My credit score is 530,how bad is that?

In terms of buying a house ,I have almost no debt.How can I raise my score?

My credit score is 530,how bad is that?

As you may or may not know it is very difficult to buy a house now for people with low credit scores (less than 700.) The stock markets are falling and companies are failing because they lent money to people who were not creditworthy at ridiculous rates they could not afford. So to be blunt you don%26#039;t have a lot of opportunity now as it stands, but that%26#039;s not to say there isn%26#039;t hope. First let me say that for you it may be cheaper and more financially sound for you to rent until you either get a better credit score or the housing economy improves again (which can take years). Fixing your credit score though won%26#039;t take as long so focus on that for now.

Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year -- :

1. Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.)

2. Never Miss a Payment, Starting Today

3. Never use more than 20% of your Available Credit

4. Keep Credit Cards that Have No Annual Fees Open For as Long as Possible

5. Extend Your Credit Limit on Cards You Already Have before You Get New Ones

6. Get Credit Cards that Have CashBack Rewards to Contribute to your Balance

7. Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-

8. If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan

9. Take out a Small Personal Loan and Repay it Over a Year

10. Ask Someone With Good Credit if They will Account Shadow you

When you%26#039;re trying to build a solid credit score it%26#039;s important to get a comprehensive view of what is actually effecting it...

Your Credit Score (also known as your MyFico score) is calculated with the following breakdown:

* 35% - Payment History

* 30% - Credit to Debt Ratio

* 15% - Credit History

* 10% - New Credit

* 10% - Credit Types in Use

If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score.

How Can I Increase My Credit Score

http://millionster.com/articles/debt/ask...

My credit score is 530,how bad is that?

you have a very low score

try to get it at LEAST in the 700=800 rage

My credit score is 530,how bad is that?

Why is it that bad? Once you know that, you can take the proper action to improve it. Paying your bills on time and not having any charge-offs on your credit report are big pluses.

My credit score is 530,how bad is that?

A score in the 500%26#039;s would be considered high risk, which could lead to significantly higher interest rates. In the current mortgage financing crises, it would probably be difficult to even obtain a mortgage. Low debt by itself does not translate to a higher score, its really your history of payments and ratio of debt to available credit that make up the bulk of your score. For an overview of how credit scores work and what you can do to increase your score, check out:

http://www.pueblo.gsa.gov/cic_text/money...

My credit score is 530,how bad is that?

Preety low and preety bad