How do I fix the credit problem?
Amanda R asked:
My husband and I have a turbulent credit history. Some of which we really could have done without, however some was absolutely necessary. We have paid everything off other than my student loans that have not entered repayment because I am still in school. Although we do try to pay the interest every month and make larger payments once in a while on the balance. So aside from that we are debt free. The problem now is that our scores are still below 600. How can we get them up quickly without having to open a bunch of credit cards?
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My husband and I have a turbulent credit history. Some of which we really could have done without, however some was absolutely necessary. We have paid everything off other than my student loans that have not entered repayment because I am still in school. Although we do try to pay the interest every month and make larger payments once in a while on the balance. So aside from that we are debt free. The problem now is that our scores are still below 600. How can we get them up quickly without having to open a bunch of credit cards?
May 5th, 2010 at 5:31 pm
You can take out loans and pay them off quickly to build credit or try getting more equity… buying a home, car or other big buys. ( Mortgages and financing help) Getting a credit card will help even though that is not what you want to do. One major one that is used smartly will help to build credit. Other than that just make sure you monitor your credit report often. Hope that helps! wb
May 7th, 2010 at 4:37 pm
If you are able to pay your bills on time and keep ahead they why are you concerned with your credit? if you need a better credit rating so that you can get a loan then you are asking for trouble. the problem is not the credit rating but your poor money history. Orion
May 10th, 2010 at 3:14 am
Paying off derogatory items will not improve your score. The damage is done and will remain for the balance of the 7 year reporting period. The older the item, the less impact on your score.
You will need to rebuild your credit. If you do not have an open line of credit, get one, even if you have to get a secured card. Use the card and pay in full every month. You will need at least 24 months of consistent, on time payment history to improve your score. Don’t get a bunch of credit cards. Just start with one.
Also, consistently paying those student loans on time will help build your score. bdancer222
May 12th, 2010 at 8:29 pm
Unfortunately, in order to raise your score again, you have to re establish your credit. That means at least getting ONE credit card and using it wisely. My Take on It
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