What can I do to improve my credit, so I can get a loan?

Got denied credit because of 3-4 unpaid very old debts that have been turned into collection agencies years ago. (3-5 yrs) The total is low, and they are hospital bills and a cell phone bill. Peoples told me damage is already done and to let it ‘wipe off’ after awhile. I was also told to ask for a ‘pay…

Im dealing with a similar issue and have recently learned that it is not enough just to pay on time, that you have to keep your credit cards at 10% of the credit limit. For instance, the credit cards came out for the holidays…one of my cards has a $1000 limit on it. Pre-holiday shopping my balance was around $200, after buying gifts, my balance when up to $875. Becuase of that hike my credit score dropped 20+ points! So anything you can do to keep the credit card limits low will greatly help your score. Also, your credit score is factored every first week of the month. So any improvements you can make this month will reflect in the following month. Another thing you can do is get your credit report, and see what you can have pulled off that shouldnt be there old debts that are over 7 years, and credit inquiries you may or may not have requested over 2 years should be removed. Just the inquiries alone could gain you a few points. As old accounts with late payments, if there are any small one you can pay off or negociate make sure you have an authorized officer of the company complete and sign a contractual letter to delete the account from your report prior to paying it off. That was a mistake I unfortunately made, and now, although I paid off the debt, it still shows on my credit report.. Absolute worst case scenario…if you are trying to get a few thousand dollars but have no credit or resources, you can easily get payday loans with out a credit check. I’m not sure how much time you have, but with weeks you could take out a large payday loan, by starting off with small $500 loans repaying as soon as you receive it…buy doing that with the same payday company, you instantly build your credit worthiness with them for the larger $1500-3000 loans. Which you could also use pay off some of those small credit cards with late payments (be sure to have them sign a contract to delete after payment).

I don’t know if that pay on delete works.
I’ve heard many people try it – but no one seems successful (not that I’ve heard).
Let them sit. After a couple of years delete them from your report.
In the meantime go to your bank where you have your checking account and ask for a visa card attached to your checking – you might be pleasantly surprised.
If not, ask them if they have secured credit cards.
After 6 months of using this one – it will improve your credit.
Take the application home, and read it carefully.
If not, try store cards or gas cards. Target and Kohl’s are easy to get.
Pay them in full each month – carrying balances can harm your credit.
Never close your oldest credit card.
This establishes length of credit history. A big part of the fico.

Additional details.
There is a good book at bookstores called
Credit Repair for Dummies
There is also a site myfico.com that gives you steps on improving your score – the book is more detailed and better.
Never close those old accounts. Length of history is important.
If you can pay those off in full and watch your score skyrocket.

What are you trying to get a loan for? Is it a debt consolidation loan? You’d be better off to just make the current payments, until the debt is paid off. If you’re trying to get a loan for something big, like a car, house, new…whatever, try to hold off until your current debt is paid. There’s nothing worse, in my opinion, than signing up for more debt (like a loan) when you’ve already got existing debt. Rome wasn’t built in a day, and neither is your credit score. It’ll take a while. JUST PAY OFF YOUR EXISTING DEBT- don’t go out and get a loan for something else whose payments may get away from you.

You might try simple credit repair to remove the negative and inaccurate items. Depending on how low your score is, you may also need some kind of tradeline authorized user program to give your score a boost. Good luck.

Make sure to pay your bills on time. If you have any open credit cards with low limits that you don’t use, close them. If you have accounts with a higher credit limit that you don’t use they can actually help your score so you might want to keep them open.

Are you smart enough to listen to some good advice from someone who’s been where you are? I’m betting you are because you’re seeking information on how to improve your credit score, which is a very smart thing to do.


Maybe you just need to improve your credit score because your credit took a blow due to divorce, illness or loss of a job.

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