Repairing Low Credit Scores

Repairing Low Credit Scores

Question by : Should I close one of my unsecured credit cards? I have two...once with PNC another with CAPITAL...both unsecure with $ 400 on both. i don't honestly see the point of having both and paying for both monthly because it's not really helping my score by much. Does it make a difference with the amount of credit cards you have when trying to build your credit if your using them correctly? Will closing out like the PNC one lower my credit score? Best answer for Should I close one of my unsecured credit cards?:

Answer by bdancer222
Having two open, active credit cards will give you a more extensive credit history. What do you mean by "paying monthly"? Are you being charged a monthly service fee? Or is this just the monthly payment? It doesn't make sense to pay service fees on multiple cards if you are not actually using them. You may not have good enough credit to qualify for a card without fees. So you may have to decide if it's worth it to pay those monthly fees to buy credit score points. The best way to handle a credit card is to use it for regular purchases, wait for the statement,and pay the balance in full every month. Carrying balances does nothing special to improve your score. you have to use a card for at least 6 months before it even begins to count in your score. Even after a year, you won't have much score. it takes YEARS to build good credit. If these are relatively new accounts, closing one will do very little to hurt your score. You probably wont' even notice the difference. Close the account via letter and requirest written confirmation that the account is closed and 0 balance. Keep that confirmation forever.

[unsecured credit cards for low credit scores]

Free report at: www.CSBCards.com - (*24hr Recorded Message (775) 473-9014*) CREDIT REPAIR: info from the credit secrets bible Rebuild Credit: Insider Credit Repair Techniques to Improve Credit Score Fast! What's the fastest way to raise your credit score? To quote the classic magazine salesman from the movie Office Space "That all depends"... While the removal of negative items from your credit report will almost always result in an increase in your credit score, there is a method that works better. Here's why. Adding positive accounts is actually more effective at improving your credit score (in the short term) than removing negative one. Unfortunately, few consumers or credit repair companies know this. One of the biggest problems with trying to get approved for new credit is that you need to "have" credit in order to be approved. This causes a sort of catch 22. How does one "get" credit if no one will give them credit because they don't have any credit to begin with? A vicious cycle indeed, but a real one. However, if you have someone you can use a cosigner this is NOT a problem. Simply have them cosign on the new credit application for you. If you don't have a cosigner, read on. Contrary to popular belief (or what myfico and credit repair companies would like you to believe), the largest factor in building a solid foundation for your credit score comes down to two credit scoring factors: 1.) The "High Credit Limit" and 2.) Your "Debt to Credit" Ratio Your high credit ...

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If you haven't lived in a cave your whole life, you have probably found that your credit score can either make or break you. Having a good credit rating means you will be able to get that low interest credit card, approved for that home mortgage, or even be given an unsecured loan. It is no coincidence why the most successful people often have a good credit score. That being said, if you have a bad credit score, it is never too late to improve it.

The first thing you should do if you think you have a bad credit rating is to check your score online. This can be done within a few minutes and a couple clicks of a mouse. After you find out what your score is you should analyze your report and see if there are any errors on there. Sometimes credit agencies can make errors that will negatively affect your credit rating.

Another step you can take to improve your low credit score is to start paying off any existing debt you may owe.

Because your credit rating is affecting by the outstanding debt you have, clearing off some of this debt you will help increase your credit. Another good thing to do is consolidate outstanding debt that you may have. By consolidating your debt you will ensure that you have lower monthly payments, which will improve you debt to income ratio.

When you have started to pay off some off your debts, you can also try and start saving money. You should always try and set aside enough money to last you a few months just in case you lose your job or have an emergency. Back up funds is an important way to start rebuilding your low credit score.

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