Raising your credit. What worked for you?

[sunshineblotters]

So I been on my self improvement tip and there is a list of things I am trying to accomplish in 2-3 years. On that list is raising my credit score.

586 ): How I handled my student loans man Also had some hospital bills that went to my moms house and she never told me so they all went to collections

Anyway based on the research I did.

- Get a credit card
- Buy stuff you would normally afford just to pay it off
- Make sure not to pay it in full every month but make sure to pay much more than the minimum amount
- Don't get credit cards you will not use
- Do not hit the maximum allowed on credit cards
- and all the obvious stuff

So what would be the appropriate type of card to put $500 on and how long should I take to pay it off?

What worked for you?

 

[dmbrhs]

Go here:

http://niketalk.com/t/521602/24-loo...-are-some-good-tips-on-your-first-credit-card

 

[girlslovewaffles]

I'm 26 years old and have a credit score of 771. There's really only a few key things you should focus on to keep raise your score and keep it there:

1. Avoid paying late at all costs. If you are late, call the # on your card and ask for courtesy. Use this sparingly, however.
2. I don't believe you need to keep a balance on your credit cards. It was only recently that I wasn't able to pay the full balance on a few cards, but for the past 8 years, I have mainly focused on paying off the monthly balance in full each and every time.
3. Keep credit for as long as possible. Starting a new card and canceling within 6 months isn't what lowers your credit. It's when you close a line of credit that's been with you for years.
4. Be mindful of your bills/debts. Don't let anything ever default, or go to collections, because that will drop your credit score hard.

 

[sunshineblotters]

those hospital bills that went to collection is what ruined me. And it will be in my credit for 7 years even though I have cleared all but 1. Damn I know it is my responsibility but my mom opened my mail so she had no excuse not to tell me.

How long will it take to go from 586 to 650? 700? 720+?

Go here:

http://niketalk.com/t/521602/24-loo...-are-some-good-tips-on-your-first-credit-card

thanks. will read.

 

[girlslovewaffles]

those hospital bills that went to collection is what ruined me. And it will be in my credit for 7 years even though I have cleared all but 1. Damn I know it is my responsibility but my mom opened my mail so she had no excuse not to tell me.

How long will it take to go from 586 to 650? 700? 720+?

Go here:

http://niketalk.com/t/521602/24-loo...-are-some-good-tips-on-your-first-credit-card

thanks. will read.

Yeah, **** happens but what's important is that you learn from it and go from there.

That link will probably have answers to your questions. But if you make the right decisions from here on out, I don't think it will take a long time for you to hit 700+. It's just about making smart decisions in life. Everything else follows.

 

[dmbrhs]

2. I don't believe you need to keep a balance on your credit cards. It was only recently that I wasn't able to pay the full balance on a few cards, but for the past 8 years, I have mainly focused on paying off the monthly balance in full each and every time.

This is something that's bothered me for a long time. People swear up and down to maintain a balance. My dad worked in finance for decades, and never missed a payment on his card, and has paid it off in full his entire life. His credit score is impeccable. He's always told me to pay it off in full every month (the balance of the current billing cycle, that is).

Also, paying off your balance is key for any time you might be late (hey, sometimes you forget, or you're out of town, or something). If you are in good standing, the credit company will waive a late fee if you pay on the spot.