Your Questions About How To Fix My Credit Score Fast
Donald asks…
how do I raise my credit score fast?
I need to raise my credit score 25 points as fast as I can. I wonder how to remove inquiries from my credit report? What can I do? Is there a quick fix?
Joe answers:
It depends on your debt to credit ratio and whether you have any overdue bills. A lot of inquiries will hurt your score but this is only a minor factor in how the score is calcualated.
See the link below – it explains exactly how much weighting each item gets in determining your overall score. The most important thing is to keep your debt down to no more than 30-50% of your available credit, and pay on time. These two factors alone account for 65% of how your score is calculated.
The number of credit inquires is only worth 15% so it is of much less importance.
Mandy asks…
How can I fix my credit as fast as possible?
I need a higher FICO credit score and credit rating to get a mortgage loan for a condo…..
Joe answers:
One great way to repair or build credit fast is to get a secured VISA or MasterCard. A secured credit card is one in which you open up a savings account with the card issuing bank. This savings account is used as a security deposit for your credit card. Your credit limit is based on the amount that you deposit into the savings account. Once you have established a good record of payments on the credit card, the savings account funds are returned to you. Only use this secured credit card for gas or a few small purchases each month. When you get your bill, pay it immediately but overpay it by about $10 – $15. That way you always have a negative balance. The FICO system accelerates your credit rating quickly by doing this. Just make sure that you NEVER are late on making that payment. This method worked very well for me when I had very bad credit. After receiving my secured credit card, it took about 8 months before I was receiving pre-approved non secured VISA and MasterCard offers from large banks.
More info on this topic here……
Http://fixingyourcredit.blogspot.com
You can also find information and resources about obtaining the best interest rates possible on loans here….
Http://lowertheinterest.blogspot.com
_______________
Helen asks…
how can i fix my credit as fast as possible?
im 21 and when i was 18 i got a cell phone plan by myself only to find i lost my job and could not pay one month. it went to collections. other then tht i have no credit or anything against my credit. my credit score was below 550. i recently paid wht was in collections. i cannot get anything, not even a belk or best buy credit card. where do i go from here? wht credit cards will accept me now?
Joe answers:
There is no quick fix to your credit, you need to start establishing good credit. Since you are being denied, stop applying, you are adding hard inquires to your report and lowering your score. You will have to start with secured credit.
Go to the bank or credit union you do business with and find out if they offer a secured card, open a account with $200-$500, and use the card each month for small purchases (a tank of gas, groceries), making sure to pay the card off in full each month, after a year or so, see if they can convert the card to an unsecured card.
You can also open a savings account and save until you have $1000. Tell the bank you want a secured loan against the account. Set it up to be repaid within 12 months. Make your payments on time every time.
At that time you will be well on the way to establishing her credit rating, it will take 24 months of consistent on-time payments to build a good credit rating
Powered by Yahoo! Answers
