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katherinesteptoe

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Trying to raise credit score
My credit is sitting in the mid 500's I really need to raise it, I can't get approved for any card and don't have enough money to due a 200 down payment for a secured credit card, are there any cards that might approve me that anyone know's about or is there anything else that I could do to try and raise my score?

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How to improve your score

-Consistently pay your bills as agreed upon every month. Make sure you're NEVER late. Change your billing dates if they currently hit at inconvenient times of the month.

-Pay down your revolving balances so you're at <20% overall (add ALL of your balances together and calculate 20%. This is your goal balance to carry. You can carry $0 balances on all cards but 1 with 20% or les on it. Or you can spread the 20% across all cards).

-Review your credit reports from all three bureaus (www.freecreditreport.com will give you one from each every year). Make sure there are no errors or inconsistencies and contact the bureaus individually to dispute errors.

-Do not apply for new credit cards or lines of credit (car loans, cell phones, mortgages, anything that requires an inquiry) if you already have cards. If you have no cards, then consider opening a low interest card and using it occasionally. Keep the balance below 20% and pay it on time every month.

-Do not close any cards once the balance is $0, or if you do close cards, leave the one with the highest limit and the oldest one

-Review your accounts in collections section, if they're newer (not close to 7 years old), can you pay the debt? If so, contact the creditor and ask for a debt verification letter. If the debt is yours, ask for a payment plan and ask to have them remove the derogatory mark after.

-Give it time. While you can do major damage to your score in a short amount of time, it takes a lot longer to fix it.

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