Creightonite

Senior Member
7+ Year Member
15+ Year Member
Jun 26, 2003
705
5
Visit site
Status
Considering all the options right now. Right now the only thing I thought of it to do the balance transfers from account to account which would make banks think as if I am paying their accounts in full and using the empty credit I have at the same time. That costs money but at the end you end up not actually spending that much money money and falling in debt. I can live with 3% balance transfer fee if my credit improves.

Of course I am doing all of these things:

1) keeping my balances less than 50% of the credit limit
2) trying to pay all my bills in full
 

natsipoo

Member
10+ Year Member
May 31, 2005
68
0
TX
Status
Dentist
Moving balances around isn't going to change your balance/available credit ratio so that's actually a waste of BT fees which would be better served as payment towards your balance.

If you don't have a lot of recent inquiries or a large number of open accounts on your CR you might try opening up another account, WITHOUT increasing the amount owed of course to lower your utilisation ratio.
 

mshheaddoc

Howdy
Moderator Emeritus
15+ Year Member
Apr 24, 2002
43,161
84
Wild west of Mistytown
Status
I agree. You need to increase the amount of "available" credit as well as establish tradelines. I would suggest maybe using a credit card and paying off MONTHLY. Just having the available credit is helpful but if you actually use it then it looks better.
 
About the Ads

oneaat

Senior Member
10+ Year Member
5+ Year Member
Jan 28, 2006
136
0
Status
Pre-Medical
call your cc company to increase your credit limit. my old max was 1300, so the highest balance i ever had was 1200. which is not a lot, but is a huge percentage. i increased my limit to 5000 and that 90+% is down to about 25%. this only works if you are financially responsible/solvent enough to not increase you cc spending to new levels.
 

blaze1306

"I have a Dream....."
10+ Year Member
5+ Year Member
Mar 1, 2005
170
0
Seminole, Oklahoma
Status
Pre-Medical
How do you go from bad to good credit? Any good websites, do I start off with secured credit cards, then what?
 

patmcd

Senior Member
10+ Year Member
7+ Year Member
Jan 24, 2006
1,031
7
Southern US
Status
Pharmacist
If you already have bad credit then a secured card is a good place to start. You could also consider getting someone to let you cosign on their credit card. But if you are going to try that option, make sure you sign on with somone that has good credit. Cosigning onto a card thats issued to a person with moderate to bad credit isnt going to help you. Rebuilding your credit takes a long time. There aren't really and fast ways to improve your credit score.
 

LADoc00

Gen X, the last great generation
15+ Year Member
Sep 9, 2004
6,549
615
Status
Attending Physician
patmcd said:
If you already have bad credit then a secured card is a good place to start. You could also consider getting someone to let you cosign on their credit card. But if you are going to try that option, make sure you sign on with somone that has good credit. Cosigning onto a card thats issued to a person with moderate to bad credit isnt going to help you. Rebuilding your credit takes a long time. There aren't really and fast ways to improve your credit score.
7 years to be exact.
 

mshheaddoc

Howdy
Moderator Emeritus
15+ Year Member
Apr 24, 2002
43,161
84
Wild west of Mistytown
Status
rebuilding doesn't always take 7 years though (but sometimes even longer). You can see results in a year or teo with steady increases.
 

blaze1306

"I have a Dream....."
10+ Year Member
5+ Year Member
Mar 1, 2005
170
0
Seminole, Oklahoma
Status
Pre-Medical
My wife and I discussed it and after paying off some old debts we did'nt even realize were on our credit report (about 3000 worth) We are going to open a secured loan at a local credit union for $1000, and get a secured credit card to begin rebuilding our credit. Any other suggestions?

According to the loan rep its a very quick way to show good accounts on your credit report.
 

kate_g

Senior Member
10+ Year Member
Apr 4, 2006
813
0
Status
Post Doc
Creightonite said:
1) keeping my balances less than 50% of the credit limit
2) trying to pay all my bills in full
One other thing you can do, if you're disciplined, is pay twice a month. The date that your account info is reported to the credit bureau is not synced to your bill payment. So if they happen to send the data just before you were about to pay, you'll look like you have a large balance even if you were planning on paying it all in full. Log in to your account website every two weeks (or as often as you can stand) and send in a payment for whatever the current balance is. Same effect on your wallet, but you'll always look like you have a lower used balance/available credit ratio. It's not going to shoot you from bad credit to good credit any faster, but if you charge a lot of daily purchases for convenience (or airline miles) keeping that ratio low will boost your score a little bit right away.

(Of course this takes more work than opening a new account or asking for credit limit increases on your current accounts, all of which have the effect of lowering that ratio. The above strategy is useful if you want to have a minimal number of accounts or don't trust yourself with a higher credit limit.)
 
About the Ads