How to increase credit

aksh12th · Joined: 30 Jun 2009 Posts: 49 0.26 Dollars($)

I have planning to buy home in city so I thing to apply for loan, but as per bank expert i have low credit .
Also my girlfriend has less credit. But when we combine our credit then its sufficent .

this is better way to combine credit or is this type of rule available for apply loan?

If i can show this combined credit ,is this loan interest go high?

Please let me know detail? which is better way to show credit?

Thanks...

gunzijjistaff · Joined: 07 Apr 2009 Posts: 535 5.38 Dollars($)

Hi aksh12th,

Welcome to our forum.

Here are some ways to improve credit score.

1) Avoid Late Payments :-
A 30 day late payment will reduce your credit score by 50 points & then your A/C will be send to collection due to repeated or late payment. However if an your A/C in collection pay it & get status updated in your credit report as Paid of or paid collection.Here is the best way is to avoid procrastinated payment is to make an automatic bill pay through your bank account. But make sure that the funds are being processed and sent to your creditors. Then bank will automatically paying your bills before due date of payment.

2) Pay out debit instead of moving it around:
You have to keep minimum balance around 10% of the available credit on your credit cards & revolving accounts. It is better way to pay off debt rather than move it from account to another. This is because when you own the equal amount of debt but has fewer accounts open, it lowers your score further.

3) Do not apply for new CC:
This is very important, Do not apply for new credit card while you trying to improve credit score. It will be Most common reason to damage your credit score.

4) Changing in names:
While you applying for credit card then the credit bureau will prepare a different credit report for you even though your address may remain the same.

Thanks & Regards.

gunz.ijjistaff.

millerja9 · Joined: 19 Jun 2009 Posts: 106 4.14 Dollars($)

Is credit card plays any role in this credit increment?
Can anyone guide?

gunzijjistaff · Joined: 07 Apr 2009 Posts: 535 5.38 Dollars($)

Hi millerja,

Welcome to our forum.

Credit Card is used for taking credit from bank to pay to seller while you shopping that means bank giving you money to use for buy products.

And you have to pay this credit before due date given by bank. If you paying it before due date you credit score will automatically going to improve. If you not paid bill before due date then it will harmful for your credit score.

Thanks & Regards.

gunz.ijjistaff.
Very Happy

smithsussane · Posted: Wed Jul 01, 2009 9:39 pm Post subject:

Hi millerja!

Welcome to forums!

Credit cards can help you in improving your credit score. You can take a secured credit card with a low credit limit and make payments on the right time. This will help you in building your credit score.

Sussane

millerja9 · Joined: 19 Jun 2009 Posts: 106 4.14 Dollars($)

whats is mean by secured credit card smithsussane?

millerja9 · Joined: 19 Jun 2009 Posts: 106 4.14 Dollars($)

Is there insecure credit card too? I am surprised.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 535 5.38 Dollars($)

Hi millerja9 ,
Welcome to our forum.

Yes,there insecure credit card too.

Credit score up going easy with secure credit card & mostly bank and credit card companies offering secure credit card. You have not need good job or
or good credit score in order to get Secure Credit Card. You must have to pay annual fees for secure credit card unlike normal Credit Card or unsecured Credit Card. As i say before that,these cards are the best way to make up a best credit score & therefore a good credit score as these cards also report to the credit bureaus.Its very help full for further financial activities.

Thanks & Regards.

gunz.ijjistaff.

smithsussane · Posted: Thu Jul 02, 2009 11:01 pm Post subject:

Hi millerja!

Welcome back to forums!

Apart from secured credit cards, bad credit unsecured credit cards are also available in the market. These credit cards do not extend your credit, so they do not help you in building your credit. Moreover, unsecrued credit card issuers charge different types of fees when you apply for such cards. So you should be aware of the fees before you apply for such a card.

Feel free to ask if you've further queries.

Sussane

jk9999 · Joined: 15 Jul 2009 Posts: 110 1.53 Dollars($)

hi, first, i do not think you can combine your credit together. Secured credit card is a way to improve your credit ,esp build your credit from zero. There are some companies provide such service with annual fee. There is some companies can provide bad credit with unsecured credit card. I have done some research on them before, they have some hidden fees, transaction fees, very high APR...Which i do not personally recommend since i do not want you to be ripped off. Be careful with them. I have read a book called 7 steps to 720. You can borrow it in the library and read it. I am not sure if everything written in the books will help you since the info and policy changed fast. But it will give you a overview and basic knowledge of credit repair or improvement. Hope this helps.Thank you.

Garysnober · Joined: 17 Mar 2009 Posts: 455 15.40 Dollars($)

Pay your bills on time and dont max out your credit limits and over time you will build credit.

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