Repair Credit Score

Archive for October, 2007

Question: what is the best way to repair my Credit Score?

what is the best way to repair my Credit Score , i ran into a few problems last year and my Credit Score dropped , but now i have not one outstanding bill i just sold a home and payed off a 400,000 Mortgage i have zero bills and i just took out a few credit card to start the re buliding of my score , is there any othere way to up my score faster
i also have a 500 a month car payment 3 new credit card that i use offen and pay most of the balance off every month , i also a a cell under my name ,, if i contunie to pay these all on time home much time will it take before i see my Credit Score move higher

Answer: Ok, first start with paying off debts like credit cards.
Cancel all and keep only one.
Then lower the allowed balance to $2000.
NEXT
Then get a copy of your credit reports and close all existing credit card accounts even if they have a zero balance.
A $5000 available credit card with a zero balance looks like $5000 potential debt. This hurts your score.

Improve Credit Score

Question: When you get married... does your fiance's Credit Score combine with yours?

My fiances credit is horrible..he can barely get a cell phone plan...when we get married will that ruin my good credit?

Answer: Your individual scores will remain the same and not be combined. However your ability to get a loan (like a mortgage) together will be decreased based on his score.
You would be well served to be the one who controls the money in the relationship and try to get things like the utilities (don't charge higher rates for bad credit but still report to credit bureaus) into his name as well as decreasing his debt.

Remember that people don't "end up" with bad credit, they fail to manage their credit responsibly. Keep and eye on your combined spending and make sure you are living within your means and the best gift you can give him in a year or so is a better Credit Score thanks to your help!

Good luck on your pending wedding!!!

What Happens to Your Credit When You Get Married? - Pauly Shore and Experian

Question: How to raise Credit Score 28 points in 2 months?

I want to apply for an apartment but they need a 625 Credit Score. I lost my job for a few months and am now behind on two accounts.
My Credit Score is 597. I can bring the accounts current in less than three weeks but will just that be enough to raise my score those 28 points? I don't want to waste my application fee just to get rejected.

Answer: Realistically you will not see any real movement in your score under 6 months, I have seen some scores move by up by 80 in that time period. Here the blue print I got from http://creditcardwithbadcredit.info

- First pay off your existing credit cards to below 20% of the credit limit
- Second write down the average due dates on all your cards and schedule a mental note to pay at least 2 working days before.
- Use a minimum of 5% and maximum of 9% of each credit card limit monthly (ensuring that you pay off that amount each time monthly, thus keeping your balance below the 30% line.

- DON'T APPLY FOR ANY OTHER CREDIT - This is a big no no because they will ping your Credit Score and it will negatively affect you.

Thats the basic blueprint if you want results in the shortest time possible and within a year you should see close to 700. Read my source it has a great article.

TRW Credit Group - Score Went Up 82 Points in 60 Days (WOW!) - www.StartMyCreditRepair.com