do you have any credit cards? if you do, just spend a small amt. and pay it off each month. having minimal debt also looks great on your credit report. that's what i've been doing and i have an exceptional payment history on my credit report. and my fico score keeps jumping up.
get a credit card, even a first premier bank card where the limit is around $350. and ONLY spend a small amt. and just pay off the bal. each month. do you finance a car? paying a car loan on time is also a great way to raise your score.
Those banks are loan sharks. I strongly suggest if one wants to build credit or re-establish credit, start with a secured loan at a credit union or a secured credit card. It the limit is low, that can hurt your score as well.
Keeping it around 30% is actually not that good. Keeping your balances below 10% is really what drives the score up.
How I know? Two years ago I literally did not have a credit car at all, had to pay $200 to get a $200 limit credit card (I did get the money back in a year). Now, I have ~780 score, with more than $25,000 credit limit, including a car loan with monthly payment of $230 a month, at 2.59 APR.
What I really focus on!
1) All payments on time, even if they have to be minimum payment.
2)Do not get a lot of hard inquiries because they do stay around for a good period of time.
3)Only open a new account/credit card if you really need it. Opening many of them will bring your age of accounts down.(Again, a lot of hard inquiries over small period of time, no good!)
4)Pay more on your car loan/mortgage even if it's only $10/$15.
Try a secured credit card with your local credit union or bank. Credit Unions have the lowest rates. You also need a mixture of credit (ie: installment credit and revolving credit). May I suggest getting a secured loan with your credit union first and after 6 months, try the credit card. Get the loan for at least one to two years payback. If you can, do a $1,000 limit on a credit card. Though $!000 is a low limit, I wouldn't begin with under $1000. You have to stay below 30% of your limit to maintain your credit rating. The lower limits can hurt your credit. Also, when you pay off a loan, it affects your score. It can drop 40 points, on Equifax, which I think is utterly ridiculous.
IDK how old you are, but I'm assuming your young. What would help you do that is pay your cc on time and not a day late, get more credit cards like for stores (Kohls, Old Navy, etc.) And do the same with them pay on time. Also a car loan will help you. But just keep in mind to bbn up your score you need to make sure your payments are all on time. Do you see the one thing that's consistent here across the board?? Pay on time.
I have a perfect credit score. I file every year to get a copy of my free credit report to make sure there is no unknown debts and everything shows paid in full. Also Do not take out hundreds of cc. Make sure you limit them. Your credit outstanding must stay at no more than 20% of your available credit line. So work on getting great credit with a big bank cc and pay it in full monthly and let them increase your credit line. It also hurts your credit to constantly close credit cards. The institutions do not know if it's you or the creditor who closed the line so never go and close a bunch of credit cards all at one time. you are better with a few big bank credit cards then a bunch of store ones. Make sure all are set to autopay so you never forget to pay your balances in full.
I asked because the report Turbo Tax uses does not give me a very high score. Yet all the commercials show people getting a point boost for just signing up for an app. Gosh, the harder one works the less it takes. I only trust one place for my score.
Not here. Thank you.