Tips on building/Repairing credit?

Re: Tips on building/Repairing credit?

• Sar19

  

  September 2013

  160 points*

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• anssett

  

  member

  September 2013

  to improve your credit score you need to demonstrate responsibility with credit. One option is to get a credit card and pay it off every month. NEVER be late on any payment. Ever. That's the only way I know of.

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• Sisugal

  

  member

  September 2013

  Remember that you do not need to carry a balance to build good credit.  What you need is timely payment - never late.  Never max out a credit card - only use about 15-20 of the allowable limit and pay IN FULL EVERY MONTH!

  Get a gas credit card - pay it off monthly.

  Get a major card (visa, master card etc)

  Pay your rent ON TIME

  Pay your utilities ON TIME

  Pay ALL bills ON TIME

  Set up a savings account at a local credit union .  Build an emergency fund. They should also offer credit cards.

  Pay off the loan - in full

   

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• Ducktale

  

  member

  September 2013

  Sisugal said:

  Remember that you do not need to carry a balance to build good credit.  What you need is timely payment - never late.  Never max out a credit card - only use about 15-20 of the allowable limit and pay IN FULL EVERY MONTH!

  This. Do not carry a balance. Other than that, you just have to wait. Your credit score improves gradually over time. Having an account open longer improves your score--so make sure you're not opening and closing cards/accounts frequently. Pick one and stick with it. Paying down debt improves your score, obviously. And then as pp said, paying everything on time.

  Something you can do now is review your credit report for accuracy. If you find anything incorrect, follow up on it.

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• Erikan73

  

  member

  September 2013

  I agree with pp to make sure that all information on your credit report is correct. One thing we are doing to help husbands credit is that he is using his discover card for gas only which is that expense is already figured into our monthly budget. We will make sure to pay it off in full and on time each month. If you get a major credit card, put one item you already budget for on the card each month, for example gas for your car. If you are worried about not leaving the cash for it, then each pay day, take the amount you budget for gas & send it to Credit Card company right away, even if your bill isn't due yet. This way you won't spend the money & be stuck when the CC bill is due.

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