How can I get my credit rating good again?
I was silly girl when thinking i would like a credit card i went online and thought i was shopping for a good deal when i applied for about 10-15 cards.. little did i realise this would affect me badly. I have a good job earn good money.. I cant get credit for anythign now!!!! please help!
No I applied for them and didnt realise this all goes through a credit report and scores you. I got one card and yes I pay over the minimum every month. But because i didnt realise I was just thinking oyu applied and then they said ayes and you chose which one you liked best. Now my experidan report says massive thumbs down!!! :O(
No I applied for them and didnt realise this all goes through a credit report and scores you. I got one card and yes I pay over the minimum every month. But because i didnt realise I was just thinking oyu applied and then they said yes and you chose which one you liked best. Now my experidan report says massive thumbs down!!! :O(
Assuming you pay your bills on time your credit rating should improve. I do not know the exact time frame, but it is much less than 5 years. You should ask one of the creditors who denied you for your credit score. Also ask for your credit report in case there is incorrect information on it. Then in a few months you should check your credit score again. You should see some improvement as the new accounts have aged.
It may also be that your available credit is too high. This does not impact your credit score, but is a factor that some creditors will look at. They figure the only reason someone with that much credit available is applying for more credit is because they are in a situation where it will hard to pay it back.
To lower your available credit and to make you less vulnerable to credit card/identity theft, you should close some of your accounts. The impact to your credit score should be minimal, if any. Since you will have the history of some many accounts, closing a few short term ones should not matter too much. If you have any credit cards with an annual fee those should definitely be closed.
Assuming you pay your bills on time your credit rating should improve. I do not know the exact time frame, but it is much less than 5 years. You should ask one of the creditors who denied you for your credit score. Also ask for your credit report in case there is incorrect information on it. Then in a few months you should check your credit score again. You should see some improvement as the new accounts have aged.
It may also be that your available credit is too high. This does not impact your credit score, but is a factor that some creditors will look at. They figure the only reason someone with that much credit available is applying for more credit is because they are in a situation where it will hard to pay it back.
To lower your available credit and to make you less vulnerable to credit card/identity theft, you should close some of your accounts. The impact to your credit score should be minimal, if any. Since you will have the history of some many accounts, closing a few short term ones should not matter too much. If you have any credit cards with an annual fee those should definitely be closed.
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Did you get that many credit cards? Anytime you apply for something, they run your credit and it does go against your credit sometimes if it is a high amount of credit runs, like yours. Give it time and your credit will be fine. Right now it looks jacked up cuz a bunch of companies ran your credit.
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Pay off your bills and then if you go into debt try and pay it off before it is due.
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In addition to getting rid of the cards you don't need, you also need to contact the companies and ask them to close the line of credit, and send you confirmation.
A cut up credit card doesn't affect your credit rating – but closing the credit line (so you don't have the debt potential) can help you.
It will take time, but if you pay your bills on time (or, even better, ahead of deadline) over time your credit rating will improve.
Good luck to you.
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Unless you have misued the cards – not paying on time – you shouldn't be having a problem getting new credit. If you are having problems, start paying all your bills on time, and maybe more than the minimum due, and in a year or so, your credit score should be just fine.
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It takes two years for an inquiry to get removed from your credit report. I don't know how many cards you were accepted for (if any), but creditors don't like inquires because they don't know how much credit you've been extended. They more you have (in thier minds), the less of a chance they'll get their money.
I've never tried getting inquiries removed; so, I'm not sure if that's possible or not. I would say, other than waiting for the two years to clear, that would be your only other option if these are the only things keeping you from getting credit.
Also, no more applying for credit until these are gone – all it's going to do at this point is bring your score down more.
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Been there – done that! I had to learn the hard way.
FICO scores are derived by calculating credit behavior in five basic categories, each carrying a different degree of importance, or "weight."
Payment history: Making up more than one-third of your credit score, your payment history shows whether you pay your bills on time, the number of past-due accounts (and how long they are overdue), any accounts referred for collections, any bankruptcies, and other payment-related behavior.
Amounts owed: Not only do lenders want to know how much money you owe, they are also interested in the ratio between outstanding debt and available credit. In other words, the closer you are to "maxing out" an account, the more negative the impact on your credit score.
Length of credit history: A short credit history can work against you. It gives you no time to prove yourself!
New credit: How frequently and how recently have you applied for new credit? Many "inquiries" on your account, especially within a 12-month period, can lower your credit score.
Number of accounts and types of credit used: It's good to establish a pattern of repaying your debts, but don't run the risk of "too much of a good thing." If you have many open credit accounts and/or credit from certain lenders (like finance companies), your score may be reduced.
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http://www.salliemae.com/before_college/planning-wisely/debtsavvy/repayment/maintain_rating.htm
Don't apply for more credit for awhile, but save money so that you can make the purchases you need. Make sure you have a checking and savings account. After 6-12 months, you could apply for a credit card with your bank/credit union that will help you build up credit.
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http://www.pfni.net/articles/how_to_clean_up_your_credit.htm
5 critical factors affect your credit score in a major way. By knowing these you can keep a check on them and make your credit score a healthy one.
1. Re-payment history
This factor carries the highest weight in your credit report. How steadfast are you in repaying your loans, makes your credit report shine. Experts claim that this factor alone accounts for 35% of points in your credit score. So, if you falter on repayment front it is sure to be reflected poorly on your credit score.
2. Outstanding debt
The next comes your debt burden. How much you owe is a factor that according to experts carries about 30% weight in your credit score. This is
30% is based upon outstanding debt. To get a better score it is advised that you keep your outstanding debt to a minimum.
3. Length of your established credit history
The time for which you have a credit history also matters. The longer your established credit history the more credit reporting agencies believe in you. This could be simply because of the fact that they have more data to analyze your financial position. Experts give it a 15% weight in determining your credit score.
4. The state of your financial accounts
How much money do you have in your bank account, your income levels, your house, car, your assets etc. comes the next. A healthy bank account reflects a healthy credit score. Experts find that credit reporting agencies give this factor 10% weight while determining your credit score.
5. Different credit types you have
Whether you have taken a secured loan, unsecured loan or applied for a debt consolidation matters. The loan or credit types also reflects on your credit score. Credit rating agencies give it a 10 % weight to determine your credit score. Read more from: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score
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The Orchard bank card can help you rebuild your credit. To build a positive credit score you need to pay your bills on time. I would pay in full if possible.
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http://www.ccvault.com/credit_cards/bad_credit.php