Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
emlongworth

0 Contributions
0 People Helped
Paid off old credit debt, only have auto loan but low credit score. How to improve?
Here's my situation. Had old credit cards with past due bills. Have paid off all accounts. I also have a repo in my history from 2 years ago. Currently I posess a car loan, which has been paid on time, and no other debts or credit. My question is how do I improve my credit score and cause it to rise? Im currently at 580 and want/need it higher for obvious reasons. Im in a much better place now financially among other things. Should I open a credit card with my bank and only use it for small purchases? Im not sure of any other avenues for proving credit trustworthiness. Looking for help. Thanks.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
3051 Contributions
2791 People Helped

Here's how your credit score is calculated:  35% payment history (late payments, on-time payments, collections), 30% is utilization, 15% is credit history (age of account), 10% is mix of credit (auto, mortgage, credit card, etc.); 10% inquiries.  If you don't have any open credit cards, that is a good place to start.  Perhaps getting a secured card to start with.  Visit www.creditcards.org for a comprehensive list of all cards available, what rates, fees and who they report to.  Also, visit www.credit.about.com to learn lots more about how to improve your credit, no sign up needed.  Best of luck!

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.