Rebuilding Credit?

I%26#039;m currently working on rebuilding a good credit rating. Being completely unaware of the long term effects of misusing credit during my college years, my pursuit of achieving post graduate success has been hit with many rude awakenings. Now that my credit rating is more important than ever, and even with a steady income, it has been a challenge to be granted new credit.

I received a high interest rate car loan, and around the same time opened a Orchard Bank credit card with a $300.00 limit, since then HSBC has solicited me for a Best Buy Card, approving me for $300.00. Thinking my credit was shaping up, I%26#039;ve been seeking new credit card accounts, in hopes to enhance my credit rebuild efforts. I think I applied for a few too many (around 6) I was approved for two of them ($200 %26amp; $500 limits) How long will these new accounts take to have a positive effect, enough to outweigh the negative effect of the inquiries and new accounts?

Rebuilding Credit?interest rate

What you need to do is use each of these cards. Keep the overall % on the card under about 40% and DON%26#039;T BE LATE! Some credit cards have a feature where they let you know your credit score monthly on their website (my Washington Mutual card does this). If not, a good credit monitoring service (like truecredit.com) can keep you updated on your FICO without building more inquiries on your credit. Do not, under any circumstances, apply for more credit. Car installment loans are a great way to build credit... and since you already have one, just make sure not to have any lates and you should see your credit rating improve. The credit cards you already have may offer you more credit, take it, just don%26#039;t run the cards up!

Rebuilding Credit? loan

I would start by doing a credit clean up on my account. That will raise your score the fastest (30 days) and you can do it yourself.

I%26#039;ve done it and brought my score up 200 points once. The first article below says exactly how to do this.

The second article tells you how your score is determined and what really counts when building your score.

Hope this helps.|||Those will offset the negative ratings, it will take time though. Most creditors only report every three months, so once they start reporting a good payment history, then you will notice a difference. Don%26#039;t expect anything right away. If you can stop getting new cards for 1 because all credit checks put negative marks, and 2, try paying off some of those bad debts, it looks better if those are paid on rather than left to rest dormant.|||On the bright side you had some limited success getting credit cards and a car loan. Bide your time for 4-6 months. Don%26#039;t have ANYBODY look at you credit 6 inquiries is close to abuse. Make small charges and pay the cards in full when you get the bill. Get a copy of you credit bureau. make sure to payoff all collection accounts and have any accounts previously paid in full updated if appropriate.

you may find the bank where you have your checking account would give you Ready Reserve to cover a check if you overdraw your checking account. This works the same as a credit card = a revolving line of credit . Make sure it will report to the credit bureau.

NEVER become more then 30 days late on anything, not even a phone bill ever again.|||well, with every on time payment you make it will immediately start building back your credit. Depending on how bad your credit is. it could take a long time to build back your credit. Your credit history stays with you for 7 years. So, just make your payments and stop worrying about your credit.|||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%26#039;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.

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