Comments on: How to repair bad credit?

By: sierra b

sierra b — Sun, 01 Feb 2009 15:42:06 +0000

First, pay off or catch up all past due collection accounts and any revolving accounts you do still have out, make sure you make your payments on time.

I’ve found some good information here too…

All the best to you.

By: Josh K

Josh K — Thu, 29 Jan 2009 23:30:11 +0000

depends what your “bad credit” items are. IF it is a few late payments you can get back on track in a few years. IF it is charge-offs, repos, bankruptcy and other major negatives the only thing that can really repair your credit then is time meaning after they fall off your report which is usually seven years. Best of luck!

By: David A

David A — Wed, 28 Jan 2009 08:22:50 +0000

To Repair credit score
Your credit score is based mostly on:

1. Length of credit history
2. Payment history.
3. Ratio of credit used to available credit.
4. Number of credit inquiries you authorized.

If you cancel your card, you’ll be hurting your credit ratio. (#3).

You want to deliberately keep your oldest credit card open, even if you never use it.

You want to always pay the minimums of each loan on time every month.

You want to keep your available credit high, but actually only have balances equalinig 25% or less.

You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans.

You do these things and your credit score will quickly soar into the 700s.

————————————————-

By: Earl B

Earl B — Sun, 25 Jan 2009 13:35:06 +0000

I’m on the edge of getting bad credit. Seeing what kind of responses you get.