Improving Credit Score

[Anonymous]

Hi All ,

      This is my second trip to USA and in my first trip I had started building a decent credit score when I had to suddenly leave back to my country and as a result I did not pay back on my credit cards and other balances.

       When I had to come back to US for the second time the past caught up with me on first day here when I tried renting a house .

        My credit score is currently very bad (300 - 560 Range) and my immediate goal is to reach a credit score of atleast 660 in the next one year. I had two major credit cards on which I had approximately 50% as my balance. The balance today including the intrest is a mind boggling 300%.

      Last month I could successfully paid off one of the credit cards and that account is settled. I have means to close off the second card also but that would mean cutting my savings too tight.

       I know I would be rejected for any credit card that I apply and when I take a look the credit cards available  for my range.....it looks like the fees would eat up my credit limit..........in the meanwhile my credit score has consistently stayed in the pit without any increase.....

      It has been pretty tough for me and my family with my bad credit rating.

      I have a budgeted approach to my months expenses and almost 50% of my earnings are right now in savings.

       What would be the best way to approach my goal of 660 by next year ?

       Thanks a lot to all of you for reading this and will appreciate anyone giving any plan for rehab of my credit score.

With Best WIshes

Bad Credit Score

[llecs]

There are three things you can do right away. First, read these boards, especially the newbies sections. Second, know where you stand credit-wise. Order MyFICO reports for each CRA and see where you are at and where you can improve. Dispute if necessary. You can also order via annualcreditreport.com each CRA report for free. Third, use your savings for secured cards. There's a few good ones listed on this forum.