How can i get my credit score higher quickly?
My credit is getting trashed because of co signing for people and they are not paying. I really need my score to get higher asap. Any help?
Public Comments
- 1) Stop cosigning people. 2) Get a credit card and buy stuff you would normally buy with it (groceries, a hat, clothes), and pay the bill on time every time. But only buy stuff you were going to buy anyway, aka, stuff you already have money for and were going to use cash for.
- First of all, stop co-signing for unworthy people...even if they are your friends and family. It was one of the hardest things I've had to do. Also, don't let anybody borrow your money. You'll soon find out that not only will you lose your friends, but you'll never see that money again either. (I'm not saying all people who borrow don't pay back...I'm just saying I got screwed over by people I -thought- were my friends.) Secondly, you can build your credit score by doing a couple of things. They aren't quick, but they are surefire ways. 1. When you purchase a house/car/or anything large that requires finance, pay it off fast. Don't just settle for the minimum payment. Skip eating out for a week and put those extra $50 to more on your payment. 2. (This is what I did and I have excellent credit) Wait until you get a balance transfer offer from Credit Card A. Usually, aim for one that's 0% for an extended period. Only after you know for a fact you have the availability of a balance transfer, buy a ton of things you really need on Credit Card B. I usually buy everything I need in the same month for a six month period. This includes things like: toilet paper, papertowels, cleaning products, shampoos, toothpastes, canned food, frozen food, etc. Aim for things that are not perishable that you really do need. Don't buy crap like a new computer, TV, video game platform, etc. That's a waste and it isn't a justifiable purchase at this point in the game. Usually, I'll buy all the stuff with a credit card I hate and don't use often. More often than not, it will be my highest percentage credit card. After that, I pay off Credit Card B entirely with Credit Card A's balance transfer offer. This opens the door for 2 things. First off, you now have $1,000 to pay off in 5 (or however many) months with 0% interest AND you just paid off the entire balance on a credit card of $1,000. I would then call Credit Card B and say something like "I would really like to use your credit card, but your interest rate just isn't what other companies are providing me with. What can you do to help that?" and the company will normally lower the interest for a bit of time. Meanwhile, you're carrying a balance at 0%, making the min. payment. This is a great way to build your credit. If you spend money and pay it all off without carrying a balance, it doesn't really help your score. Anyhow, after you've paid off Credit Card A entirely, you're ready to start the whole process again because Credit Card A will see you are a dependable person and will extend you more offers for balance tranfers, greater balance availability, etc. Word of warning: don't skip payments for any balances with 0%. If you fail to make a payment, these companies will nail you with some ridiculous amount of interest (like 21% or some such). You don't want to ever do that on something you have a $1000 balance on. Also, you'll need to be able to control and curb your spending. Lots of people who spend on credit cards just don't realize how much they've purchased until they get the bill in the mail. Keep track of it and hold yourself accountable as you go. I have one credit card that I keep for gas. It's not a gas card, so I can use it at any station. This credit card is paid off every month. I know it doesn't help my credit score, but I've got my balance transfer credit card at 0% until August '08. Like I said, these ways aren't quick...but they are surefire. I hope you can find this info useful.
