Monday, December 12, 2011

How can I improve my credit rating?

I had a delinquent credit card account that was closed on me. I just paid it off and now have no credit card debt. I have no other negative credit items on my report. Now, my only debt is a mortgage which is current, and a student loan which is current. Still my credit score sucks because I had this closed credit card account.

How can I build up my credit scores again? I have heard that I should re-establish my credit with another credit card company. If this is true, which is a good company to start with again? Name names. I would like to one with a fairly good rate, but I'm not even sure if can get a credit card account because of what happened with my last credit card.

Very important: Besides credit cards, what other steps can I take to improve my credit? Thanks!How can I improve my credit rating?
Getting a new credit card is a good idea. Go to or and look for cards for beginners or people with bad credit. It's difficult to ';name names'; because the credit market is universally poor right now, so do some research there.

If you cannot get a regular credit card, apply for a secured card. This is a card where you deposit the limit in advance with the issuer. For example, if the card had a limit of $500, you would deposit $500 with the issuer. Almost anyone can obtain one of these, and they appear as regular revolving accounts on your credit report. The rates are also better than an unsecured credit card, at least for someone with bad credit, because there is little risk to the issuer: They already have the money.

Once you have your card, make your payments on time. Thirty-five percent of your credit score consists of payment history. This goes for your mortgage and student loan as well. In fact, set up automatic payments with your bank. Even if it causes an overdraft, you'll suffer only a small fee from the bank, rather than a seven-year black mark on your report (overdrafts aren't reported).

In a year or so, apply for another card. You'll probably be able to get an unsecured card by then. Continue making consistent payments. In all cases, keep the balances on your revolving debt low (preferably under 20%). Thirty percent of your credit score is measured by your level of revolving credit and the ratio of debt to credit.

You're already ahead of the game having a student loan and a mortgage. Ten percent of your credit score is measured by the diversity of credit types you possess: installment, revolving, charge.

In all instances, don't try to obtain too much credit at once. Each time you apply, a ';hard report'; is attached to your credit report, indicating you're looking for money. Ten percent of your credit score is measured by the number of hard reports on your report. While these are unavoidable if you want credit, it's best to have as few as possible. Note that checking your own credit report does not generate a ';hard report,'; so never be afraid to check it.How can I improve my credit rating?
There's also some step-by-step general advice given on (link given below). Hang in there buddy, and good luck.

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Well, revolving credit only closes if the company charges it off. Lucky for you, it is revolving and the easiest to deal with. You can get another card to counter this cards negative impact, that would help. Another way is to just wait, credit is a time game as well as a pay game, as time goes by the negative impact will fade for that one particular trade line. If you combine those two with keeping your other trade lines current, your credit should be righted back to pre-charge off in little time. Unfortunately, you paid it off, which legitimizes the debt in a dispute process, so the above mentioned options are most likely your best.
Having a good credit score (also known as a FICO score) during an economic downturn gives a person a huge advantage over someone with a poor FICO score. Typically, when the economy turns sour, there are bargains to be had, particularly in the real estate market , that are only available to people with large amounts of cash on hand (not likely), or people with good credit who can borrow and make bargain basement real estate investments. Applying for loans and other unsecured lines of credit credit just makes life a lot easier for you in a bad economy. So what can you do right now to improve your FICO score?
The key to improving your credit score is time. be patient :)
You are on the right track to improving your score. It will take some time for the negative information to fade away or drop off your credit. Just keep making payments on your current debts to show all troubles are behind you.

If you want a credit card you have a variety of options. I typically stay away from Discover due to higher interest rates, bad experience with their customer service, and it isn't taken in as many places as Visa/Mastercard. Reputable companies to look into: Citibank, Chase, Wells Fargo, Capital One. If it was recent that your card went delinquent you may have to wait some months before a card company will give you a card.

Another option for a card is to go to your bank (or another bank) and apply for a secured card. You would take a specific amount of cash and use that as the security behind the card (most people do $500).

Good luck with the scores!
小redit repair work械d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service -

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