How do I re built my credit?

In order to improve your score, it would help to know what makes up your score:

1. Payment history- 35%

2. Total debt owed vs. Available credit- 30%

3. Length of time establishing credit- 15%

4. Types of accounts established- 10%

5. Inquiries and New Accounts- 10%

Even though you mentioned your credit score, you really didn't go into detail about the kinds of accounts you have and whether or not they're in good standing, so it's hard to pinpoint what areas should be worked on in order to improve your score. I can give you some basic tips on what you should do to improve your score:

1. Check your reports for any inaccurate infromation and duspute them with the credit bureaus.

2. PAY ON TIME. Like I mentioned earlier, payment history makes up 35%. If you have trouble paying on time, take a look at how you pay. It would be to your advantage to open a checking and savings account if you haven't already and take advantage of the online billpay feature if it's offered, if not there are services like CheckFreeWeb that can pay your bills for you for a small fee ($4.95). I posted a link below

3. Another thing is on the accounts you have in good standing is that to try to keep the balances on any open credit card accounts under 25% of the available credit. For example, if you have a $500 limit, the balance should be no more than $125.

4. You should have at least 3 open revolving (credit cards) and 2 installment (auto, mortgage, personal loan, sutdent loans, furniture, or appliance loans) for a balanced mixture of credit. Secured credit cards are easy cards to apply for simply because a deposit is used as collateral to get a credit line the same amount of the deposit. Usually after a year or more of paying on time and keeping the balance low, the card coverts to a regular card and the deposit isn't needed anymore. Department store cards are also easy to get, a suggestion would be to only apply and open one. I posted links ot several banks that offer secured credit cards

5. If you have any items in collections make arrangements to pay them off. Depending on how the accounts in collections are, you may be able to settle to get them removed for much less than what you originally owed. I posted a link that explains this in much more detail

if you have outstanding credit card debt, pay off highest rate card first then do not close the account but call ask for a credit increase then now this part is hard but you can do it... put your card on in a ziplock fill with some water and put it in the freezer until all the other cards are paid off. then work on the next highest card, you still want to be sure to pay your minimums. also call your card companies every 3 months and ask if you can lower your interest rate and depending on your self control. if you can handle it ask to increase your credit line as well because... how credit works is your score increases with the precentage you have available in your credit ex you have 2 cards and the total limit is 5000 but you charged 300 and then say you pay it off each month the credit will be better now but say you open a new account and then the credit limit is 6000 and you have an emergency and end up not paying it off and carry a balance of 200 the credit rating score may stay about the same because the percent of the total available is the same as before.

see if you can do anything to improve your score by clearing anything on your credit reports that looks like a bad mark, call the company who is on the reporting ex washington mutual mastercard. ask them if there is anyway of getting the bad mark removed.... does a payment need to be made? etc. then ask how long the mark remains? before doing this though if there is anything that was never paid , there is a statute of limitations on these and you can refresh the statute if you can to make resititutions so check the laws in your area and the state the company is out of and do not contact if it will clear up soon. google improve credit scores for more tips

You can register on this website for free and it usually helps improve your credit score up to 10 points in 30 days:

https://www.optoutprescreen.com/privacy.htm

This is the companies all the three major credit repositories report to. Go to the bottom of the page click on opt out button. Mark the circle- electronically opt out for 5 years. What this does, it shows the repositories that you don't want to be prescreen for loan offers as such it improves your credit score. I'm a mortgage loan officer, I've seen this work several times.

1) If you have any recent collections within the last 2 years, pay them off and have the company report them paid with the credit bureaus.

2) Pay down any credit cards below 50% of the credit limit.

3) Keep all payments on time or pay way before the due date.

4) If you need credit and have $200.00 - apply for a secured credit card - everyone is approved with:

http://www.landing.orchardbank.com/media/disclosur...

5) Don't go applying for any unneccessary credit - inquiries on your credit bring down your score.

6) Update any incorrect information on your credit report - address, phone number, work information, etc.

Follow these simple guidelines to help restore and improve your credit score.

First, make sure all the information on your credit report is accurate.

Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly.

Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.

Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.

1. Do not let your bills sit there for a long period of time. Pay it as soon as possible. Your credit score goes down when you have late payments.

2. Try to close accounts that are not in use. The less credit cards or loans you have, the greater the chance for your credit score to bump.

3.Try to pay a little more than the minimum amount due.

Revolving debt has the highest impact on your credit score. Typically lenders like to see it under 50% of your available balance. However, I have seen keeping it below 30% has an even greater impact. Of course make payments on time. It is good to have a few different types of tradelines i.e. Installment and revolving. I actually paid off all of my credit cards before purchasing a home and left them with 0 balances. My score dropped 40-60 pts. When I spoke to my credit vendor. They stated that the credit agencies had nothing to rate me on, hence the score drop. So I had to go out and incur more debt to raise my score...what has this world come to. Good Luck!

Since credit scores are also a function of time, have a long credit history. Besides trimming down the # of credit cards you have, try to keep some of the older cards you have.

I also read of a company called instantcreditbuilders.com

that helps boost credit scores for a fee if you need your credit score boosted sooner rather than later.

to raise credit score

1. Always pay on time or ahead of time.

2. maintain low balances on credit cards

3.To boost your score: Don't charge anything for at least 60 days before applying for a loan

4. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.

5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.

6.To boost your score: Don't close unused accounts when you transfer debt.

7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.

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http://www.bestcreditrates.net/

I hate debt also. In fact, last year I decided to repair my bad credit (FICO Score = 540) and researched a lot of companies because my friends told me there were a lot of scams out there. I found a great site and they offer many solutions ( http://www.your-credit-solution.com/creditsolution... ) and now my credit score is 746. I was able to accomplish this for less than $100.

i work for a loan office and the easiest way to improve your score is to not apply for credit everywhere and keep some small loans open long enough (6-8 months) to show up on ur credit! everytime someone pulls ur credit it drops ur score a couple points!