What can I do to make my credit score better??
- Thread starter iluvtobet
- Start date
Change your handle from iluvtobet to ipaymybills?
get some credit cards and start using em and paying them. the trick here is not increasing your debt to equity ratio (meaning dont spend more then you usually do) but use the credit card instead of cash or your debit to pay for everyday items, and PAY OFF THE BILL REGULARLY (i often pay my CC off twice a month but thats generally when my work expenses are thru the roof and i hit my limit too fast). Anyhow, banks love seeing that you're using credit appropriately.
Time for sure will solve this.
For mortgages, banks require 2 years clean credit and 2 forms of credit over 1K.
I suggest getting your letter of employment and paystub. Go into your local SEARS (before they close down) and BRICK and get a card. Failing those two, get a secured credit card (put down money, then use that money). Give it 3 months, go to equifax.ca and check out your score and make sure your cards are reporting. Then use your cards/ pay them off/ use pay off / repeat.
Anything secured will get your score going quicker, so a loan or car payment etc will do also. Remember, 2 years, 2 forms of credit. Anymore is nice, but not really required.
Essentially it's just a machine/program/formula without any type of common sense etc. Follow the easy guidelines that it looks for and you're set to go.
For mortgages, banks require 2 years clean credit and 2 forms of credit over 1K.
I suggest getting your letter of employment and paystub. Go into your local SEARS (before they close down) and BRICK and get a card. Failing those two, get a secured credit card (put down money, then use that money). Give it 3 months, go to equifax.ca and check out your score and make sure your cards are reporting. Then use your cards/ pay them off/ use pay off / repeat.
Anything secured will get your score going quicker, so a loan or car payment etc will do also. Remember, 2 years, 2 forms of credit. Anymore is nice, but not really required.
Essentially it's just a machine/program/formula without any type of common sense etc. Follow the easy guidelines that it looks for and you're set to go.
Never stop using (or get rid of completely) your OLDEST credit card. Always run something through it. A CC that you have maintained for many years helps your score more than a new one.
Make more small payments- andydude is right, is helps a bit if you make payments more often than just once a month even if you pay it off in full.
Also, check to make sure that your c score is accurate
Make more small payments- andydude is right, is helps a bit if you make payments more often than just once a month even if you pay it off in full.
Also, check to make sure that your c score is accurate
Get a secured credit card (you deposit, say $1,000 into the account and they give you access to $1,000 on a credit card...assists in building up the score, which debit cards don't).
As many have stated use your credit card monthly and pay it off each month. I was also told to get a $1000 GIC at a bank. And make monthly payments on it. Do this for two years.
I think this is the best advice to recover from bad credit. Your credit bureau is like a resume, it shows lenders your experience with credit and allows them to determine if you can pay your bills. Many, incorrectly think time will fix all so just wait after a consumer proposal or Bankruptcy and you will be good.
Do you guys have to pay the credit bureau to get your credit score? I got my "freebie" report from both Equifax and TransUnion and they both say "fantastic dude" but there was no credit score.
BTW: If your local bank likes you, you will be "invited" to apply for a CC or that you have been pre-approved for a CC.
BTW: If your local bank likes you, you will be "invited" to apply for a CC or that you have been pre-approved for a CC.
Sign up with Creditkarma.com. Free and shows 2 companies credit scores. Found out quickly that someone had applied for credit using my information. Quick enough that I quashed it and put alerts on my files.
Get a capital one master card. You will have to put some money on it at first but you dont need to have a good credit in order to get one. If you pay it on time it will improve your credit
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I agree that you need to pay all bills on time. And it is better to have an open credit card account that's in good standing and maintain low credit utilization for months or years, depending on the starting point. The key to reaching a high credit score is adding lots of positive information to your credit reports. Also, there are credit bureaus that have lower credit score requirements like Fingerhut (in case you are interested, check the fingerhut reviews). When I was given a Fingerhut Credit Account, Fingerhut reported my payment history to the three major credit bureaus (Equifax, TransUnion, and Experian). If you make your payments on time each month, you can establish a positive credit history which can boost your credit score.
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Try not to use more than 33% of your available credit (if you have credit), a mortgage, a history of repaid loans, try not to carry balances (i.e. pay in full and avoid interest) and do not EVER, EVER pay some scam service claiming they can boost your credit rating.
It takes time - there aren't any quick fixes to get you over 700.
It takes time - there aren't any quick fixes to get you over 700.
