Fix My Credit Score

Fix My Credit Score questions and answers

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Q: How to fix credit score?
I ruined my credit history by missing the payments, going over credit limit and paying late. :( I cut up all the cards and trying to pay off the cards. I already called the companies to lower my interest. What else can I do to get my score up again? How long does it take to make the credit history to be in great shape? Please help. Thank you.

A: There's not a lot you can do but wait it out. Put some time and distance from you and the "bad time." Every year that you make payments on time, etc. is another year of "good behavior" proving that you are responsible. Make the payments and get the debt paid off. Unfortunately since you cancelled the cards the companies may choose NOT to report the payments to the bureaus, as they pay a fee to list items on credit reports and they sometimes won't do that if they don't see you as potential income for them (in other words you're not a viable customer). The guy below me recommends myfico.com. This is a good website for credit information. Pay your bills on time each month and pull your reports every quarter to make sure that payments are being reflected on it. Good luck to you! It usually takes about 12 months to prove yourself again and see a noticeable gain in your credit score. But don't despair! Just keep plugging along!

Q: How do I fix credit score? ?
What is the best and quickest way to fix my credit score? I plan on getting all 3 credit reports, and fixing errors. Also have items in collection due to divorce. What do I pay off 1st. Need new car and can afford monthly payment, but need to get into loan and do this 1st. Thanks in advance.

A: Find out your credit with those credit reports. Get a big piece of paper and write all your debts on it, with the interest rate next to them. Rank them with the highest rate at the top and the lowest rate at the bottom. Now, to pay them off, you need to pay extra on the highest rate debt and the minimums on the others. Do it in that order. When the highest rate debt is clear, move your money to the second highest, and keep paying them off til you are debt free. Now, I would go get some financial counselling about the items in collections. Laws and rules differ wherever you live, so find out from an expert. Since they are in collections, they might not have any interest rate, and if that case, just pay the minimum on them you need to. Get a cheap secondhand car. That will set you back less. Take an expert friend with you when you make the purchase, and get it checked out for roadworthiness. You might have some serious trouble getting a loan if your credit is shot to bits right now. Work on improving your debt burden. Once it is clear, then you can get a credit card with a low rate or an interest free period, and make regular purchases with it. When you use it, pay it back the same day, paying extra. So if you spend $50, pay back $52. Try internet or phone banking for this. Doing this will improve your credit history over time. Be prepared for it to take months or even a couple of years for your credit history to come back up. In the meantime, get your debt under control, and don't overborrow for the car. Since cars go down in value, money borrowed to buy them is ultimately wasted. You don't get your money back when you resell the item. So stick to modest vehicles. A smaller vehicle, perhaps ten years old, will give you good fuel economy and won't cost you heaps in interest. I personally wouldn't touch a car loan with a 12 foot barge pole, but then, I don't mind driving a 30 year old car. Best wishes

Q: How to fix credit score of 450?
I have tried all the internet quick fixes and nothing has worked. I became very ill and had no insurance and it killed my score, and suggestions? Last year I became sick and was only able to pay my current bills, ie, rent, utilities, child care etc. no junk spending. Once the medical bills hit it was to late. I then took on raising my 2 nephews with no extra income and was unable to apply for assistance as they said my income was to high

A: Having a good credit score now is more important than ever so I'm glad to know you've taken an interest in fixing your financial viability! Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year: 1. Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed below. It really helped my get my score up.) 2. Never Miss a Payment, Starting Today 3. Never use more than 20% of your Available Credit 4. Keep Credit Cards that Have No Annual Fees Open For as Long as Possible 5. Extend Your Credit Limit on Cards You Already Have before You Get New Ones 6. Get Credit Cards that Have CashBack Rewards to Contribute to your Balance 7. Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit- 8. If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan 9. Take out a Small Personal Loan and Repay it Over a Year 10. Ask Someone With Good Credit if They will Account Shadow you When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it... Your Credit Score (also known as your MyFico score) is calculated with the following breakdown: * 35% -> History of Payments * 30% -> Debt to Credit Ratio (available credit) * 15% -> Credit History (length of open accounts) * 10% -> New Credit (are you expanding your credit) * 10% -> Credit Types in Use (varied credit types from loans to credit cards) If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score. You can read more about these tips on my blog: How Can I Increase My Credit Score * http://millionster.com/articles/debt/increase-fico-credit-score/ Hope this helps!

Q: What is the best way to fix my CREDIT SCORE?
I think my credit score is funked up. I used to own a house and I missed a payment or two when I was laid off from my job. I sold it and I paid off all my credit cards. I recently applied for a credit card and was denied. I need to fix my credit score. Any suggetions? I dont have any bills because I PAID OFF ALL MY CREDIT CARDS. I cant even get credit to pay down the bills early.

