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    6 Replies Latest reply on Oct 17, 2008 3:05 AM by wazzan

    increasing credit score

    douglas1 Newbie
      I know there are companies that claim they can increase your personal credit scores using several methods. I dont have a credit score is there any methods out there other than being added as authorized user.
        • Re: increasing credit score
          dtominus Wayfarer
          Yes, take some capital , put it into the bank , and borrow against it, make some payments ,
          pay it off , and do it again, you will pay some interist , but your using your money to build
          your fico score , or your business credit , or both......
          • Re: increasing credit score
            LUCKIEST Guide
            increasing credit score?? Who are you?? Go to Members page and share some info.

            To increase your credit score, Get a gasoline credit card, Go to Staples and Home Depot
            and get credit cards from them. Use them monthly, Pay off the balances MONTHLY
            for about 6 months and you are on the road to increasing your personal credit score.

            Also talk to a SCORE Counselor about increasing your credit score. SCORE is FREE

            Good luck, LUCKIEST
            • Re: increasing credit score
              Loan_doctor Newbie
              douglas1,

              There are many ways to increase or initialize your credit score/history. Fortunatly I have done credit repair for about 7 years now for my clients that needed a boost. Here are good ways to start.

              1. Call around to you local Credit Unions and banks and ask them what kind of secured credit card lines they offer. Usually you will find at least 2-3 that will offer 2-300.00 min deposits. These act as revolving credit lines and do wonders for you score especially after 6, 12, 18, 24 month increment of no late payments. When you get these make sure u just make very small purchases and pay them off directly every month. Credit agencies pay attention to "no late payments" more than anything. Remember, revolvoing credit effects your score dramaticaly because you are in charge of your monthly payment unlike a installment loans so make sure you always try and stay under 30% of your max to get the optimum boost in your credit score.

              2. See if any of those financial institutions offer small secured loans. This will give you a installment loan as well. Usually you can work something out at your personal bank you already have a relationship with.

              3. Take care of any debts you have that could be reported to a credit agency in the future.

              Thats really the best way to start. After 24 months of good payment history you will be ready to make pretty much any kind of purchase. After 12 months you should be able to up your credit limits and be eligable for actual credit lines and receive your deposits back from your secured credit lines. If you have any questions feel free to call me and I will walk you throughf everything step by step. Remember the older you get the more you will realize how important credit is and how much money it will save you in the long run....ex..lower apr's, no deposits, investing opportunities.

               

              Thank You,

              We can help you with this. Contact us asap!!

               

              Lewis Roberts
              Small Business Capital
              smallbizftwayne@yahoo.com* Email
              260-249-1866 * Direct
              www.smallbcapital.com* Web
              • Re: increasing credit score
                credittalk Wayfarer
                Adding primary tradelines isnt for everyone. But it can help in time sensitive situations. If you need to build credit asap then give us a call 1-877-47-Fresh. www.fscorponline.com
                • Re: increasing credit score
                  F.Catano1 Wayfarer

                  Not sure if you are looking to increase personal credit score, business credit score or both. I can tell you that for good information on business credit and the best ways to get a strong Paydex score you should definitely look at www.strongbusinesscredit.com. They have lots of great articles and free information for the small business owner.

                  Hope this helps.
                    • Re: increasing credit score
                      wazzan Newbie
                      check out the forums in myfico.com it has all the information you need about raising your score or establishing credit.

                      The way I got a 700+ score within 2 years (started with no credit history) opened a secured BOA credit card with a 3000 dollar limit. After 6 months I applied for 7 different cards nearly half of them matched my BOA limit and some later gave me increases. After a year BOA gave me my money bank and gave me unsecured cc. Later I applied for a credit line got a 10k limit. Then 2 car lease accounts.

                      Most important things to know apply for cards at the same time, and do not apply anymore (inquires mess up your score)

                      Keep your card utilization low, do not use more than 10% of ur credit line on any given card

                      NEVER miss a payment. And if you know anybody with good credit let them list you as an authorized user so their history can be transferred to yours.