my score?

Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – freecreditreport.hotusa.org

Do you know what your credit score is? Many people understand that they have a credit score, but they don’t really know how it is actually calculated. If you want to improve your score or maintain good credit you should know how credit scoring works.

Credit scoring is the way that lenders determine how likely you are to pay back the money you borrow. It basically represents you risk level. The lower your score, the higher a risk you are to a lender. The higher your score, the less of a risk you will default on a loan.

With good credit comes low interest rates and favorable terms. Your credit score will determine much more than interest rates. Lenders, landlords, cellular companies and even your insurance company will look at your credit score in determining whether or not to do business with you. If you have a low credit score, you may pay higher insurance premiums and have a harder time borrowing money.

You’ve probably heard of your credit score called a FICO score. This is the score based on the Fair Isaac & Co. credit scoring model. These scores are based only on the information found in your credit report. FICO is not the only type of score out there. You can have a different credit score from each of the three major credit reporting agencies. It is possible to see as much as a 50 point difference between two scoring sources.

There are five major factors that go into your credit score. They are weighted differently, so some parts appear more important than others. However, they all will affect your final score.

1. Payment History

Your payment history makes up 35% of your total credit score. Your payment history considers whether you pay your bills on time or are late making payments. It will look at the frequency of late payments and how far behind you are on payments. How many accounts do you pay on time? Have you had major credit problems or filed for bankruptcy? Paying your bills on time each month will raise your credit score.

2. Amount Owed

The amount you owe will determine 30% of your total credit score. This section looks at the total amount you owe and what types of accounts you have open. Do you have large balances on all of your accounts? How much available credit do you have in comparison to the amount you owe? How much have you paid down on your accounts since they were originally opened? Paying your accounts down responsibly and not having high balances on your credit cards can raise your score.

3. Length of Credit History

The length of your credit history will result in 15% of your credit score. The longer your credit history, the higher your score. How long you’ve had certain credit accounts open will affect your score, as well as how long it has been since you’ve used your accounts.

4. New Credit Accounts

Ten percent of your score is based on how many new credit accounts you’ve established. How many new accounts have you recently opened? How many requests for your credit have been made? How long ago where you shopping for credit? Rate shopping usually will not hurt your score if they are made within a short period of time.

5. Overall Mix of Credit

The final 10% of your credit score is based onn the mix of credit you have — credit cards, installment loans, mortgage loans, secured loans, etc. The more balanced you are, the higher your overall score in this area will be. You want to have a mix of all types of credit.

There are several ways to improve your credit score. Start by paying your bills on time. This is the one factor that will make the most impact on your credit score. Pay down your debt and limit your applications for new credit. You should also check your credit report and take the time to correct any inaccuracies.

Martin Lukac
http://www.articlesbase.com/credit-articles/understanding-your-credit-score-86732.html

After check fraud discovered, closed that acct, opened another at same bank, but not all auto payments were transferred to the new account resulting in what ended up being late payments when I discovered bills not being paid. As a result, my credit score tanked. What can I do to repair my good credit rating?

Probably you have some wrong items in your credit report. Use credit repair service to find and remove such bad stuff from your credit – credit-report-score.10001mb.com

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Individuals who possess a good credit score always heads to the finish line first. They are eligible to loans and other forms of credits of lower interest rates and convenient terms of payment. Their good credit score serves as their assurance to the lending institution that they are not of credit risk and they have the capability of repaying any forms of credit that they will avail without committing delinquencies. Thus, individuals with good credit score have the access over loans and other forms of credits of lower interest rate payments and best credit terms.

On the other hand, if you possess a bad credit score, expect that you will experience difficulties in securing loans and credit plans of lower interest rate. Your bad credit score makes you a financial risk on the part of the lending institution, thus you are only entitled to loans and other forms of credit with higher interest rate so that the lender will have an assurance that the amount of money you borrowed will return back to them at the end of the loan term.

This could be a huge financial setback for your part and will really hurt your pocket. Higher interest payments mean fewer savings for your part and will cost you more than the actual amount you borrowed from your lender. At this point, you should realize the importance of possessing a good credit score if you have plans of getting loans and other forms of credit in the future.

To have an idea of what a good credit score is, you should be aware of its range, or what you call an "acceptable credit score range". It is commonly determined using the national average credit score. In addition, the national credit score could definitely say something about how a nation handles its financial matters.