A: Try this to improve your score: First know that the bureau must verify any debt you dispute. If they can not verify it, it must be deleted. They have 30 days to do this. With 7 years in the credit business, I recommend disputing them all at the same time, as you will likely need to go through several rounds of letters to get what you want done. If something is blatently wrong with your credit report, call the bureau after they write back and refuse to remove it. Go up the food chain until a manager agrees to remove or amend the incorrect info on the spot. Don't buy into their speach about re-disputing it - but make sure you have provided the information necessary by mail already to correct the error. It will not help you to insist on something being removed if you have not provided verificaiton on why. When you mail in the dispute letter, mail in as much information as possible with it. If your verification is a bankruptcy, send in all the pages to your petition and tab the important pages for them to review. Also mail in a copy of an electric bill and a copy of your ID to avoid any delays. See the FTC web's site for your specific rights with collectors and debt reporting: http://www.ftc.gov/ If your problem is directly with the creditors, write to them ONE time. If they do not remove incorrect information, write to your state's attorney general's office and the FTC. This will get you the results you seek if you are in the right. If this is a collection agency problem, write to the same people plus the ACA at www.acainternational.org. Collection agencies are generally slime, so know your rights before you call them. See your rights here: http://www.ftc.gov/bcp/conline/edcams/credit/index.html If you have legit items that are bad, dispute them also. If they can not be verified, they must be deleted. It is not your responsibility to prove they are inaccurate, it is the credit bureaus who must demonstrate they are. Hope this helps!

Q: How do you fix your credit score?
I am trying to refinance my house while the rates are low. I was shocked when I found out how low my credit score was due to a delinquent account that is actually not delinquent. Besides disputing this, which could take up to 30 days, what else could I do to fix my credit score. I pay my bills on time in full every month. Is it true that keeping a low balance on your credit card will raise your score?

A: You can use credit repair agency to fix your credit, for example this one - buildcredit.ifastnet.com

Q: How can I fix my credit score and raise it to 700?
My credit score is about 657 I want to raise to 700 and higher, any way I can get my credit report fix and how do i do that?

A: You need to make sure that you pay all of your bills on time every month. Next, if you have credit cards, you need to make sure that the most that you are using of your available credit is less than 20%. Check your credit report for any inaccuracies and get them fixed.

Q: How long does it take to fix a credit score?
I am about $5,000 in debt (NONE OF WHICH IS FROM A CREDIT CARD...I'VE NEVER HAD ONE) and my credit score is a lot lower than I would like it to be. Most of my balance is either medical or utility. If I pay a $100 balance with a doctors office how much will it raise my score? Or in general if I pay anything off on my credit report how much does it raise the score?

A: Paying $100 out of $5000 will not raise your score significantly...here is the FICO score breakdown 35% Payment History 30% Amounts Owed 15% Length of Credit History 10% New Credit 10% Types of Credit If you cleared up the $5000 that would help, but you have two other problems...your payment history is not good (you basically stated the only things on your report are negative) and the types of credit are not good. What you need to do is get some credit and use it responsibly... this means charging no more than 50% of the available credit and making all payment on time.

Q: How do you fix your credit score.from just shopping around for a car?
Looked at 2 dealers and it dropped my credit score fast and alot.Several inquires in a short time.

A: I am a Salesmanager for a major auto dealer. Shopping for a car at two dealerships should not drop your score unless your score was so low to begin with that the finance department had to send it to several banks trying to get an approval. If you had derogatory credit to begin with then your loan app goes to sub-prime lenders via the net. Every lender has certain criteria that you must meet-- ie. - credit score - length of time in the credit bureau- time on job-work history -INCOME - length of time since last derog. credit on bureau, Debt to income ratio and a few more. So if you went to a dealership , say you recieved a flyer in the mail and you go to a $79 Down huge sale. Most of the time these mailers are mailed to target people with a score. Most likley they are sub-prime . When you get to the dealer they know you are sub already. They take you inside and get to credit immediatley. Thier credit man knows whether you can get "bought" and by which lender most of the time. If these banks dont approve you then they send it around the world , This does have an effect on an already bad score. If they say they have a way to go with financing then they have an approval. If you dont like the deal walk. If you go to another dealer tell them up front that you came from a dealer that had "an approval" for you. Hopefully this dealer deals with the same banksand they also can use this approval. You may also get a better deal just so they can steal the car deal from the other guy.So the way to save your score is dont go from dealer to dealer letting them pull you score . I f you know your score is rotten tell them . Remember Car dealers get a bad rap and they aren't the only ones who pull your credit , Places like -Cable Tv -Satellite Service - Utilitiy Co. - credit cards - some people you dont realize so beware of that ss# dont give it out till you have to. Fixing it consist of contacting your local Retail Merchants Credit Bureau and tell them about these tactics and ask them to help you . DO NOT APPLY FOR CREDIT ANYWHERE FO R ANY REASON FOR AT LEAST 90 DAYS

Q: What is the best way to fix your credit score?
A couple of years ago I was made redundant from my job which landed me in alot of financial problems. After a year and a half of working again, I have finally managed to get back on top on my finances however my credit score is appalling! Whats the best and quicket way to gain credit points?

