Question by saylasmommy: Help fixing bad credit...? I have bad credit...I had two accounts each were under 100 and they went to collections...I was stupid when i got my first credit card a few years ago...Now my credit score is a 550...How can i fix it? My collections accounts are closed out and now im just looking to repair. I am married and my husband has great credit...Can he help me inprove it by adding my name to a loan or anything? I heard gas cards approve people with bad credit...? Please tell me ways to improve it and not be scammed! Thank you :) Best answer for Help fixing bad credit...?:
Answer by CreditAlignment.com
there are many websites that help with self credit repair. you can dispute all erroneous info on the credit agencies website for free. He can add you as a Joint account holder on his credit cards. Gas cards are great...so are store cards. make sure they report to the 3 major bureaus. look at Bank of America..it's 99 down..with a 500 credit limit...it's very good to help rebuild your credit.
Answer by Califrich
At one time in the past, you could improve your credit by adding your name to the credit account of someone with a high score, but that was being abused, so it is no longer possible to do that. To improve your score, you must pay all your bills and loans on time to show your good faith. It may take a few years to rebuild your credit. Good luck.
Answer by mikeherman45
First thing in rebuilding or establishing good credit is the same thing. Always, always pay your bills on time. Every thing from utility bills to rent or your mortgage. Then get a new credit card or two, the big ones, Master Card, Visa, Discover, American Express and when you use credit to buy something make sure you have the money in you bank account to pay your monthly credit card bill in full each and every month. That way even if your other credit cards gave you negative remarks on your credit, these new ones will be showing good things. There are other factors involved in your credit score, but this is the big one. For more information, as well as info on credit cards (Amex, Visa, MC, Prepaid cards, and cards for problem credit) go to http://www.how-is-your-credit.info
Answer by bannabeauty
it can be done in about 60-90 days. i have a credit package, that i used 1 year before purchasing my home. it works. i had it on my computer, but it crashed and i lost the saved document, but i had printed out the copy, its about 150 pages, but i can gradually email you the step. email me.
Answer by Joycee
a car is the best way to up your credit. You can go and just get a cheap $ 5,000 car and have $ 150 dollar payments. You have to make sure you pay every single bill ontime though and if you want to get a good deal have your hubby co sign but make sure your name is on it too..it will help up both your credit. Better to buy something useful than just crap on a credit card. Credit cards which are revolving credit is the most damanging. Better go for something bigger.
Answer by A.J. in I..C.
I would suggest avoiding gas cards or any "retail" credit cards. They have a very high interest rate, they usually come with annual fees, and they are not attractive accounts when your credit is reviewed by reputable lenders. Have your husband co-sign for you on a new credit card so that you can get one with a moderate limit and without any annual or transaction fees. Make purchases on the new card for anything that you would otherwise pay cash ... Groceries, gas, etc. Pay your balance every month so you are not charged interest. Auto loans and mortgages improve credit more than anything. If your name is not on your mortgage or auto loans, have your husband add you. This will go a long way to helping raising your credit score.
Answer by D.C.
YOU HAVE TO GET A CREDIT CARD EVEN IF ITS SECURED AND ONLY CHARGE HALF THE AMOUNT OF YOUR CREDIT LINE EVERY MONTH AND PAY IT OFF EVERY MONTH AND YOUR SCORE WILL SOAR!!!
The devices, designed to copy and steal credit card information, were found installed last week in six of eight pumps at a New Hope gas station as part of an investigation that led to the arrest of a California couple. Sarkis Mkhsyan, 29, and Gohar ... Hiding at Gas Pumps: Credit-Card Skimmers
New credit card consumer protection laws will NOT stop banks from stealing your money. Grab hold of your wallets and purses…your bank is coming for more of your money.
The so-called epic Credit Card Act of 2009 simply has shifted how banks will attempt to steal your money. Please follow along closely, as we take a look a the 5 good and bad points of this Credit Card Act.
#1. Limit Retroactive Rate Increases. While this sounds great in theory, don't get overly excited. Credit card lenders can still raise your rates on a new balance at any time with 45 days’ notice.
#2. Revised Rate Hike Notice. As mentioned above, longer notification is now in effect for rate hikes, which provides 45 days notification rather than the former 15 day notice. However, this provision does not apply to credit limit changes so be sure to keep an eye on total available credit!
#3. Restricts Under-Age Credit Consumers. If you're under 21, you won't get flooded with credit card offers...without a cosigner that is. I'm sure this will inconvenience some, but for many parents this is needed. Plan to prove income as well if you want the credit.
#4. Does Away with Double-Cycle Billing. A nice touch but to offset losses, many credit cards intend to increase fees especially among those that pay their bill in full each month. Paying on-time each month will not be enough. If you fail to generate enough PROFIT for your card issuer (or card issuers) you will pay an annual fee for the privilege of using the card. No free rides.
#5. Establishes Minimum Monthly Payments. Trying to use credit as cash w/o payments is no longer. Under this legislation, you now must make minimum monthly payments during the interim. Interest rate charges can still be waived, but the federal government now demands consumers make some type of payment each month. Additionally, your credit card statement now will state clearly how long it will take you to pay off your balance making just the minimum monthly payment. Be prepared to scream when you see this date, if you typically pay just the minimum.
For years, too many people have lived off credit cards, either by choice or necessity. Other people who have managed their credit (cards) wisely will discover their credit limits have been slashed 50%, dropping their credit scores by as much as 75-100 points. They did nothing wrong. They didn't pay late. They didn't default on any other payment. They became collateral damage for banks quickly and ruthlessly reducing its risk - slashing credit limits across the board. Ouch! I hate to be the bearer of bad news, but the days of living on credit are ending.
Please â€" before you lash out in a fit of anger, vowing never to do business with greedy banks â€" do not cut up your credit cards. Once you calm down, review the cards you have:
1. Which card or cards have you had the longest?
2. Are they credit cards or department store cards?
3. Do they report to all 3 bureaus?
4. How is your CREDIT LIMIT reported? If they’re department store cards, confirm that your balance is NOT reported as the credit limit. Warning: most department store charge cards are reported that way to the BIG 3 credit reporting agencies. Pay them down or off and then use each one occasionally for something you MUST buy, not something you feel compelled to buy just because you have a card in your pocket.
5. Keep your oldest cards and use each one occasionally â€" use your Visa/Mastercard for groceries and gas & pay them off each month. For cards you don’t use in 90 days, furnishers stop reporting activity to BIG 3.
You need to keep your credit file clean and good even if you don’t want new credit and don’t plan to pursue a new job or job promotion. If waking up to banks slashing your credit limit is your worst nightmare, consider yourself lucky not to be the person stuck with $ 41,258.46 in credit card debt & just slammed with universal default, that is an interest rate 29.9%. How do you avoid this quicksand?
Bad credit repair advocate Mike Payne helps people avoid costly credit tricks and traps. Please don't wait for your credit to get trashed. Get informed now about credit and credit cards. Don't expect your bank to help you. They already have one hand in your pocket as they're pushing you toward their buddies in consumer credit counseling. Hopefully, you never need to repair credit fast to be considered for a new job you desperately need. Recommend Bad Credit Repair - Credit Card Bankers Trick Card Users! Articles
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