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Question By
happyasiwannabe27

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how can i raise my credit score?
my credit score is 595, i have 28 hard inquires, and i dont know when i am ever going to beable to raise my score or how to begin doing it. can anyone help me?

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I will suggest that you look into all your credit reports(three of them) carefully. You can get it free(once a year) at https://www.annualcreditreport.com/cra/index.jsp

 If you find any mistakes, correct them!

Start with a secured credit card. And make sure that the bank will report to all three beneus. You will need some despoit to get a secured card. 

 Use that card regularly, and make your balance to limit ratio LOW!! You wll always want your statement balance below 30% of your limit. Well, the less the ratio, the better. They say that 3%-9% would be perfect. I would recommend below 10%,too. In order to keep the balance low, you may need to pay mutiple times during a cycle. If you have a balance of $400 on a CL $500 card, you can always pay back 370 before your statement closure, leaving 30/500=6% ratio on your statement. I do it all the time to keep my balance low:)  Watch out for the timing since it may take several days before your payments show on your credit card balance.

 Always pay it in full, and more importantly, ON TIME!!  A late payment will hit you hard on your score.

Well, rebuilding credit may take a while, but it always feels good to watch your own score going up over time:)

Also, don't worry too much on your inquires. They only show on your report for two years starting the inquire dates. Also, when calculating your score, they only look at the inquires of past 12 months. But don't apply more cards for now. Since any inquire will hurt your score a little bit!

Hope this helps.

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Helpful to 0 out of 1 people

I am on disability and only get paid once a month and i have alot of bills so I can pay something on my cards every month on time but i can not pay off most of the balance. I think this will take me like 3 years. then i need to be smarter on spending. does what i say sound realistic?

Thanks so much,

                                       happyasiwannabe27

Reply by
nli03

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27 People Helped
Helpful to 6 out of 6 people

yeah, that is a geat start:)

It is never easy to manage so many bills this days.  In your case, I suggest that you can use your credit card only on some small purchuse only, say beer money for every month. This way, you won't have high balance, and it is much easier to pay if full.  Also, the card you are getting may have crazy high interest, so try to minimize your balance on that card if you have to carry a balance. 

You succeeded in managing your bills without any credit card, so I believe you can manage it well when you have one. Just use on small purchase with it, and you will be fine. Also, don't reply too much on your credit card with your all kinds of expenses. They are super convinent, but like dangerous traps when you use it on something you can not afford.

In addition, make your ratio low as much as you can(below 10% is the best). several months ago, I ended up with an 80% ratio since I forgot to pay part of balance before closure date, and my CK score dropped about 40 points!!!!!  I believe that the card you are getting is your first card, so you don't have any other credits on other cards to decrease your ratio(ratio is caculated by the total banlce divided by your total credit line on your every card). So keep your balance low is very important.

You can check some useful tips on CK they have on their blog to see how it works.

Best:)

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Reply by
Sumflow

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Helpful to 2 out of 2 people

Use less credit

You will have a greater safety margin if you use less credit and pay your bill off before the billing cycle date, that comes  BEFORE the due date, and do not use your card until after your statement has been printed. Your statement should show No minimum payment,  zero amount due.

http://youtu.be/V8zdReP9yME

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Reply by
Sumflow

109 Contributions
71 People Helped
Helpful to 4 out of 5 people

Always pay it in full, ON TIME, on the statement cycle date before the due date, so the statements show zero balance due. http://youtu.be/Pgrz3WpAhD0

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