What is the best way to improve credit score if I have no credit?
Question by s1sm00n: What is the best way to improve credit score if I have no credit?
I am debt free and have been since my bankruptcy over 12 years ago. I recently looked into getting a mortgage, but was told I can’t get one because my credit score is too low. I went on freecreditreport.com and got a copy and there are some things on there that are not identified, and I don’t know what they are. So, how do I have those removed? I am assuming that will improve my credit score so I can get a mortgage. Advice is appreciated!
Best answer:
Answer by Rae♥♥ NYPD
Purchasing things that would take months to pay.
What do you think? Answer below!
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Filed under: Credit Scores
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the first thing to do is dispute the items on your credit report that aren’t yours, so that they can be removed- that will help you out a lot right off the bat. Contact the agency you go the report from- experian, transunion, equafax- and they will tell you how you go about disputing the items.
The next thing I’d do, is get a secured credit card. Basically you lock away a set amt of cash, and that is your credit limit. Then you use the card, make the monthly payments and that will help your credit score too. Usually after about 12-18 months of on time payments, you’ll see some positive credit improvements. WaMu has a unique one in the fact that they give you montly access to your credit score, so you can actually see it going up. You can apply for that card in any Washington Mutual bank- the card is $ 300-$ 2000.
Yes you need to address items on yuor credit report that are not yours. But you need to establish NEW CREDIT. Get a credit card – start charging – and pay off every month what ever you charge. You just have to charge a minimun amount so that you can pay it off. This will establish credit.
Also, if you take out a car loan or any other type of loan and make payments or even pay it off you will establish credit and it will increase your score.
Google the following Credit Companies, sorry I misplaced their phone numbers.
Experian, Equifax, Transunion. Your are allowed a Free Credit report from each of these companies once a year. Your Credit score will cost you a fee from $ 6 to $ 9 from each company.
Get your credit reports first to see what or who may still have claims against you or errors that need to be corrected. If you can afford the few dollars it costs, purchase your credit scores and hold them close until you can rectify the reports.
You will have to work with all 3 Credit companies to truely clean up your credit history.
Contact the credit bureau in writing and dispute them.
To improve your rating, try applying for a credit card and keep your balances below 50% of your total credit line. This will help increase your credit score so you can obtain your mortgage loan
get a dept. store card and dont be late for 1 year,then watch things change for the better!!! mail pymt 5 day early, if local pay at the customer service!! GOOD LUCK!!!
Maybe you can try below website to get the information you need. It’s about increase your credit score articles for your second opinion.