OT rebuilding credit.

[Amigo]

has anyone gone from bad to good?

 

I have the smallest credit card and literally forget about it all the time (stupid I know). I guess I've really hurt my credit rating doing this. I've literally payed the entire thing off a few times but it doesn't seem to matter at this point. Anyone have any advice on rebuilding credit?

 

It's not that I want to get into debt I just wouldn't mind buying a house one day.

[IRG]

Is the account still open or closed? If open, keep making the payments on time. Pay it off, but don't close it. Get a small personal loan for something you need/want, and pay it off quickly. Make sure other things like car are also paid on time. Getting a car loan or a lease is also a good way to improve credit providing you can afford it, and don't make late payments. Get an inexpensive used car and pay it off quickly too, or at least timely. Use a credit union for these types of loans. {censored} traditional banks, they are not your friend.

[ItchyFingers]

One word. Buffer.

[Aristotle]

Gotta use credit to improve credit. It's good to get a loan will installment payments so you can demonstrate responsible credit-use by paying your payments on-time and consistently. Some other things too, but I'm not an authority on the matter.

[JDE]

Gotta use credit to improve credit. It's good to get a loan will installment payments so you can demonstrate responsible credit use by paying your payments regularly. Some other things too, but I'm not authority on the matter.

 

 

This is particularly true. With regard to the personal loan as method of improving your credit rating, from what I know about the situation in the States and here in the UK, I would leave it unless you really need, say, a car or something like that - particularly if your credit is "awful." There's not really any such thing, banks will either lend you money or they won't - don't for a second think you need to have "good" credit for them to give you money, you just need to pay back reliably slowly and not be totally irresponsible. If you don't mind me being so bold, and remember I don't live in the States or know your financial history - why do you actually need credit? If it's for a mortgage, by the time you prove your credit-worthiness by timely repayments on a small loan or credit card, you could have probably saved up a decent-enough deposit, which banks currently appreciate more since they can milk money from your savings RIGHT {censored}ING NOW, as opposed to bleeding you dry slowly over 35 years.

 

I don't hate banks, btw. I just recognise they're a business, not a floating bag of cash that pisses on you when you want to buy a new guitar.

[ispunk]

Takes a long time to rebuild your credit rating. Mine was down in the low 600 area years ago. Now I'm over 800. Gotta pay those bills on time all the time and wait it out until the bad {censored} comes off your credit report (5-7 years-I think)

[echodeluxe]

ugh i hate credit.

[loosegroove]

Yeah, the best way to rebuild credit is to use that credit card you already have like cash. Meaning you only use it for things you have the cash for and would normally buy with cash like groceries, gas, etc. Then make sure to pay the thing off every month in full and on time. With online payments and calenders on your phone that you can set a reminder for EVERY month on the same day, you can make it easy on yourself to pay on time without forgetting,

[oinkbanana]

mud on your credit report stays for 7 years.

nothing you can really do about that except wait it out.

 

having capital will always outweigh bad credit anyways.