low credit score

[Anonymous]

i have a credit score of 340. what is the best way to get it up? thanks a ton, chris

[Anonymous]

Basically, I don't know what's on your credit report but a good book to read is "Good Credit is Sexy" before you start paying off collections or really old bills. Some of them may be really old and should have fallen off, I've had several collectors try to collect on the same account - so you really need to know the game. The simple answer is pay all your bills on time, get one or two credits cards, use them every month and pay off the balance every month, try not to apply for new credit, and pay all your old bills (collections) those things can really raise your score. I would read that book, because sometimes you can negotiate to get the account off your report before you pay. My score increase by 100 points within 4 months by following Suze's advice and some other techniques. Good luck.

[Barry]

Hildahl,

Your post was deleted due to it's highly negative tone and general lack of redeeming value.  Any further such flaming will result in your banishment from these Forums.  Please feel free to post again in a more constructive manner.

Thanks,

Barry

[GetLifeBack]

I am in the process of raising my credit score now. I have worked on it for the past 3 months or so and I am pretty excited about doing it. But the first thing I can tell you is that if you do not have patience you will not be able to do it.

I have listened to many different CD and read forums and these are the things that I have come up with:

1) GET ALL 3 CREDIT REPORTS FIRST!!!

2) 3 credit cards with under 30% utilization on each

3) remove derogatory information from report

4) Start with collections and judgements

5) Then remove late payments but don't remove everything cause a long credit history is vital

But if you really need help buy the 3 reports with Suze Orman's kit associated with the web site.

But go ahead and start and you should see an improvement within a year and you will be so excited when you go to the mail box and get those letters stating that incorrect things have been deleted

[Anonymous]

I agree, the information from GetLifeBack is basically a good tool to use. Most of us have either done all those steps are in the process of continuing to do them.

[Anonymous]

First, take a good hard look at your credit report. Make sure everything on it is yours. Dispute anything that isn't or that looks questionable or is poorly reported (no DOFD, original creditor, etc.).

Second, realize that paying old charged-off debts does little if anything for your FICO score. Whatever your foul-ups in the past, they're water over the dam, credit score-wise. You should focus on the future.

With such a low score, you're likely going to have to start with fully secured credit cards. Don't bother gunning for an unsecured card--you'll miss, and the added inquiries will just make matters that much worse. You'll probably be dinged for a significant annual fee, too. Big a pain in the rear as that is, you MUST start somewhere to build a positive credit history. Start with any banks you have had an account relationship with for at least a couple years. See if they offer a secured card. Then get it. A couple months from now, get another one.

Yes, if you leave it alone and abstain from all credit, your FICO will slowly improve as the next few years go by. No, even if you take my advice, your FICO will not immediately improve significantly. But this much I do guarantee you: if we fast-forward to 2010 or so, your FICO will be significantly higher (probably at least 50 to 75 points, maybe even a hundred) if you take my advice than it will be if you just sockdrawer your credit life and try and wait this out. Come January 2010, proactively recovering your credit through establishing positive TLs this spring and summer could be the difference between having a FICO around 575 and actually being able to qualify for CLIs and unsecured CCs, versus being around 475 to 525 and still having "credit leprosy."

[Anonymous]

Getting a good rebuilder card will help, such as a secured card from National City. Don't ever be late and don't go over limit. In addition, do all the repair things mentioned previously. Cleaning up negatives is only part of the process. Adding new positive tradelines is the other.

[Anonymous]

I agree with what the others have said in addition if you pull the reports and give more details like did you file bankruptcy, are there leins, judgements, collections? Do you have any revolving credit in good standing. There are strategies that you can use to strengthen your scores and be fico healthy. Many of us have increased our scores by doing the basic steps that another poster has stated. But it is not for the meek and weary! You must eat your wheaties every morning and come out with your game face on. Lots of patience and committment will be required on your part. We are here to offer our experiences as you will be able to take somw of what you learn from here and apply to your credit repair journey. Welcome and you have already taken a great step by finding this forum early in your credit repair process. Good Luck!

[Anonymous]

LadyFico "eat your wheaties and put your game face on" is funny!!

Bigspender,

In other words repairing your credit will be like taking on a part-time job, but in the end it will be very worth it to be able to apply for credit (when you need it) and get it.

Persistance and patience will be very important in your quest do not give up, you can turn it around.

Like one of the OP said, what is in your credit file? That can help out a lot also. 

[Anonymous]

I just joined today. as my screen name says i am down but not out. The threads i have read are really encouraging. my scores Tu 512 ex469 eq 517. that was Jan. 07. i have since had some late payments and my 7 credit cards are at their max. I do have collectons and judgements on my report and i have fallen victim to payday loans. Has anyone been or are in a similar situation? I certainly can't imagine anyone worse. Anyway I am here for the encouragement and to correspond with others that have been there.