A: It is a difficult thing to do, however if you can bank with one financial institution, ensure your salary is paid there and ensure as many bills as possible are paid via Direct Debit, such as gas electric etc, then open a savings account and save regularly again with the same bank. That will help bring up your score with that bank. if you have a credit card with them, use it. Buy something every month such as your petrol and set up a full payment direct debit. Again this will help your score with them. If no card held, apply for a card with any provider but you must pay it off monthly. Also get a credit reference search at experian, and check it. It will take 6 months or so but you will get there (providing there is no current items held against your name at experian). All the best

Q: How long does it take to fix your credit score?
My husband and I have two credit cards, both are about $1100. we have a couple medical bills that were sent to collections. If we pay everything off does our credit score get better? and how long does it usually take? Im just not really sure how all of this works. Thankyou!

A: Hi, If you do nothing about the negative accounts, they will remain on your credit report for 7 years. Even if they are paid off, once they are reported. I have personally used a consumer advocate credit repair service to repair my own credit. They are a consumer law firm that specializes in credit repair. Ideally you should keep about 25 to 35% of your total limit on the credit cards, let's use $1000 for quick math, you should carry a balance of about $250 to $350 dollars. Check out my website, you could see results in as little as 8 weeks following the simple plan they lay out for you. http://www.mikescreditstory.com/Mike's-Credit-Story.html Good Luck Mike

Q: I have REALLY bad credit! What can I do to fix my credit score within the year?
I have made alot of mistake in the past on my credit and now I am looking @ a debt of around $35,000 (including student loan) and a terrible credit score. I am not planning on a major purchase in the next year or so, but I would like to be able to make some improvements (maybe 100+ points if possible) Any ideas or sure fire methods to improve credit?

A: Concentrate on paying off the loans - consollidate the debt if possible. Try credit counselling sometimes they can consollidate and reduce some of the debt. Just remember if you don't have the money you can't buy it!

Q: How can I fix my credit score?
My credit is basically shot right now and I'm looking to move in about 6 months. I need a little advice on fixing my credit score. There are two major problems. I have a few delinquent accounts and I have a few accounts that are almost at their limit but they're current and are being paid on time. Which should I tackle first? Serious answers only please - I know that I screwed up my credit. Now, I want to fix it!

A: 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

Q: How do i fix my credit score?
My credit score it is 522 and im having a baby and i need to get a place big enough for the both of us. It is mostly credit card debt, and debt from cable. i need to my money under control for 2009 so i can give my child the best life... Any suggestions would be greatly appreciated thank you.

A: I don't think I do anything very special to have a score over 800. I pay my bills ahead or on time. I have no credit card debt. I live below my means. I don't have the top cable package. I mow my own lawn. I don't eat out often. I live like I make half of actual pay. I have made excel spread sheets with budgets and lived within those budgets year after year. I don't buy things unless I need them. Realize you can live fine without buying a bunch of junk. Children don't need every toy. Get rid of your credit card debt first. Pay as much extra as possible every month, to the point of it almost pain. Shop less, stay home more, work much more. Earn 2 dollars, spend 3... result misery Earn 2 dollars, spend 1 = happiness Once the credit card and other debt is gone, start to save. Stay positive, you can do it!

Q: How do I fix my credit score?
My credit score is really low. I want to know how I go about fixing it quickly. I also want to know if it would be easier to just file bankruptcy. I think my credit score is in the 400's.

