How can I repair my credit fast?
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- Quick Credit Repair: A Personal Experience One great way to repair or build credit fast is to get a secured VISA or MasterCard. A secured credit card is one in which you open up a savings account with the card issuing bank. This savings account is used as a security deposit for your credit card. Your credit limit is based on the amount that you deposit into the savings account. Once you have established a good record of payments on the credit card, the savings account funds are returned to you. Only use this secured credit card for gas or a few small purchases each month. When you get your bill, pay it immediately but overpay it by about $10 - $15. That way you always have a negative balance. The FICO system accelerates your credit rating quickly by doing this. Just make sure that you NEVER are late on making that payment. This method worked very well for me when I had very bad credit. After receiving my secured credit card, it took about 8 months before I was receiving pre-approved non secured VISA and MasterCard offers from large banks. http://fixingyourcredit.blogspot.com
- Apply to a secured credit card. The way a secured credit card works is that you have a collateral deposit attached to the credit line. The rule for perfect credit is to have huge credit limits and never use them. So you get a secured credit card and instead of putting money into your savings account for a year you put it into the secured credit card deposit. If you manage to get at least $5,000 maybe more when the account will be graduated you will probably get a $7,000 limit - that is assuming everything is paid in full each month and immediately after you receive your bill. After that I got a credit card offer from AMEX !!! If you do that in a year and a half you could easily have $30,000 limits overall on your credit cards.
- To Repair credit score Your credit score is based mostly on: 1. Length of credit history 2. Payment history. 3. Ratio of credit used to available credit. 4. Number of credit inquiries you authorized. If you cancel your card, you'll be hurting your credit ratio. (#3). You want to deliberately keep your oldest credit card open, even if you never use it. You want to always pay the minimums of each loan on time every month. You want to keep your available credit high, but actually only have balances equalinig 25% or less. You want to keep your credit inquiries to a minimum. Try for no more than 3 or 4 per year for any type of loans. You do these things and your credit score will quickly soar into the 700s. ------------------------------------------------- http://www.bestcreditrates.net
- you could get a small personal loan or a credit card with a small limit and make your payments on time to start building credit if you have debt then you could use the loan or credit card funds to pay off some of that debt but make sure you make your monthly payments and pay more then the minimum other wise you will be paying that credit card for life. www.fastcreditcardapprovals.com has all major credit cards and you are able to compare side by side, good, bad or no credit they have the right card for you. GO LAKERS we are looking good in the first 3 games and LO is not back yet.
* Some answers may have been provided by Yahoo! Answers.