lets say someones credit card history has been filled with quite a few late fees and overlimit fees. which is the best way to repair their credit?
should they pay off ONE of their many credit cards at once?
OR
should they pay a bit here and there for each one?
AND
if someone bought a thousand dollar item and paid it off the very next day, would that improve their credit score by any chance?
lastly..
which credit card company is the known for helping people build their credit?
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Mon, Feb 15, 2010
February 15th, 2010 at 8:00 am
I would contact your creditors and ask about reducing your monthly payment or interest rate. If you are having difficulty paying majority of the creditors will work with you, all you have to do is ask and then get the agreement in writing.
My suggestion is pay what you can to each one each month. Pay off smaller balances if you can and then take that money and put it towards your other accounts. Get your account balances to at least 1/2 or 1/3 of the limit, this will help increase your scores.
Buying a high priced item and then paying it off immediately will do nothing. If you can put $1000 towards paying off that bill next day why can’t you put $1000 towards your current debt.
Do not apply for anymore credit that will only make matters worse. It will take time to rebuild but with discipline and a close budget it can be done.
February 15th, 2010 at 8:00 am
Start right now. The best way to repair your own credit is to pay off everything as soon as you can. Your credit score is based on what you owe, how much of your balance is compared to your total available credit, and whether or not you have missed any payments.
Buying something and paying it off the next day is just a small shot in the arm in terms of improving credit scores. The best thing to do is to do it gradually.
In order to save money, pay off as much as you can as soon as possible to save on interest.
Use cash mostly until your score starts to rise.
All credit card companies help you build your credit, as they are all in the same business, and that is making money from your buying and businesses selling. These guys are in the business to make brownie points with God.
If you want a company that will make you feel better, use a credit union. They work for their members and not for shareholders.
February 15th, 2010 at 8:00 am
Pay one off at a time or try to get the balances below 50%. If you eliminate the debt on one of your cards, your score should go up by 15 points for each zero balance card.