Thanks for those of you that replied to this topic, im still learning the system of credit. It been a long march forward but heres my story of take.
My credit was in the dunk tank, my income was just barely enough to maintain a record of payment,,,with child support, garnishment of wages by IRS, tax board,,,top roman was a luxury meal for 26 mos., it was all i could afford.
Ok heres the sacrifice i made,, cash n carry,,, no cash no carry..but that was not really helping my credit,,but it was helping my peace of mind...any change i got back went into a jar,, i never counted it but i figured it would be enough to open a account with a bank, if i just stayed with it...( rough times at best ).. i had 400.00 dollars from all that change , i opened the account ,add 50.00 per month to it..when i had 600.00,, i went into the bank and asked to take a loan against the 600.00,,, i took a 400.00 loan, with interest low enoung that i could stay within the limits of the 50.00 i had been adding to the account,,( less than 25.00 ). So I'd make the small payment and added 25.00 to it..
Bam,, CS went from a 420, to appr. 480..so i paid it all but 25.00 on the loan, then repeated the process..
Heres the good part, i used my money to make money, plus improve my CS..that was 3yrs ago..
Today my CS is in the range of 760+ and improving...i can buy anything i want ,eat a lot better,, and i even feel better about the decision that brought me to this point.
I use some of the other methods others have mentioned ie, paying down debt, paying a little extra,,, and carring a small balance,, never payoff the cards, but keep the debt in the 1% range,,reviewing my scores weekly,, looking for a better way to send thoses scores to the roof...
Im trying to create a small booklet of credit strategy ,to help others get to their goals.
Remember to review your report ,look for dings on your reports, there may be eras , that may also be draging your scores down..do not be afraid to dispute anything that seems wrong,, be persistent in your quest, and be where you want to be in a short time frame..
I am not a accountant, cpa, or financial adviser, just a average guy looking to improve on old mistakes made...be with health
