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vonnie1099 · Joined: 20 Apr 2009 Posts: 2 1.93 Dollars($)

my credit score is 540 what is the fastest way to raise it, i have one more year of payments on my car but i am saving for my downpayment i was thinking of paying my car off will this help

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

DO nto pay off your car. Your car loan is good for your creditreport.

Make sure topay off nay credit card debt. Do nto apply for new cards if you can.

Why your scor is solow and did you have some problem in the past.

gmakerley · Posted: Mon Apr 20, 2009 7:00 am Post subject:

pay all your old bills - collections, charge offs, judgments, delinquent accounts - and do it as quickly as possible.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

1.Delete Negative Credit History
2. Borrow Someone Else's Credit
-Someone else adds you to their credit account.
3. Secure A Credit Card - If ou do nto have one
4. Pay Bills In A Timely Manner - Very important
5. Pay Down Your Debts
6. Don't Close Accounts - This will affect your credit limit what you have
7. Do Not Obtain New Credit
8. Maintain Different Types of Credit - If possible

smckaybiz · Posted: Tue Apr 28, 2009 2:36 am Post subject:

That's a good list realgeni, except that just deleting one's negative credit history is nearly impossible to do as long as the negative information that's there is accurately being reported.

vonnie1099, could you share a little more info as to what is actually showing on your credit that is making your score so low?

gmakerley · Posted: Tue Apr 28, 2009 6:59 am Post subject:

i agree with scott's take on the matter. i'll also point out that the credit agencies had discussed eliminating the possibility of piggybacking on someone else's credit (#2 on the list), though i've not yet seen evidence of that. i surmise that geni is suggesting being added as an authorized user, rather than as a joint borrower. that would eliminate risk to either of the parties, actually, and might do what is proposed - to build good credit.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

George,

You are correct. i was more suggesting to add as an authorized user.
There is some confusion around this.

For example when some parenets allow thier kids to do this, that way they can get a jump starton this good credit score. But the catch is the person who aloows this needs to have good credit scores and the person who will be on it needs to use it properly or it will end of messing every ones credit score.

smckaybiz · Posted: Wed Apr 29, 2009 2:49 am Post subject:

I don't know if it is still allowed or not but about two years ago I added my wife to one of my credit cards as an authorized signer and they added the account to her credit report as well, helping to raise her credit score tremendously.

This works great for someone who has barely any credit at all. If you have seriously damaged credit already though I could only imagine that this would only have a mild affect on your credit rating.

gmakerley · Posted: Wed Apr 29, 2009 8:36 am Post subject:

it is definitely still allowed, and i have been surprised to see that people are still receiving the benefit of being authorized users. as i noted, i thought that was being eliminated.

it's a good idea, especially if, as geni stated, the owner of the account has good credit and the new authorized user handles the account usage appropriately. obviously this works better in a family situation where there might be a modicum of control, but if it's two unrelated parties it could still work out. it's all a matter of communication and honesty.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Most of the time this is done between family members.

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