Credit Repair
I have paid all of my outstanding debts and I am wondering how do I go about increasing my credit score. My score now is a very low 560. I really want to increase it and fix my credit. Please help if you have any info.
Thanks
There are many different things that you can do, but all them that I will mention require you to purchase something on credit and pay it off in a timely manner. You could start by getting a credit card, charging items on it that you would normally buy and then paying it of soon thereafter. If you have a car payment, see about paying the car off asap. I had a really nice car for about a year, then sold it to purchase a much cheaper car. What showed on my credit report was that I had payed off a $6-7k vehicle. If you have had problems in the past, it will take a little while for them to not impact your current score but it really sounds like you are on the way to recovery. Hope this helps!!!
If you have trouble getting a credit card, go to your local bank and try to get a small loan for 500-1000 and then pay it off in about 6 months. Sometimes local banks are more understanding about credit issues. Once you begin a good relationship with a bank, your in and it will all be so much easier.
Good Luck.
Jeff
If you have just recently paid off the accounts, it'll be a minute before it reflects on your credit. I do mortgage loans, and I've had clients to go and pay off accounts and have seen a dramatic increase of 100 points or more on their credit scores. Also, you may want to try becoming an authorized user on someone else's accounts (make sure they're ones that have always been paid on time!). This equals instant credit that should show up on your credit almost immediately. Its not just important to pay off debt, but lenders ususally want to see some re-established positive credit that shows your creditworthiness, or ability to pay an account on time over a period of time. Hope this helps!!
~Kesha