I am trying to repair my credit...?
I have heard that a way to repair is to get a credit card and use it for three months in a row pay it on time every month and the cancel the card and this will show a good mark on the credit report is that show? Is there a different way to repair credit without using credit cards. By the way I do not have any credit cards at this point and really don't want to get any.
Public Comments
- Don't do that. Closing an account that is open for three months will make your credit worse. You are trying to build a credit history...not a short term list of accounts. If you get a credit card, then yes, pay it off each month and you'll start to build credit, but don't close it. Credit is all about ratios. If you have an account and carry a balance of 25% of your available credit but make your payment each month, that can actually be a good thing. Before you do anything though, get copies of your report from the 3 credit bureaus. This is free if you find the right web site. Then, use the info in it to plan your strategy. If you have bad credit...not just no credit...then you should contest the bad marks. Do this even if they are accurate. A lot of times the companies won't fight you and the bad marks will just go away! Whalaaaaaa. Oh...besides credit cards, bank loans and student loans build credit. So if you buy a car, that's a start.
- pass go collect 200 dollas
- I went through a time when I was trying to repair my credit too. One of the most important things to do is stop checking your credit report, or having others check it for you. Each time you do that you lower your score. Another important thing to do is if you have high credit cards, try to double your monthly payment on them to pay them off faster. And always keep them under your limit. Never exceed your limit. Also, do not request credit increases. Each time you may get declined for a credit increase, that will show on your credit report. Do not apply for any new cards, that as well will show on your credit report. If you have no cards then concentrate on getting one and keep it maybe just for gas. Then pay it off right away, that way you are earning credit by showing you can pay it off, and you are avoiding having to pay the intrest. Hope this helped you out alittle - Goodluck!
- Before you do anything, go to this website and read it all because it is about cleaning up and repairing your credit legally! You really need to know what you are doing before anything else and this site is a great place to start! Read the credit monitoring section too and get a credit monitoring service so you can check your credit as often as you want to. This will not damage your score. you can check your credit as often as you please because this is a soft inquiry and you cannot make your own score go down by doing this! I got my score up to 720 from 485 in a little over a year from the help I got from this site! It is worth your time and if you find an offer for a credit card, consider it! Making repairs to your credit while having a credit card will really help since your hitting your credit reports from both sides! Repairing your credit will go faster if you have some credit to use and use responsibly! Especially read the section "how credit scoring works" because you will find it very helpful!
- Banks look to the continuity in satisfactory account operations without default. It may be possible to mislead once but you won't be able to enjoy credit by such trick for a long.For a client with or without good track record Bank's policy is continuous vigilance. Bad track record can be repaired and Bank can support you once you are regular.It is good to have credit card when you follow Bank's rules as Bank issues card presuming you would deserve the credit allowed.
- Car payment, house payment
