What are some good tips to fixing your credit score?

[Anonymous]

Just trying to make some improvements in life and need some advice. Thanks!

[Anonymous]

It’s basically a game. I myself have 9 credit cards, but that’s cause I can manage having them w out racking up thousands of dollars on them. The reason why I have that many is because if I had only one credit card w a limit of $1000, while using $500 of my available credit, I’m using 50% of my total credit. This is way above the recommended 30% or lower usage rate that is recommended in helping your score. So w 9 credit cards, I have a total of $46,000 total available. I have a total of $900 dollars charged on one credit card. At that rate I’m only using 2% of my total credit availability. I wouldn’t recommend that if you’re not good at managing your accountability, your finances, discipline. Also having way too many credit inquiries into your credit history w in I believe 2 years drops your score a little as well. Now if you were applying for a car loan, if you had 4 banks check into your credit score for a possible loan I believe all w in 14 days, that counts as one inquiry rather than 4. Obviously paying your bills on time helps. Not closing your credit cards once they’re paid off also helps. It goes back to that whole credit utilization % usage. Let’s say you have two credit cards, totaling $2000, one w a zero balance and the other w a $500 balance. At that rate you’re using 25% of your total credit. If you close one of them now you’re using 50% of your credit availability which puts you well over that 30% or less recommendation. Also the length of how long you’ve had a credit card open plays a small role in it. I’ve had a credit card open for 13 years, my longest and my shortest one is just over two years so that plays a small role in it. Make sure you get a free credit report as well each year. I believe you can get two a year. I think it’s something like freecreditreport. com. Good luck.

[LiamJHayden]

1. Get your reports.
2. Challenge anything that is inaccurate. There are free form letters available online. And I mean anything. If the amount owed is inaccurate, challenge the accuracy of the item without being specific. If they cannot prove it, they by law have to remove or at least correct it. For nominal amounts they will often just remove it.
3. Make them prove that items are yours. Ask for signed receipts and contracts. Much of the time they are unable to substantiate that the debt was authorized by you and have to remove it.
4. Make sure the dates are correct. Sometimes collection agencies will use the date that the purchased the debt. The debt might be from 2012 and out-of-statute for collection and reporting, but they will use the date of purchase, say 2018, and try to get you to pay by refusing to remove it. Threaten to sue them under the FCBA and state laws (if applicable).
5. If the original debt is close to dropping off, wait till it does.
6. If you can, pay off newer legitimate debt.
7. Pay your bills consistently on time.
8. Avoid using too high of a percentage of available credit.

If you need more assistance, there should be places within your state that will help you free of charge. Be careful, because there are a lot of companies that prey on people who are trying to fix their credit, promising the world but instead actually increasing their burden.

[Guy13]

There’s no easy way. Medical bills sold to creditors need to be contacted and communicated with and paperwork paid received. Charge off, judgments, Repos, and bankruptcy are 2-7 years before they clear out.

[Anonymous]

Use little/no credit
Pay everything off every month