Credit Repair?
I have pretty bad credit, actually more like really really bad credit and I'm coming into to some money and I'm going to use it to pay off my bills. Now, I already know about keeping a card open, but all my credit cards will be paid off and I'll have still outstanding my car loan and a student loan. How long before my credit starts to get better?
Public Comments
- The best formula to good credit is 3 revolving credit cards charged only 50% and no more, ever, always pay over the minimum amount, at least 1 installment account, try never to be late, and 1 mortgage account. If you have credit cards that you paid and no longer are active than you need to start rebuilding your credit by getting new credit. I know it sounds like it does not make sense. But in order to have good credit you have to have something to base it on and that is a good paying history. Always remember no credit is worse than bad credit. A good website to go to for anyone is creditcards.com they have credit cards for people with good credit, bad credit and no credit. Good Luck
- Here is a link to free info from the FTC on how to build your credit scores. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre03.shtm#improve Building a better credit report. Just because you pay them off, your credit score will not rise for some time. it's all those past negative scores that will slow down the time it takes for your score to increase. It should rise after a few months if you keep the cards in good standing and don't raise your debt to credit percentages.
- If you have been looking for some great ideas, Here is the place you should have a look.http://studentloan.online-helpers.info/iowa-student-loan-consolidation.html
- Well, it depends. If you have had Charge off's (write off's) they stay on your credit reports for 7 to 10 years. If you had general lateness, it stays on for 2 years. Bankruptcy is 7-10 yrs as well. I've bookmarked this site... http://debt.knowledged.info/credit_card.html Hope it all works out
