how can I raise my credit score?
My credit score is in the 500's POOR I know. How can I raise it?? I want to get a home loan... I have been paying off bill collectors when they call. BUT those bills are like 3 to 4 years old. So is that helping me??
Public Comments
- get a credit card charge it up and pay it off
- It is helping you, but you are going no where fast. the best thing to do is contact all 3 credit bureaus, get a copy of your credit report, and start disputing all items on each one. Some negative will stay, some will go, but if you take any of the bad off, your score can only increase. When I first graduated college, I had scores like you. Don't give up, that was 6 years ago... I now have bought 2 houses and 3 cars since. I even got 5.5% on my 2nd house 3 months ago. That is the fastest way to raise it. You also want to look into FHA loans and see what their minimum scores are to qualify. This is the best way for someone with not so great credit to get credit. This is how I got my first and my lowest score was like 608 at the time. I brought that score up to 680 in a matter of about 2 years, so you have to be perfect on just about everything and continuosly challenge the bad. It is simple to challenge, all you do it go to experian.com, equifax.com, and transunion.com get your credit reports from them, then go back and pick online which negative items you want to challenge. I would pay those older bills off when I could, but the fact that they are so old means they are probably in collections. If they aren't in collections or you aren't getting interest added every month, send $1 a month to each of them until you can pay them off. This also helps and they can't do anything but tae this $1 as your payment every month.
- Well, because you already have a lot of debt due to previous credit cards, the first thing you should do is to pay off all of it as soon as possible. That means not using credit to buy anything else until you pay off all balances and finance charges. Then you can start to rebuild by signing up for a low limit credit card. I wouldn't expect a good home loan anytime soon though.
- Money.
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- There are some things you can do to raise your credit score. Creditors look at items on your credit score more closely if they're in the last 24 months. It does help to pay off the bills, however, letting them go to collection in the first place is the bigger problem, as you've no doubt discovered. Here are some things you can do to raise your credit score. - Pay off credit card accounts, but don't close them. You want them to read "pays as agreed" on your credit report, but be open and in good standing. - Order a copy of your credit report from 1of the major credit reporting agencies; Equifax, TransUnion, or Experian. You get one free report a year from each of them. If there are any innaccuracies there, fix them ASAP. -If any accounts are too high to pay off in the short term, at least pay them down a bit. This will improve your credit utilization score, a measure of what percentage of your revolving credit is in use at any one time. -The most important thing is to avoid any late charges. A recent late charge will all but ensure that you won't be able to raise your credit score at all. This is especially true if the late is greater than 30 days. There is much more information on how to raise your credit score in the followng two locations.
- Having a good credit rating, helps a consumer get a loan or credit at better rates and for larger amounts.To know "How to improve credit rating, credit score" plz follow link- http://k7c.info
