How can I improve my credit score

dreamy · #1 07-24-2008, 04:18 PM

How can I improve my credit score. What is the best way of doing that?

trent · #2 07-24-2008, 05:07 PM

First get a copy of your credit report - you can get 1 copy per year for free. Once you have the credit report, make sure that all information there is correct. If there are any errors on the report, report them to the credit bureau ASAP, and ask for correction.

The thing that affects your credit score most is your credit history. In order to improve your credit history, you have to start paying your credit card and other credit bills on time. One more thing that will have huge positive impact on your credit score is getting rid of debt. To do that you will have to make a budget and spend less than you ear after taxes. Everything that is left over after you have paid your expenses must go towards your debt repayment.

Stop opening new credit accounts, as this might negatively affect your score.

Canadian · #3 07-24-2008, 05:52 PM

If your credit score has been damaged, then you will most likely have a problem getting a new credit. If you have this problem, then you can apply for a secured credit card, (these applications are approved most of the time). Once you have the secured card make sure that you use it responsibly and pay it ALWAYS on time. This will help you get back on track.

bullish · #4 07-28-2008, 06:13 PM

Quote:

Originally Posted by dreamy

How can I improve my credit score. What is the best way of doing that?

have you had any credit problems in the past. Do you know what is your current credit score?

ggonzo · #5 07-30-2008, 02:49 PM

It is not a fast and easy task. You have to start making payments towards your credit card debt (if you have any) and don't make only the minimum. Try to pay them off as soon as you can. Also pay them on time - this is not only for credit card debt, but for any other loan you took.

dreamy · #6 11-13-2008, 03:14 PM

Thanks for all the suggestions. I probably will consolidate my bills and Will try to pay off my debt little by little...

Canadian · #7 11-13-2008, 03:34 PM

Try paying your debt as soon as possible. There's nothing better than living debt free, especially in challenging economic environment.

bullish · #8 11-14-2008, 08:01 PM

Quote:

Originally Posted by Canadian

Try paying your debt as soon as possible. There's nothing better than living debt free, especially in challenging economic environment.

If interest rates are low it doesn't make much sense to pay off debt faster.