A: Yes, it's possible to fix your credit yourself. With a little hard work and perserverance, and patience, you could get it back up there. What you have to understand is what makes up your credit score: 1. Payment history- 35% 2. Total debt owed to avialable credit ratio-30% 3. Length of time establishing credit-15% 4. Types of credit established-10% 5. Inquiries and New accounts-10% With that in mind, this is some steps that you should do in order to get yourself in a better financial position to rebuild your score: 1. Open a checking and savings account- while this won't directly affect your credit score, it does many things. It re-establishes a relationship between you and a financial institution, which by being an customer in good standing, could help make it easier to get approved for credit cards and loans. Most importantly, by opening a checking account it gives you the single most powerful tool in building credit, to help pay your bills on time, especially if the bank offers online billpay. 2. Gather ALL your credit reports- It's important to know exactly what's on your reports. A lot of times, people believe that their credit is so bad, that they don't bother to check their reports for mistakes, and trust me, mistakes DO happen. The credit bureaus don't get paid to be accurate, they get paid to report. It's important that you gather reports from all 3 agencies to determine not just who and how much you owe, but to make sure that what's on there is even correct. If you do happen to find something that you're sure is not right, you should dispute with all 3 agencies, they all have an online dispute feature in which you can dispute the item. Once you've made sure that there's no inaccuracies on your report, then you should arrange your debts from most recent and lowest amount to oldest and highest amount. Debts that are newer than 2 years are hurting your score the worst and should be handled first. What you should know that just paying off debts, especially collection debts will not help your score. A "pay to delete" or "deletion payment", which is a payment in exchange for removing it from your report completely. I posted several links that explains this more in detail. http://www.creditinfocenter.com/debt/settle_debts.shtml http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml http://www.creditinfocenter.com/debt/debt-negotiation.php If you're sucuessful, this will help your score. 3. Open new credit- I had mentioned in #1, about opening a checking and savings account with a bank or credit union, I'm going to tie that in with what I'm about to say. Some major banks (Bank of America, Wells Fargo, USBank, Orchard Bank) and some credit unions offer secured credit cards, which are credit cards that require a deposit to establish credit. Whatever you deposit would be the credit line, for example, if you deposited $300, then your credit line would be $300. The deposit isn't used to pay for what's purchased on the card, you would still need to either pay in full or make monthly minimum payments. The deposit is used only if the account becomes delinquent and goes to collections. A couple of good things is that you can increase the credit limit by adding to the deposit, which can help your score because it creates a much needed cushion between the total debt that's owed and the available credit, and also the deposit is sometimes linked to a savings account which earns interest while you're building credit, so the deposit isn't just sitting there. A good way to build credit with the card is to make small purchases ($20/month max) and pay it off on time every month, while adding to the deposit. Usually after a year or so, of paying it off on time, the card either converts to a regular card or it's upgraded to a better card, and most importantly the deposit isn't needed anymore and it's given back. My suggestion would be to open another secured card and repeat the process or open 2 at a time, which would speed things up. If you make small purchases, pay it off and increase the limits, that will really help your score. In the end, you'll have 2 credit cards with decent limits and an emergency fund from the deposits. 4. Enroll with PRBC- PRBC is America's Alternative Credit Bureau, providing a helpful service to the over 50 million people with limited or no credit history. If you pay your monthly bills on time, PRBC can help you build credit to qualify for a mortgage and better interest rates.On-time payments for the following bills are not reported to the traditional credit bureaus: Rent Cable Phone Daycare Insurance Electric Natural Gas Cell Phone The only time your payments for these bills are reported to the other credit bureaus is if they're missing or late.With PRBC, your on-time payments count. You build credit for paying your bills on time, even if you have no credit history. PRBC offers two simple ways to start building credit today. In closing, just a few more things to keep in mind. -Don't spend more than 30% of your combined available credit on all your cards. -Only apply for credit when necessary. -Pay on time Hope this helps... Thanks for reading and... Good luck!

Q: How can i fix my credit score?
Im about 8,000 dollars in debt mainly with old cellphone accounts, and only one credit card. what would be the best way to fix my credit, by paying them on my own or going to a consolidated credit agency.

A: 1- check out the Dave Ramsey website... There's a program that may cost less than a credit agency (not sure if you pay) and help you get out of debt. 2- I'm using WamuCards.com and these are the tips they give to raise your score: -Pay your bills on time for several months. -Get current if you're behind on some accounts, then keep paying on time. -If your balance is more than 50% of your credit limit, pay more than the minimum due. -It will take time. The more responsible you are in paying your credit card on time for a long period of time, the better your credit will get. -make sure there are no errors on you credit report. If so, contact the credit reporting agencies.* 3- whatever you do, I've been told over and over... going to a credit agency to help you 'fix' your credit score is a scam. There are no shortcuts when it comes to raising your score. Time and responsibility are the only ones that will help you. Trust me-save your money and use it to pay off the card. 4- Finally, one thing that helped me personally... Don't use your credit card anymore. Just use your money, if you have it. Cut it up if you won't be able to resist. This is what helped me raise up my score. No more card to worry about--pay on time--give it time. If you're worried about emergency money, use part of your earnings to save up to $1000 for an emergency fund.