Raise your Credit Score and Start your New Life
Thursday, April 15th, 2010 at
6:56 am
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How can you raise your credit score if you are constantly denied when applying for credit?
I was told that in order to raise a poor credit score, you need to pay things on time and get new credit to work with. I’ve been paying my car payment on time (which has ultimately raised my score a few points-almost into the good score range-600′s) However, I do have about $2,000.00 left in the bad credit part of my credit score, which marjorily is medical bills and one other thing-a bad cell phone bill. I am trying to pay off each one little by little, but I really need my score to start going up faster! I have to buy a new car soon, which I will have a co-signer with not much better credit then me. However, we can afford the car. I also tried applying for a credit card that said when I was applying, that specific card was geared towards people that want to build up a lower credit score and I still got denied!! How in the hell can I raise my score if this keeps happening? I can’t wait forever to get my life back on track when I’m trying my hardest to fix what I didn’t have much to do with in the first place (bad cred from a HUGE surgery I couldn’t pay and was gipped into).
What else can be done?
Let me say I have never filed bankruptcy and I was just approved for an apartment.
I have no outstanding credit cards or balances in the bad credit section either. They were all paid off over 2 years ago.
I wasn’t asking to get a credit card so I can dig myself into a deeper hole. I was asking because this is how I was told I can raise my credit. By making small purchases (I already planned on making) and paying them off with the cash I would have used. Thus showing a good repor with the crediting agencies.
All you can do is to keep paying on time, every time. You can’t make your credit jump quickly. But making payments on time, and lowering your debt, will improve your credit score.
Also consider tucking a little away each paycheck for that car. A downpayment will go a long way when it comes time to apply for financing on the car.
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Wow. It is so tough in this economy today that you almost have to do everything to attain good credit but barely nothing for people to steal your identity. This sucks.
Check this site out.
http://www.ehow.com/how_2290205_increase-credit-scores.html?ref=fuel&utm_source=yahoo&utm_medium=ssp&utm_campaign=yssp_art
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I don’t think there is a fast way to raise your credit. The problem is that every time someone pulls your credit score, it affects it negatively. You might want to wait for the credit card offers to come to you so you don’t have to keep applying and getting turned down. I understand how frustrating it is though. Good credit is also based on how much available credit you have. Here’s an article that explains it a little:
http://finance.yahoo.com/loans/article/106572/Credit-Card-Issuers-Buy-Something-or-Else
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The credit card you got denied on has to, by law, give you the reason for the denial. Start there. If it is something unrelated to your overall credit score, then work on that time and re-apply in a few months.
You also have to be careful about applying for credit…too many inquiries in a 90-day period lowers your score and scares off creditors.
Lastly, try applying for a credit card at a local or regional department store. They tend to be a little more lenient since they have to compete with the big stores and as such need to reach out to more customers.
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stop running your credit so much..everytime you run it, it brings it down whether you are approved or not..
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It does take time. Keep in mind, there are other things that affect your credit score, too. For instance, applying for credit cards or getting payday loans will lower your credit score because of the number of inquiries. Moving more often than every 3 – 5 years or changing jobs more often than every 3 – 5 years will also affect your credit report negatively.
Hang in there, though. I’m in the same boat as you. I make enough money to buy a house and would love to take advantage of these incredible rates, but my credit score is still too low!
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Whatever you do, don’t get married. Don’t bite off more than you can chew.
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Raising ones score is not simple. Those bad debts are keeping your score down. Even if paid or not, they are reported for 7 1/2 years under the FCRA Running of Reporting Period – Section 605 [15 U.S.C. § 1681c]
Even if you are now paid off on your credit cards or even keeping payments on time for the past 2 years, your score was damaged and only time will improve your score. Lenders often pay less attention to old debts and are more concerned about the past few years to see if you are able to improve your ability to handle credit.
You should go the the FTC web site and learn about improving you credit score. Also check out the information at FICO. Here are there links
http://www.myfico.com/Default.aspx
http://www.ftc.gov/bcp/menus/consumer/credit/reports.shtm
Hope this helps answer your question
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Pay off the debts that are ruining your credit, even if it is slowly
and or
get a secured credit card. That is a card that you put like 500$ into (like a bank account) and then you have a 500$ limit. When you have proved yourself they will raise your credit limit without you putting more money in.
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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
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