How to improve a credit score with excisting bad credit score of low 500's?
Answer:
Here's the fastest way you can fix this.
Unfortunately, it's painful. And "fastest" doesn't mean fast! It has to do with proving to your future lenders that you're not a high risk to them.
1. Have you defaulted on any debts? Are you late? Pay them and make good with the creditors. If it's impossible, consider a credit service that can make deals for you. Avoid bankruptcy.
2. Pay all of your other bills on time.
3. Get rid of all of your store brand (non-major credit cards). Whether anyone agrees or not, traditionally people with store brand credit cards are a higher credit risk.
4. Get rid of all but TWO of your major credit cards (debit cards are not considered credit cards, so these don't count).
5. Stop requesting new credit cards and loans until your score goes up - when you request a lot of credit, it shows lenders that you're strapped and a higher risk.
6. Time, time, time. You have to wait for a lot of time to go by, especially if there's any negative information on your report.
Here's a nice website on "what to do when you can't pay everyone":
http://www.debtworkout.com/whopay.html.
Here's an article on paying off debts:
http://www.fool.com/ccc/debt/debt03.htm.
I've had really close friends where you are - it's a painful experience. Hang in there. Time heals.
what you can do is get free credit check,
To order, visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. T
then go through the list and make sure everything is correct. THen I would contact them, and make arrangement to pay all of the money you owe.. even you did paid off the money you own, it usually take 5 to 7 years to clear everything up, provided you do everything right. stop using credit cards, dont open up credits card or department credits car. just make sure you pay bills on time.. and just be patient.
You need 2 start paying off some of your bills in order to get your credit score up it's the only way.Good Luck
when i bought my house in 2003, the guy handling my loan said my credit score was the highest he'd ever seen. I've always insisted on paying my bills on time, no.ahead of time. That has been an absolute must. If I owe someone or a company money, I will pay it off. I will pay off my credit cards..indeed they are now all balance of zero. If you have to, go shopping with only cash. Do not carry plastic. If you have a loan, map out a plan to pay it off. I am now out of debt because debt is a cancer and will eat you up and spit you out. Make it a way of life.
Pay your bills on time every month for a while, it will go up. If you need faster results, go to a cheap used car lot and buy a car on credit. They will hit you with 30% interest, but that's OK. If you pay a $2,000 car off in a year it will only amount to a couple hundred bucks and it will help your credit.
Step-by-Step Credit Repair Guide
http://www.debt-loan-refinance-mortgage-.
Bad credit is one of the worst problems to have. however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-cons.
if it helps kindly remember me in your voting!.. cheers!
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