Best way to raise my credit score about 40 points in a very short time?
I need about a 640-660 to get some credit that i need to be able to balance transfer my debt to a lower interest card with less monthly payment but i only have a score of 605 Im always on time with payments but the debt isnt going down even though i dont spend any more on the cards Interest is super high and eating my monthly payments so how do i get out of this?? I was told that leaving accounts opn with 0 balance is better due to the fact it shows you have high credit you could spend but you havent spent it, i got advised to rais my credit limits if the companies would give me more credit and then just not spend it as the more credit yopu have unused the better your score, plus if i had the money to pay of the cards i would have done it already, im in this position coz i dont have enough money to pay them off only the minimums of which the interest eats it, hence why i need to balance transfer it all to lower interest card. oh and as for the comment about getting a second job, i run my own business and i have applied for every job i find to supliment my income until my business picks up but nothing works out, i never get replies or interviews and there jsut isnt many jobs going at the moment, so im kinda screwed, gonan be in big trouble soon if i dont lower my monthly payments and interest, can barely afford to feed myself as im making sure the debt payments come first soa s to never be late or hurt my credit more. As to the answer about asking for lower interest or getting a lower interest card well thats what im trying to do unfortunately i cant wait 3 months, im paying over $120 a month and i am cutting food bills and other important needs to be able to pay this and i cant go on like this forever, i have tried a card transfer and my credit is just short of being eligable to do that, and since the interest on my cars practically takes all the minimum i pay each month it never seems to make the balance go down hardly any, i cant afford to pay more than absolute minimums or i wouldnt be able to afford to eat. Im not really worried about my score jsut worried that since i cannot afford to barely buy food as well as paying my credit each month, im worried that a day will come when i am short and my credit gets bad because of a late payment I have bent over backwards to make sure i never pay late and always pay the minimums plus if i had more i woudl but i never do have enough to pay more I have tried applying for different loans and credit cards to transfer or pay off the current debt and have a lower interst but it always ends with me being denied and then thats one more thing on my credit report lowering my score making it even wors so i have no chance of getting credit to pay this stuff off, i have 3 cards with capital one so i suppose i could try contacting them and seeing if they can do anything to help and the same with my 4th card. Just to add, i HAVE tried all forms of consilidation, balance transfers and the like, consolidation companies say they would double my monthly payment which is out of the question as i am trying to reduce it, and my credit score is too low, just, to get any kind of credit card to which i could transfer all my balances from all my cards. No offence but to the peole trying to get me to click affiliate links to companies that probably earn them money if i use their service, forget it, if iw anted to use a compny i would find their site myself and be sure it was legit
Public Comments
- Pay off the ones you can and cancel them. As long as you have an open account, it counts as a potential debt even with a zero balance. This will get you a better income to debt ratio.
- Sorry, no easy way and any way would require you to pay off the debt. Just keep sending the minimum plus as much as you can. Or get a second job and use all that money to pay the credit card debt.
- Yes, I agree pay off as many of your cards as you can and get rid of them but, if you are unable to do that you might want to make sure that all of your payments are on time and that you pay over the minimum payment. In 3 months call the credit card company and ask them to reevaluate your credit and tell them that you want to lower interest rate. If they won't give you a lower interest rate then look into transferring your debt to a lower interest card.
- try speaking with each credit card manager and seek to negotiate a lower interest rate. If that doesnt work your credit is good enough for a credit union loan. Pay them off from the loan you get at the credit union. Paying off the credit cards will increase your creddit score. Use one credit card to pay off the other two Never use home equity to pay off current debt but you should be able to get a finance company to pay off the cards. Your interest should be slightly less that the billion per cent the cards charge. Relax. Pay the cards and stop worrying about your score. Eventually you will pay them down. I have never lost a night's sleep over a credit card debt. So, you can't take it with you what good is it?
- It is easy to raise your credit score, just not as quickly as you would like. DON'T cancel your cards, as one person suggested. You are right that having available credit that you are not using is a positive. Have you tried calling your current lenders to see if they would lower your interest rate? If you are always current on your payments, they should. Also, you might recieve offers for lower interest rate cards that you could transfer the balances to. Just be careful of annual fees. Applying for additional credit cards can lower your score, so be careful of that. Good luck
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