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s_0
New Member

How to Raise Your Credit Score

this is garbage. It requires you to have money to make money.

ncalb55
Returning Member

How to Raise Your Credit Score

Don’t ever close a credit card account. It will have a negative effect on your score. 

How to Raise Your Credit Score


@ncalb55 wrote:

Don’t ever close a credit card account. It will have a negative effect on your score. 


I agree. The two main reasons to close a credit card account are (a) if the card has an annual fee, and (b) if the cardholder has an impulse control issue.

Kat
Level 15
Level 15

How to Raise Your Credit Score


@tagteam wrote:

@ncalb55 wrote:

Don’t ever close a credit card account. It will have a negative effect on your score. 


I agree. The two main reasons to close a credit card account are (a) if the card has an annual fee, and (b) if the cardholder has an impulse control issue.


I can think of one other reason to close a credit card account.  That would be to avoid additional "damage" in the event of identity theft.  In my opinion, the fewer credit accounts one has, the less clean-up would be required if identity theft did occur. 

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***
Ohhijenni
New Member

How to Raise Your Credit Score

I have so much student loan debt, and collections as well. My wages are garnished now!  I too have been contemplating bankruptcy. I need more information. Also,  I need to educate myself on the ways to raise my score myself. Much luck to you!

How to Raise Your Credit Score

Get a credit card if you dont have one. helps a lot

How to Raise Your Credit Score

Love love love Dave Ramsey! Everyone should read this book!

mmt07005
New Member

How to Raise Your Credit Score

I noticed that near the end of the article it says "Having more open credit sources won’t raise your credit score."

 

I was under the impression that having a mix of credit accounts does help your credit score. 

 

For example:

two credit cards would be better than one

a credit card and a loan would be better than only a credit card

joulze
New Member

How to Raise Your Credit Score

You are so right.  I had the remainder of a lease agreement which I did not feel I owed in another state and they were so fast in getting my wages garnished I couldn't believe it.

esca4
New Member

How to Raise Your Credit Score

if I cancel a cc will it lower my score.

 

How to Raise Your Credit Score


@esca4 wrote:

if I cancel a cc will it lower my score.


It can have a negative impact if closing the account causes your credit utilization ratio to increase.

 

See https://www.creditkarma.com/credit-cards/i/how-to-cancel-credit-card/

How to Raise Your Credit Score

Bankruptcy will take roughly 10 years to fall off your credit report. If you can afford to start paying off some of your collections.  It doesn't have to be full amount . You can make payment arrangements. sometimes if you pay in full they are willing to take less! Patience is key itll probably take 3-5 years to get around 800 while being diligent with money and how you impact your credit 

How to Raise Your Credit Score

If you need help start with a place like finger hut. Sounds crazy but it truly does work, I'd suggest looking into that. Also capital one SECURED credit card would be helpful too! 

How to Raise Your Credit Score

If you have credit cards keep them around 20% utilization rate when the billing cycle ends. People who say pay off fully are incorrect because then it looks like your not paying towards anything and credits want to see you can properly pay towards something on monthly basis . If you dont I'd open a finger hut account or capital one secured card. 2 quick ways to build credit for lower credit users. 

Samimav
New Member

How to Raise Your Credit Score

I am 35 with perfect credit the highest! I know what your thinking...I am not rich by any means! My mom gave me the best advise when I turned 18 and I’ll pass that on to you! They want to see you pay off debt repeatedly every month debt can mean anything from $1.00 to infinity. So the fasted way I was able to start building and raising my score from an early age was to open a credit card or two! YOU HAVE TO HAVE A PLAN and most importantly SELF CONTROL!  I would take my credit cards that of corse had super high interest rates and once a month I would use them in a gas station to buy a soda or candy bar 5.00 purchase! And then I would go home and pay it off at my computer right away. Do this with 2 cards once a month and pay it off right away. Paying it down to zero once a month will avoid you paying any interest at all meaning zero interest! Easy as that! Like I said all they want to see is action on your card so use it for a small amount and pay it off right away back down to zero! Watch your score grow but most importantly never cancel a card! Having a card open for years raises your score too! If you don’t want to use a card anymore put it in a drawer Instead.  This is the best advise I can give anyone... remember you don’t have to spend a lot of money to gain credit it can literally be a soda or a candy bar! Keep it manageable and don’t lose control!

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