How to improve Credit Score?
I got my first credit card in my name using my cousin as his credit histroy was good.I give all my detalis to that bank when they issued credit card in my name .I did paid all the due on that credit card.I don't have any due balance .But recently my cousin defaulted his due .I have another credit card from diffrent bank and I have been paying all the dues in time.But every month when I check my credit score it keeps on going down.I am worried about my credit score .Is it due to default on his part is making my credit score going down ?.Is there better way to improve my credit score ?
Public Comments
- Keeping a balance on your credit card is usually better in order to increase your credit score. Showing you can just pay all doesn't develop a payment history, that is what increases score. Also, do not go for the department store and lumber store credit cards. These are considered to be the lowest end, easiest to get, and credit companies assume you can't get credit anywhere else is why you got them. Carrying a balance will build your score, but try not to build up an outrageous amount that will eventually kill your score. Last thing, be cautious about checking your score too often or applying too often for credit this will temporarily reduce your score.
- Its very likely that your cousin's credit behavior is dragging down your score. You are Co-on his credit card, so now you Co-own his debts -- you are responsible. You and your cousin need to get split off this card. You need to write to the cc company to talk through settling his debts, get in writing that they will clear out any reference to your cousins debts from your report if those debts are cleared up. You will have to be firm with them. Their only incentive to do this is getting payment on the debt.
- If you want my opinion and im sure you do. I wouldnt obsess with my I love debt score. the only people that obsess with the I love debt score are the ones that borrow lots of money and pay lots of interest. Live on less than you make. you'll win with money. A low I love debt score from not paying your bills/debt is bad news. If you have a 0 score from not borrowing money you can still get an apartment and a job and home loan and insurance. stay away from credit cards. They will suck the life out of you. A debit card will do anything a credit card will do except get you into debt. They have the same protection too. As long as it has a visa or mastercard logo on it. Says so right on their website. Debt free is the way to be! Freeeeeeeeeeeeeedoooooom! YEA BABY!
- One of the most common (and worst) mistakes people make with credit is cosigning on a credit card or loan. People dont realize that you are trusting that other person with your credit score. A very big risk, and even worse when its a family member because of the politics involved. When your balance on any once card is over 50% then your credit score will begin to drop. Especially if you apply for a new card. The good news is credit scores can change on a weekly basis. They are very fluid and dont stay at one number too long when your credit is in a tumultuous state. One of the best things to do would be to go to Bank of America or Western Union and get a secured credit card. Everyone qualifies and all you need is a deposit. Pay your bills with it, and then pay the balance every 60 days. Since your monthly bills are money you will be spending anyway, your nto really spending anything extra or accruing debt. As long as you pay your balance off. This shows that you can use a card responsibly and pay your bill on time. Over 10-12 months it will boost your score 50 points. After a year you will be "Graduated" to an unsecured card with a higher limit, and your deposit released back to you to use however you want. Your Credit score is calculated by using a secret (seriously) formula. However, most analysts agree its based on the following; 850 Pts is about the max for most score, so out of those 850 points your score is broken up as follows; 35% = payment history 30% = amount owed 15% = Length of credit history 10% = Types of credit used 10% = any recent applications for credit, or new credit
- Hello, Your cousin's credit score will affect yours if you have a card together. Just like when you co-sign for someone, you will have to resolve the debt by negotiating with the creditor, creating a payment plan or paying a settlement amount. There is a way to be sure what is affecting your credit report, and that is to order your credit score online from Equifax, Experian and Transunion. I wouldn't get a "3 in 1" report, I would order each report online from each credit bureau, as that way you get a confirmation code that you can call them with for faster credit negotiation and repair. Also, it is possible to improve your credit score temporarily or permanently using certain negotiation techniques, see here: credit.thebestever.net You can always apply for credit and get approved if you need to, by using the right credit repair techniques.
