- This topic has 2 replies, 3 voices, and was last updated 9 years, 1 month ago by Anonymous.
- May 5, 2011 at 8:59 pm #206231AnonymousInactive
A couple of years ago I was made redundant from my job which landed me in alot of financial problems. After a year and a half of working again, I have finally managed to get back on top on my finances however my credit score is appalling! Whats the best and quicket way to gain credit points?
- May 21, 2011 at 10:43 pm #283011Janna HenryMember
Hi Mimi! You’re doing the right thing by working to pay down your debt. Continue to pay at least the minimum payment (the amount you’re required to pay) for each bill on time every month and your credit score will eventually rebound. It may take some time, but it will happen.
Other things you can do (or avoid doing) to make sure your credit score goes soaring in the right direction are:
1) If you have any past due bills, pay up to get current and stay current.
2) If you’re making use of your credit, try to spread it evenly over several credit cards (only if you have several cards – no need to go open more accounts) and keep your balances low.
3) Don’t close accounts you no longer use. Instead, take the cards out of your wallet so you don’t use them or if you’re tempted, cut them up.
4) Don’t open new accounts you don’t need. Also, try not to open too many accounts in a short period of time.
5) Check your credit report regularly and make sure to dispute any inaccuracies. (You can get a free Experian credit report and free credit score – plus dispute errors – at Quizzle.com.)
Ultimately, improving your credit score takes time. If you stay on top of your bills and continue to act responsibly – and it sounds like you are – your credit score will rise. Keep up the great work – and good luck!
- June 10, 2011 at 2:39 am #433016AnonymousInactive
Standards not likely, but interests will probably come down again before the end of year. Sorry for your predictament. Hope you have a nice holiday. Factors involved in loosening standards generally precedes or closely follows weakening eco conditions which we seem to be approaching. The Fed’s two-month ago 2% reduction in overrnight rate didn’t do the job.
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