The typical national credit score range is between 650 and 700. This would now be your basis whether your credit score is above or below the national average. For instance, if your credit score is below the national range, then something should be done in order to improve your credit score. On the other hand, if your credit score is above the national range, then you are safe enough in applying for loans of your choice without the fear that your loan application might be rejected later on.

Remember that you need to stay close within the national average credit score so that you will not experience difficulties in applying for loans with lower interest rates. Credit score above the national average means something and can affect the way you will deal with loans and other forms of credit in the future. As previously mentioned, it will improve your chances of securing loans or credit cards with lower interest payments, which in return could generate substantial amounts of savings in the long run. Staying close on the acceptable credit score range will help you in making decisions and not regretting the results later on.

Be responsible enough in your personal financial matters. Knowing the national range and staying close to it will give you the advantage of securing loans or other forms of credit and at the same time generating substantial amounts of savings in the long run. You are just like setting your mind on something that you know will give you benefits in the future.

And that is a great thing for you to consider.

Technorati Tags: credit application, credit score

Copyright 2005 Frank Bruno

It’s never easy to talk about credit. Not with friends, not with
family, not online, and, most of all, not with myself. Yes, I
let a monthly payment go by here and there. I’ve maxed out my
share of credit cards. I’ve bought cars that I really couldn’t
afford. I ate out. A lot. At expensive restaurants. And I always
ordered the lobster. I always knew, in the back of my head, that
I was teetering on the brink of credit destruction. Yet I
couldn’t bring myself to admit that my credit was going
downhill. I continued applying for credit cards anyway. I didn’t
want to run them up, honestly. It just happened.

One day, reality gave me a swift kick in the rear. I grew weary
of renting, so I decided to pursue the proverbial American Dream
and purchase a home. I sort of knew that my credit was troubled,
but I kidded myself into thinking that it couldn’t be that bad.
I went to a mortgage company to finance my dream. When I got
there, I filled out an application, and they pulled my credit
report. I truly was not prepared for what the loan officer said
to me next. “I’m sorry, sir,” he said, “your application has
been declined.” I was absolutely stunned and numb. I could not
believe my ears. My dreams were decimated in mere seconds. I
left the office so dumbfounded that I didn’t even remember the
drive home. I got back to the apartment and I torched every
Homes For Sale magazine in the fireplace.

From that very moment, I resolved to clean up my act. Not
knowing much about credit, I had to swallow the last ounce of
pride I had and called up the loan officer I met with. They have
general guidelines for approving mortgage loans, he explained.
One of the major factors that go into an approval is your credit
score. Quite simply, the higher your credit scores, the better
your chances of being approved. What’s more, the higher your
score, the better the terms of your mortgage; that is, better
interest rates, better payments, and lower down payments to name
but a few. In my particular case, my score was low. Their
minimum requirement is a score of 620. My score was 604.

The only way that I could get an approval for a home loan, he
said, was to raise my credit scores. The good news, he said, was
that he could refer me to their sister company. They specialized
in approving mortgages for people with challenged credit. In
fact, they have been known to approve loans for people with
scores as low as 500!

With a glimmer of hope, I contacted the company he spoke of,
known as a “subprime lender.” Sure enough, they had good news
for me. “We received your application from our sister company,
and I’m happy to tell you that we are able to approve you for a
mortgage!” Something didn’t feel quite right, though, so I asked
about the terms of the mortgage he approved. It turned out that
their loan was going to cost me a whopping $7896.00 in
additional interest for the first year, which amounted to
roughly an extra $666.00 per month! That was about twice what I
used to pay on my car. Think about that…because my scores were
so low, I had to pay the equivalent of two car payments in order
to purchase a house. Heck, I could’ve bought a Mercedes with
that kind of money, although I probably wouldn’t have been
approved for a car loan anyway. Not only would the extra
interest have a disastrous impact on my bank account, it would
price me completely out of my dream home – a terrifying thought
indeed.

While I celebrated the approval, I shuddered at the terms. I
begrudgingly went forward with the lending process. Although I
loathed that extra interest, I hated the thought of not owning a
home even more. In the meantime, I resolved to find another way.
Either I could sign their loan and pay almost $8000 extra just
in interest, or I could try again with the first company after
raising my score. To me, the choice was clear. At the time,
there wasn’t much I could afford anyway, let alone two cars’
worth of payments. I resolved not to pay any more than was
absolutely necessary to purchase the house. I had to repair my
credit! With no money in the bank and no room on my credit
cards, I simply could not fathom spending $400-$500 on a credit
repair agency. My creativity had to exceed my financial means
for me to get the results I needed.

