What's The Fastest Way To Raise Your Score?
Could someone fill me in as to the fastest way to raise the score? whether it be loans to myself or getting the three credit cards? Or is there another way? Also what gives the most points more loan payments or larger loan payments?
Thanks,
Kyle
I would recommend that you take out secured loans from your local bank. The interest is low and if you keep up with the payments the banks would be happy to loan you the funding for an unsecured amount in the future. And besides, if you secure the loan through a savings account the accumulated interest will off-set some of the interest on the loan.
There are many factors that are associated with credit scores. Your score goes up every time you pay on the debt. So the faster you pay the faster your score goes up. You lose points for having too much unsecured credit. Using a secured line of credit tells the credit agencies that I really don't need your money but I want to prove that I am able and responsible enough to pay it back.
Hope that helps!
Til Next Time,
Ervan
[ Edited by edickens82 on Date 08/12/2003 ]
Check your credit report. Mistakes are made all the time. If you see something that is wrong then dispute it. The credit companies have 30 days to deal with your dispute by law. If they do not hear back from the creditor or it is proved to be wrong it will be removed.
first call all your credit cards and ask them to raise your limits, double them if they will let you, this will lower your dept to credit ratio, this will quickly raise your score, you can do this every 6 months
Second try this: take $ 500.00 put it in a cd or a savings acount, use it for security to loan the same amount. Take the loan money to another bank and due it again. Three places should due the trick. Make sure the loan is for at least 6 months in length or it will not be reported to the credit burrows.
this will cost you a little to get the loans, and a little in interrest because the amount is not that high.
MAKE SURE YOU MAKE THE PAYMENTS ON TIME
John