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How do I boost my credit score?

I'm 22 with a score of 507... I'm going to have all my debt payed in January, and I am trying to figure out the best way to raise my score.

 
Anonymous

Asked by Anonymous at 8:27 PM on Dec. 9, 2010 in Money & Work

This question is closed.
Answers (13)
  • Seriously ladies? I'm not wrong on this.
    Your credit score is based on the following:
    35% Payment history (You have to make a PAYMENT to get CREDIT for this.)
    30% Amount OWED (Do I need to go into more detail on that??)
    15% Length of Credit History (Basically how long you have been in debt.)
    10% New Credit (Are you continuing to borrow money?)
    10% Types of Credit USED. (So having a credit card that you never use won't help you with this category. You need to have a car loan, student loans, mortgages, signature loans, credit cards, etc in order to get full 'credit' for this category.)

    So yeah I'm right... borrow a ton of money over a long period of time and pay it back on time and preferably with interest! Sounds like fun huh?
    Erica_Smerica

    Answer by Erica_Smerica at 1:44 AM on Dec. 10, 2010

  • Borrow a ton of money (but not too much) and then pay it back with interest! The more you do it, the lower your interest amount will be.

    Or you could just not worry about your credit score, pay off all your debt, and instead of having a wallet full of credit cards and a pile of bills, you'd have...
    MONEY.

    Your choice.
    Erica_Smerica

    Answer by Erica_Smerica at 10:00 PM on Dec. 9, 2010

  • Erica is right credit cards are based on how much dumber you can get on paying tons for a little bit of money, not trying to be rude, but its true, if you are good with going into debt, they like you cause they are making big bucks.

    just keep making the minimum payment till you die.

    You dont want credit honey, but if you want to make a good decision, pay it off, use only a tiny bit, like $10 on it PERIOD and pay the minimum balance or the $10 each month.
    IraqiVetWife

    Answer by IraqiVetWife at 2:39 PM on Dec. 10, 2010

  • daveramsey.com

    crdit is old school and what got the banks in the trouble they are in now, why our dollar is worth crap. dont feed the problem.
    IraqiVetWife

    Answer by IraqiVetWife at 2:41 PM on Dec. 10, 2010

  • Pay all bills on time. Have a checking/savings account that you never pay fees on. Google "ways to have good credit" and you will see some good links to read.
    elizabr

    Answer by elizabr at 8:38 PM on Dec. 9, 2010

  • Pay your bills. Don't close accounts, just pay them up to date, and make sure they remove negative remarks off your credit if it's been handled. They don't always.
    Musicmom80

    Answer by Musicmom80 at 8:39 PM on Dec. 9, 2010

  • Pay bills, have ONE CRedit card for emergencies only, and it will increase. It takes time. :)
    Mom2Just1

    Answer by Mom2Just1 at 8:40 PM on Dec. 9, 2010

  • Having a credit card can help too, as long as you don't max it out or make payments late. A good way to use one is to use it for fuel and pay it off each month.
    Averylee85

    Answer by Averylee85 at 8:50 PM on Dec. 9, 2010

  • Make sure you pay your bills on time. Do not get talked into a bunch of store credit cards because anytime someone checks your credit score other than yourself, your credit can take a hit.
    3mom627

    Answer by 3mom627 at 9:10 PM on Dec. 9, 2010

  • NOt using credit will actually lower your chance of getting credit..
    you need to have different types of credit to help build your credit.
    Examples: car loans, credit cards, personal loans etc all of these help build your credit you need to have different account.
    making payments on time is wonderful cause they know that your not a risk so it will raise your credit..
    Claudiomom

    Answer by Claudiomom at 11:31 PM on Dec. 9, 2010

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