Wednesday, May 26, 2010

How do I go about fixing my credit score?

I got my first credit card when I started college, for use in emergencys. Halfway through the year, I had several unavoidable expenses that I hadn%26#039;t planned on, and began using the card. As I had no job, I was late on a few payments, and missed two.

I started getting store credit cards (Kohls, Macys, etc) because of the discount they gave on your purchases. Well, I wasn%26#039;t terribly responsible with those either, and missed many payments.

I stopped using them, and paid off the store cards. But recently I found my hours at work cut back, and because I was barely making rent as it was, I found myself faced with the decision-pay the credit card, or buy groceries.

I bought groceries, and instead of simply skipping a few non-necessities and paying at least the minimum, I ended up missing more payments. Now that I have found a new job, I am wondering how to go about re-establishing my credit.

How do I go about fixing my credit score?

There is no such thing as fixing credit, what you must do is re-establish your credit and the only way to do it is to build a good pay history.

Credit scores are 90% based on the last 24-months of activity so you need to pay everything early, never be late and after 18-24 months your score will be fine.

How do I go about fixing my credit score?

Ask your parents that instead of getting you a wedding gift they pay off your debt. That would help out alot. Also call the card company and see if they can lower your rate and offer you a one time lump payment. They may just lower it enough for you to pay off what you charged minus interest.

How do I go about fixing my credit score?

How do I go about fixing my credit score?

pay your bills on time every month. never be late. over a long period of time the credit score will improve.

no other way to fix it.

How do I go about fixing my credit score?

Here is a good link with lots of free information on it that should fit your needs. Everything from finance management to debt settlement and debt validation. Read over it and you can learn alot.

How do I go about fixing my credit score?

In the future, avoid missing payments altogether because that will ruin your credit. $400 in debt is really not much, so don%26#039;t miss anymore payments! The minimum payment must only be like $15 a month or so. But in order to rebuild your credit, I would suggest, if possible, put charges on your card and then pay them right off. That way you are proving that you%26#039;re responsible about repaying what you have spent.

How do I go about fixing my credit score?

I like to say first I%26#039;m glad that I never made such bad decisions in my life.

It will be some years if you want to buy a house and even then you will get crappy interest rates so wait until you have good credit even if it kills you it will be well worth the wait.

How do I go about fixing my credit score?

The importance of a good credit score can never be understated. Whether you want a loan with low interest and large amount, a gold or platinum credit card, mortgage at good terms, car loan at cheaper rates or simply have a good financial credibility -- none of it can be achieved without having a good credit score. There is no instant solution to get a good credit score. It builds up gradually based upon how well you manage your loans and financial situation. However, the credit score can degrade at quite a rapid rate if there are consistent defaults on loan and credit card bill repayments. Repairing the credit score is not that difficult provided you take these 5 simple steps into consideration.

1. Check your credit report regularly

This is a must to ensure that you know your current credit score, and what is ailing it. If there are any inconsistencies in your credit report get them corrected. Keeping bills of all the transactions you make can be very handy and helpful in correcting any errors in your credit report.

2. Get rid of those extra credit cards

The temptations to own a new credit card are so numerous in modern times that many of us end up with a purse-full of them without any real need. They stay there and cause a lot of problems in repayment. The confusion that comes with too many credit cards can easy lead to a missed payment and resulting penalties. Frequent defaults will reflect poorly on your credit score. So, keep only the necessary and discard the rest.

3. Repay on time

Every credit card transaction is a loan that has to be repaid on time with interest. Don%26#039;t ever miss out on any repayment. If you are not able to make full payments, make half, or even the monthly minimum, but don%26#039;t default. This will keep you in the good books of credit card company and help your credit score. If you are not able to pay anything to the credit card company, don%26#039;t shy away from them, call them, explain your problem and work out things so that a negative report doesn%26#039;t land up with the credit reporting agencies.

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How do I go about fixing my credit score?

The best way to reestablish your credit is the simplest: Start making on-time payments again.

The best way to make sure losing your job is only a headache and not a crisis is to have cash in the bank.

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