Best and Fastest Way to Increase You Credit Score....?

campbellsoup

campbellsoup

709
10
Joined
Jan 4, 2011
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Used to be like a 690 when I was 21.....but now, not so much.

Whats the best way to build it back up? Are there certain "secure cards" that are the best bet?

Any info would help. Thanks guys.
 
I just went through this to get preapproved for my house. I guess I had 0 credit score, because I have only ever had a few lines of credit out and all were over 2 yrs old so they fell off, so I just got a Capital One credit card, $250 limit and they report to all 4 bureaus (I didn't even know of the 4th), just use it then pay it off before the end of billing cycle so it doesn't acquire any interest and cost you any money, then after they report 2 months now I got 700+s all across
 
There is no "quick" way to build credit. One of the factors is the length of your credit history. The only way to build your credit/debt score is to borrow money and pay it back.
 
Go get a secured line of credit. Pay on it for 3 months then pay off the balance. You'll have a small amount of interest paid but it won't be much. Then rinse and repeat. Keep doing it and upping the amount as much as you can. It will help tremendously. Get a credit card and put your gas purchases on it each month then pay it off and the end of the month. Then start getting more credit cards but don't use them. Available debt is just as important if you are going to begin incurring debt. The more available debt you have the better it looks when you do use it. Due to the fact that it will be a smaller percent of your overall debt. ie, 500 debt with 1000 credit line, looks worse than 500 debt with a 2000 credit line. Because you ate using 50% of available credit compared to 25%. Even though nothing else would be different your credit score would be better with the higher credit line.
 
try to never go over 50% of watever ur limit is or it will start ruining your credit slowly.active tradelines help. pay your bills
 
Originally Posted by Futuristic

^ Are you saying you should never pay more than 50% or never pay less than 50%?
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try not to go over the 50% limit of your card if your limit is at 2000 try to always stay around the 1000 mark or lower on the balance
 
Does it matter if I go over 30%-50% of my credit limit in one billing period?

Say my credit limit is $3000. I buy something $2000, but pay it off at the end of the month. Will this help or hurt my credit?
 
Originally Posted by INshoeKid

Go get a secured line of credit. Pay on it for 3 months then pay off the balance. You'll have a small amount of interest paid but it won't be much. Then rinse and repeat. Keep doing it and upping the amount as much as you can. It will help tremendously. Get a credit card and put your gas purchases on it each month then pay it off and the end of the month. Then start getting more credit cards but don't use them. Available debt is just as important if you are going to begin incurring debt. The more available debt you have the better it looks when you do use it. Due to the fact that it will be a smaller percent of your overall debt. ie, 500 debt with 1000 credit line, looks worse than 500 debt with a 2000 credit line. Because you ate using 50% of available credit compared to 25%. Even though nothing else would be different your credit score would be better with the higher credit line.
Click to expand...
The point of a good credit score is to borrow money at a cheaper rate.  If you're purposely going to borrow money that you don't need to and pay interest on it, it completely defeats the point.  Your credit score says nothing of your overall wealth, but only your interaction with debt.  Plus... the more outstanding credit you have the worse it can look because you have that much more potential to borrow money you can't pay back.
 
His question was how do I increase it quickly so i gave suggestion of a way to increase in quickly. And I can assure you that having more available credit benefits you more than it hurts you. I have very close family members at the top of experian and this was all info that I was told growing up would be beneficial. I'll take the suggestions of one of the vice presidents of experian as pretty good advice to pass along. I graduated high school with a credit score above 800 and maintained it threw college and even now 6 years after college. And I started my process exactly this way. Go to any financial advisor that has been around and he will agree with much of what I have said. Not using available debt is almost as bad as not having any available. Credit score is based on income, length of credit history, activity of credit, inquiries on account, total debt vs potential debt, plus many more crazy factors that go into their very unique scoring algorithm.
 
Originally Posted by NikeAirForce1

Does it matter if I go over 30%-50% of my credit limit in one billing period?

Say my credit limit is $3000. I buy something $2000, but pay it off at the end of the month. Will this help or hurt my credit?
Click to expand...


Aslong as u pay off the amount and keep yourself around the 50% mark you are good. I really wish more people took care of their credit so I can help them refi. U should see some of the fico scores I cOme across lulz
 
Originally Posted by INshoeKid

His question was how do I increase it quickly so i gave suggestion of a way to increase in quickly. And I can assure you that having more available credit benefits you more than it hurts you. I have very close family members at the top of experian and this was all info that I was told growing up would be beneficial. I'll take the suggestions of one of the vice presidents of experian as pretty good advice to pass along. I graduated high school with a credit score above 800 and maintained it threw college and even now 6 years after college. And I started my process exactly this way. Go to any financial advisor that has been around and he will agree with much of what I have said. Not using available debt is almost as bad as not having any available. Credit score is based on income, length of credit history, activity of credit, inquiries on account, total debt vs potential debt, plus many more crazy factors that go into their very unique scoring algorithm.
Click to expand...
Explain the income part.  I check all three credit reports every year and have never seen this on there.
 
I can't really explain how it's figured but was told the 3 companies have some kind of formula that figures estimated income by taking beginning debt minus ending debt and figures in each payment made which then gives them a fairly accurate income range. The way credit scores are figured is an extremely guarded secret that the credit companies do not release. It's much like how the derative market was figured but no one in the finance world knew or could explain it.

As to why it's not on your report each year, is because it's figured into the formula they use to decide what your score is. You could have 2 people with nearly identical debt, credit history, and inquiries and still end up with vastly different scores. There are tons of factors that figure in that very few realize.
 
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