How can i improve my credit, and why is it bad?
Answers:
Having too little debt can hurt you, too. You should have at least two major accounts that you regularly use and make payments on.
The fact that you had bad reports from your previous dept store card doesn't help. These will be on there for a while.
late payments, especially repeated ones, will KILL your credit. Then after that, you exceeded your next credit card's limit by more than double. It's your behaviors that hurt your credit, not the amount of dollars you owe. You've shown no reason for any creditor to trust you to spend responsibly, hence your credit rating has suffered.
If you want to fix that, stop missing payments, don't even keep a revolving balance, and only carry a minimum of credit cards. If you have too many open accounts, that can hurt you as well because it represents high potential to get into trouble. BE CAREFUL with those things and only use them like cash. Don't spend, if you can't pay the bill off that same month.
Keep you balances low and make your payments on time! It will take a couple of years of good payment history to raise your score. Only add new credit if you can make the payments. Next, dispute any accounts you feel are inaccurate. May I suggest a site that can help you http://www.thecreditrepairmanual.com...
Best of Luck,
Every time you make a no payment, or late payment...your credit shows to be bad....
You should always pay more than the minimum to keep a good record.....if you pay it off and keep your record clean they will still not accept you as a good customer because you are playing it too safe!!
Always.......no matter what the excuse is....pay your payments on time...if they forget to send you a statement it is not on them.....so make sure you check when is good to pay it and pay it!!
if you keep your card at 25% in use and pay more than the minimum your credit will improve!!!
good luck!!
Your score is low because of all your late payments. Also, did you close the account or did the store/credit card people close the account? Pay more than the balance and pay before the due date -- I like to pay the minimum plus the finance charge every month. It will take several years. Don't apply for any more credit cards because everytime you apply they subtract points for the credit inquiry.
U have been late on your payments. That's why your score is so low and u need to make sure u pay your bills on time and this will help your score..
Credit is a lot like a test in school. If you have a 100 question test and get 5 wrong you're at 95% but if you have a 10 question test and get 5 wrong you are at 50%. The same idea applies to credit. If you have one account and it has bad history then 100% of your accounts have bad history. if you have ten accounts and one with bad history then you have 10% bad, and so on and so on. That being said there are several different ways to improve your credit. The trick is to do it slowly and methodically. Don't go out and open 5 new cards. Open one or two per year and keep your balances at less than 50% of the balance. Also, of course, make all your payments on time. Keep in mind that secured debt (cars, boats, homes) is better than unsecured (credit cards, personal loans). If you can take a loan out on your current or a new car, and still make the payments, then do it. You can also stop some of the "pre-approved" offers of credit that come in the mail. Check out www.optoutprescreen.com to stop some of the junk mail and increase your credit score!! Feel free to e-mail me for more info if you so desire.
Hi,
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