CREDIT SCORE

I cannot believe I am saying this but keep looking for credit cards. Even if it is a store card. Find two or three that will approve you.

You have paid off your credit cards on time to improve your credit score faster but its not required you must have credit card. Pay off your credits before due date, like phone bills, loan dues, etc.

Thanks.

credit cards are not required, it is true. but if you wish to establish a record, it will be most beneficial to have a couple of cards to work with. eric's right (i'm shuddering, too).

Okay I have never owed a credit card so I didn't pay anything off early. Im young made stupid mistakes with my credit. And now am having a really hard time trying to resolve it. When I first started out my credit score was a 580 yeah I know bad right. I had several student loans on there that showed me in default. They never went in default I just had them all consuladated. So I disputed that and the student loan people tell me it will be after the first of the year before that is corrected. Problem is I was online looking at my information and it now shows I have dropped to like 530. I thought I was doing everything right. Now what?

Now with my credit score that horrible no one is going to give me a credit card.

eyes, you need to consider getting a secured credit card or two. by that i absolutely do not mean "first premier" which is a company that offers such cards, but with a nasty method.

seek out a credit union if there's one you are eligible to join, and see if they offer such a deal. also i know that bank of america offers secured cards - if you go there, you'll find that helpful.

call others as well, but make sure that you won't owe them 90% of your credit limit as soon as you are approved - that is the trick that first premier foists on its customers, and it is downright ugly. avoid them at all costs. and there are others who do the same, but their names escape me. be cautious.

i suggest getting 2 because that'll build quicker. use the cards once a month for a minimal purchase, and pay the bill as soon as you receive it. that way you don't pay any interest and your score will begin to increase. it won't be tomorrow or next week or even next month, but if you are patient and careful you'll see improvement in a few months.

Will anyone give you a home loan with a really bad credit score??

there's pretty much always a way, but some of those ways are very expensive. i suppose "really bad" might disqualify you, however, from even the most forgiving of lenders. do you have any clue how bad your score is?

My credit score is between a 560 and a 600. I suppose its not really bad. But I have been approved before I got student loans

any score below 600 is considered quite unsatisfactory. supposedly, there are a few lenders still extant who will consider applications from those with scores such as you've mentioned, but they will become more and more scarce as time goes on. not only that, but that kind of score will generate for you a higher interest rate than you might otherwise get, and of course, you'll have to have a clean slate before you could ever close - in other words, you'll have to pay all those creditors anyway.

I know the creditors have to be paid I am in the process of doing that. But I don't know how long it takes to update the information and how long it would take to fix my credit score.

many times it takes a creditor a month or two to update information. not everyone is prompt. your credit score will increase with the payment of problem accounts, but you also need to have favorable information being reported at the same time. if you have a credit card or a loan or any combination thereof, that you're paying on an as-agreed basis, that'll surely help bump the score. to go from 560ish to 620ish could take as long as a year, depending on what else is going on with your credit.

Bank of America had a Secure credit card....99 down, and 250-500 limit or full secure tradeline 500 down and 500 tradeline.

Be careful with the other credit card companies that charge a lot more and a few hundred for annual fee. i think BofA was 29 annual fee

an annual fee of $29 isn't so awful. the key to usage of such a card is to use it as minimally as possible and to pay off the bill each month when it arrives. if one allows a balance to roll over into the next month, and then again and again, that interest charge just gets steeper and steeper and sooner than later you could find yourself backed up against the credit limit and in trouble.

these cards must be handled with extreme care.