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My score is 520. I have a lot of old debts that I got while I was young and didn’t know how it would affect me now that I’m trying to buy a house. I’m 29 and is bankruptcy or chapter 13 an option?
I asked this ? for advice, not smart comments thank you very much.

3 Thoughts on What’s the best way to increase my credit score?
  1. Reply
    Billie H
    August 1, 2011 at 4:39 am

    What? You want to increase your score and use bankruptcy as a means to do it? You seem naive about credit in general. See for an explanation of credit scoring models.

    By the way, Chapter 13 “IS” bankruptcy.

  2. Reply
    August 1, 2011 at 4:41 am

    520 isnt all that bad (its very close to the average)

    You can increase it by paying all your bill on time (and paying more than the minimum payment everytime), maybe closing some extra credit cards, paying off those old debts, spend your money wisely (dont go out on a shopping spree when you know you cant afford it and buy things that you need…not want)

    I dont think you would need to file for bankruptcy unless you have so much debt that you cant pay it back right now and if your thinking about filing for bankruptcy to increase your credit score, that wont happen. I’ve heard that filing for bankruptcy only makes your credit score go down.

  3. Reply
    david a
    August 1, 2011 at 5:23 am

    to raise credit score

    1. Always pay on time or ahead of time.
    2. maintain low balances on credit cards
    3.To boost your score: Don’t charge anything for at least 60 days before applying for a loan
    4. keep your total potential debt to earnings load low – If you have a card with a $ 15000 credit line, you may ask them to reduce it to something more realistic, like $ 5000.
    5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
    6.To boost your score: Don’t close unused accounts when you transfer debt.
    7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.


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