Quickest ways to repair credit....

[taktikz]

First of all, it's best to take care of it from the beginning, period. But, if you've made a few mistakes, what are the best and quickest ways to repair your credit?

Paying all your debts (which have not been reported to a credit bureau) is the first thing to do. I've been doing that.
I've also heard of people opening CD's or Lines of Credit at various banks...

Any one have experience doing this? Any other ideas?

 

[sho'nuff]

What do cds and lines of credit have anything to do with repairing credit?

 

[taktikz]

When you open a CD or Line of Credit, banks report your credit limit and payments to the credit bureaus. Which in turn helps your credit score.

 

[Xericx]

what people have been doing is hiring companies that co-sign you onto loans with people with good credit. Also firms that take off items off your credit score even though they belong there....they are good closer-types and know how to remove things off at times.

...i think they cracked down on that though.

 

[jagmqt]

I had poor credit, but was able to secure a $500 signature loan (because of my income) through a credit union.

I put the money in a savings account, set the auto-pay online to directly make the monthly payment to the loan from the savings...I added enough extra cash to cover interest...after 6 months, I paid off the remaining balance.

Then I did it again. The amount I could sign for went up.

Then, I took the money I was going to spend on christmas (gifts, food, and travel), set it aside, and took another loan for the amount, and repaid that out of what I would have already spent.

After maybe a year and a half of doing that (and making all my other payments regularly) I was able to add enough "positives" to my payment history to boost my credit significantly...

I don't know if just under 2 years is the "quickest" way to repair, but it's certainly a definite way to repair.

jag

 

[sho'nuff]

Originally Posted by taktikz

When you open a CD or Line of Credit, banks report your credit limit and payments to the credit bureaus. Which in turn helps your credit score.

i understand that , but you are asking how to repair credit by one of means of paying back debt.

if you are in the process of paying back debt, how is a line of credit or cd going to help you? they are irrelevant to your case.

 

[taktikz]

Originally Posted by sho'nuff

i understand that , but you are asking how to repair credit by one of means of paying back debt.

if you are in the process of paying back debt, how is a line of credit or cd going to help you? they are irrelevant to your case.

Actually, I'm asking for ways on how to repair credit by any means necessary... Obviously, paying off debt is the first step.

 

[Orsini]

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