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Ok, I’m 19, but I already have a really bad credit score of 535. I don’t have very many items on my credit report other than a medical bill from a hospital that went to collections over two years ago. At the time, I wasn’t able to pay it, so it eventually closed. That is the only collection I have in my report. The only other negative things in the report are the 10 dozen inquiries I have when I tried to apply for store credit cards.

Now, looking on websites, I’ve seen that some good credit advice is to pay off any past debt so that creditors will see you are trying to make payments. What happens when the only negative factor in your report is unable to be paid off? Others have told me to get a secured credit card, but honestly, as a mother of two in this economy, I don’t really have that money. Is there any other way to raise my score?
Luke, I know it sounds as though I’m desperate for a little money and broke, but the reason I want to get an unsecured card is so that I just have a little help. I know now the importance of a good credit score which is why I want to have a credit card to show creditors I can be trusted to make payments. The only problem is that I don’t have $ 300-$ 400 to give a bank or company up front. I would like a card with a small limit so that I could spend a little each month and pay off in full like you said.

Right now, I’m paying off the balance on an account with the jeweler I bought my wedding ring from, and paying the phone bill for verizon wireless every month. Will these help me any? The verizon account is in my husband’s name, but I pay for it. If I was to transfer the account in my name, would it help my credit scores any by paying it every month like I already do?

5 Thoughts on How do I raise my credit score if I can’t get any credit?
  1. Reply
    August 25, 2011 at 5:14 am

    Secured card is your only Choice right now

    Try Capital One they stupidly gave me a unsecured credit card for $ 1,000

    and I DO NOT even have a job LOL

    Limited History

  2. Reply
    August 25, 2011 at 5:34 am

    That is a though situation. Unfortunately, what you told us is that you have no money, so you apply for credit, but bad credit won’t let you have any approved credit (a new card) because the way the CC companies sees is “no money=no credit” and “bad credit=no”.
    The only way to go is spend what is really needed, things that can’t let go, skimp every penny you can, put in a savings account until you have enough to go with the “secured card”.

  3. Reply
    August 25, 2011 at 5:47 am

    I’m completely confused. If you don’t have the money to pay for a secured credit card, how would you make the payments had you been approved for any of those store credit cards? You’re being done a big favor by being denied credit. Think about how much stress you’d have with balances on a bunch of credit cards.

    As to how to raise your credit score, you already said it. Pay that collection account. If you can’t pay it in full, you need to save up enough money to offer them a settlement. The first step to having good credit is to be debt free. Once you’re debt free, the second step is to save money. Once you save enough money, you can do things like opening a secured credit card and paying in full every month. Once you do that, you’ll be able to get a real credit card and pay it off in full every month.

    Remember, the people with the highest credit scores have very little or no credit card debt. They also have no collection accounts or defaulted debts on their credit report. They also are easily able to live on less than they make.

  4. Reply
    August 25, 2011 at 6:02 am

    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.


  5. Reply
    August 25, 2011 at 6:02 am has a lot of good information on credit score and how to raise your credit score.

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