Faster credit recovery!?
My fiance and I are trying to figure out the best way to improve his debt! I am a person that has never carried a debt and have prefect credit... he, on the other hand, made a few mistakes when he was 18 and also wasn't the greatest and dealing with his finances as he grew up. I whipped him into shape and he paid off all of his credits cards and has no debt whatsoever. He's looking at a credit score of 585ish. Now that he has recovered, what can he do to improve it? Should he charge things to his credit card and pay it in full every time the bill comes? Or is it better to not charge at all. Any other tips would help! We'd really like for his score to improve by the time we get married. I just had to cosign a financing plan with him for our engagement ring due to his credit :( At 18, he didn't pay his credit card bills... once he got that fixed up, he kept a balance on his credit card, but kept making payments on time (well over the minimum balance, but never enough to pay it off until now). I heard that if you carry a balance over half of your credit limit on a credit card that it lowers your credit score! Anyway, as I said, his credit card balance is zero now.
Public Comments
- Sometimes its better to have some kind of balance, also pay off collections and dispute lates with the credit agencies. Disputing can be done online and it takes about a month to get it cleared.
- get some credit cards in his name, and use them, to about 50% of their limit, and pay them off each month, contact your credit card companies and ASK them to report your positive credit behavior to the major reporting bureaus. Some companies, will only take the time to report negative activity as a punishment to u, and will not report positive activity, unless requested to do so. Also, try not to exceed 75% of your total credit available to u, between ALL of your accounts at any one time, as it shows u might be binge spending, something a lot of people do right before premeditated credit fraud, or prior to knowingly destroying their credit, with a "who cares' mentality, typially found in 18-25 year olds who look to the short term, and not the life long picture. And lastly, contact your current account holders at any store accounts, and the noteholder on any vehicles and request that they too, report your positive payment activity to the major bureaus.
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