I was able to obtain a “tri-merge” credit report and found my
aggregate scores were 604, 576, and 606. A tri-merge refers to a
single credit report that contains information, including
scores, from the three major credit reporting bureaus; namely,
Experian (formerly TRW), Equifax, and TransUnion. Each has a
unique formula for scoring your credit. Many mortgage companies
will use a tri-merge report to determine whether your
creditworthiness deserves an approval. Depending on the mortgage
company, they will consider one of your three scores and go from
there. In my case, the loan officer advised that I needed to get
one of the numbers up to at least 620.

Throughout the course of my research, I found a lot of resources
that explained the credit repair process. One of the most common
methods is to write letters to the credit bureaus, disputing the
erroneous information on my credit report that caused my scores
to decline. In fact, the credit bureaus themselves explain this
process. Basically, you scour your report and locate invalid
entries, such as an incorrect credit limit, or even an entry
that’s not yours. Then, you write a letter to the credit bureau
explaining that the information is wrong and ask for it to be
removed. If they manage to confirm that the entries are correct,
then it stays on the report. If they can’t confirm it, off it
goes. Make no mistake; this technique is quite effective if done
correctly. The problem is credit bureaus, by law, have thirty
days to investigate the information. That doesn’t even include
the time it takes to mail my dispute, and for them to mail an
answer back letting me know what happened. At best, it would
take about 40 days before I knew anything. I simply could not
wait that long. Plus, there was no guarantee that they would
remove the information anyway.

Undaunted, I continued my quest to boost my credit scores
quickly and inexpensively. Time was running out, however. The
closing for the subprime mortgage was only days away. My
persistence was rewarded when I managed to discover little-known
methods that I utilized to increase my score. As a matter of
fact, my Equifax score went from 604 to 644 in only 24 hours!
Like a thermometer next to a blue-hot flame, my score shot up 40
points, literally, overnight. I went back to my loan officer,
and he was flabbergasted. Never had he seen anyone raise their
credit scores so quickly and dramatically. He put my application
back through. Miraculously, I was approved!

I saved myself hundreds of dollars a month, and thousands of
dollars a year by being able to Raise My Credit Scores. The best
part is that, because of the techniques I used, it only took a
matter of days and not months like the credit bureaus would have
you believe. There’s an adage that says “Cash is king.” These
days, it’s more accurate to say that “Credit is king.” Your
credit scores have so much impact on your life that it would be
catastrophic to take them lightly. By raising your credit score,
you can experience the same kinds of savings that I achieved.
You’ll be able to better afford that dream home or dream car,
and you’ll realize the benefits for years and years to come.

Frank Bruno
http://www.articlesbase.com/finance-articles/how-i-raised-my-credit-score-40-points-in-24hrs-and-saved-658-3186.html

I’m 19 y/o and I have three major credit cards. I have a credit score of 708 and I’m trying to get it higher. I recently applied for a loan but I need a co-signer. However everyone I kow has bad credit. How can I raise my score within the next couple months so I can get a loan without a co-signer? Or at the very least have pretty high credit. I’m aiming for a 750.

1. Pay every bill on time.
A late payment will instantly drag down your score. A few months history of timely payments, however, can help boost it.

2. Pay down the cards that are maxed out first.
You’ll get points deducted from your score any time you charge more than 50 percent of the limit on any kind of credit card.

3. Do not cancel any credit cards.
Counterintuitive, yes. But not when you consider that one-third of your score is based on how much of the credit available to you you’re actually using. Cutting up credit cards will automatically decrease the amount of credit you have available. Better to stick the cards in a drawer until your score is back on track.

My credit score is low. I have recently paid off all my major debt. I have about 6 K in savings, no outstanding debt, creditcards ect. I want to buy a house in the next 2 years. How can i raise my score?

Thanks

keep paying things on time and what I found that helps….. when I get my bill for discover card in the mail, I pay it all. Don’t leave any unpaid because why pay interest on crap seriously. close most of the credit cards such as sears and target and mainly use just one and pay the bill when you get it. ask for a credit limit credit increase on the one card you use.