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  1. #1
    Strongly Ambivalent Ivy's Avatar
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    Default Raising your Credit Score

    Finances have never been a strong suit for me. We went through a couple of rough patches a few years back and our credit took a dip. Now we are in good shape but our credit is still not great. What kinds of strokes do you have to use to get a credit erection? (Not proud of that metaphor, but not ashamed enough to erase it.)
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  2. #2
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    Pay your bills on time and in full.

    Simple as that.
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  3. #3
    Strongly Ambivalent Ivy's Avatar
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    It seems like it's not as simple as that, since my score is still mediocre despite some time of paying bills on time and in full.

  4. #4
    Senior Member ceecee's Avatar
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    First I would get copies of all your credit reports and make sure they are mistake free. If there are mistakes, dispute them. Next, pay your bills on time all the time. Payment history accounts for 35% of your FICO score. I don't know if you have credit cards but if not, get one. Even a secured one, with regular payments will make a difference, at least in the beginning. If you have cards, don't close them and keep the balances low, low enough to pay off monthly. If you have not had a long payment history, there isn't much you can do but give it time but it counts less and less as your payment history lengthens.

    Improve Credit Score - Credit Tips at Experian.com
    Seven Steps to a Healthier Credit Score | TransUnion
    Five Steps You Can Take to Help Improve Your Credit Score and Creditworthiness | Equifax Finance Blog
    I like to rock n' roll all night and *part* of every day. I usually have errands... I can only rock from like 1-3.
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  5. #5
    Strongly Ambivalent Ivy's Avatar
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    Yeah, that might be a big part of it, ceecee- we cut up our credit cards after we paid them all off after racking up a big debt (for us- it was never more than a few thousand bucks) during our lean times, and have been gun shy about getting new ones. I think I remember reading "insufficient positive credit" in the report.

  6. #6
    Senior Member prplchknz's Avatar
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    I have no credit. I don't want credit, yeah sure if I want to buy a house, but lets be realistic unless something magical happens I will not be able to ever afford a house.
    In no likes experiment.

    that is all

    i dunno what else to say so

  7. #7
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    Quote Originally Posted by Ivy View Post
    Yeah, that might be a big part of it, ceecee- we cut up our credit cards after we paid them all off after racking up a big debt (for us- it was never more than a few thousand bucks) during our lean times, and have been gun shy about getting new ones. I think I remember reading "insufficient positive credit" in the report.
    Oooh, yeah, cutting up your credit cards seems like a good idea to reign in your spending but it would be better to keep them around and keep making small purchases with them. It's good to pay off the debt you've accumulated but your credit score would go back up much quicker if you kept using the card. If you're not using the card you're not using the credit, and if you're not using the credit you've already got a lender isn't going to want to give you more.
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  8. #8
    Senior Member ceecee's Avatar
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    Quote Originally Posted by Ivy View Post
    Yeah, that might be a big part of it, ceecee- we cut up our credit cards after we paid them all off after racking up a big debt (for us- it was never more than a few thousand bucks) during our lean times, and have been gun shy about getting new ones. I think I remember reading "insufficient positive credit" in the report.
    I understand completely. One thing you may want to look at is your bank. They can be very helpful, especially when it comes to rebuilding credit and if you don't have a regular account, go speak to them about one. Direct deposit agreements help as do using bank bill pay for at least a few bills (I love this service, btw). We have accounts with an identity alert product that comes with it. We can look at all our credit reports at any time through it. This really helps when you monitor things and would feel so good to you to see it going up. Talk to them about a credit card. Even a $250 or $500 limit, used and paid off every month will make a difference in a fairly short time.
    I like to rock n' roll all night and *part* of every day. I usually have errands... I can only rock from like 1-3.
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  9. #9
    Strongly Ambivalent Ivy's Avatar
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    I should add that we also closed the accounts- we didn't just cut up the cards and let the accounts sit open.

  10. #10
    Senior Member ceecee's Avatar
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    Quote Originally Posted by Ivy View Post
    I should add that we also closed the accounts- we didn't just cut up the cards and let the accounts sit open.
    Yes that contributed to the issue. Even when you pay off an account and want to close it, there is a very specific way to do it.

    How to cancel a credit card - and close it without hurting your score

    On the upside, the negative data can only stay on the reports for 7 years.
    I like to rock n' roll all night and *part* of every day. I usually have errands... I can only rock from like 1-3.

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