Raising my credit score

[cmosley2011]

What is the best (fast and cheap please keep in mind) method for raising my credit score? Should I get multiple credit cards and buy something on each of them and pay them off each month? Or is there a completely different way to accomplish this? I don't know much about this is all. Thanks

[heypeg]

It really depends on what kind of debt you already have.

[cmosley2011]

It really depends on what kind of debt you already have.

I don't have any debt or bad credit (that I currently know of anyways lol) I'm just looking for best ways to raise it. I heard it's good to have it in 700's or higher or something.

[madeara]

I would apply for a new card.

[vickysue]

I have 2 credit cards and have had for close to 40 years, rarely  charge a lot,  and pay them off right away or within 3 months depending on what I charge with on line shopping. I pay at least 3 times the amount they say is needed for the month. The only large debt I have ever had is the mortgage on my house and I pay the regular payment and then make an extra one each month.  intend to pay it off in another 2 years making what was a 15 year mortgage paid off in 6 years.  I like my credit score it is 825, . The main thing is too never get the point you can't pay it off and are missing any payments.

[nmbrown863]

Keeping in good standing with all your accounts, paying off old debts. My credit score used to be horrible but over the years I have raised it to almost 800.

[oldbuddy]

I have 2 credit cards and have had for close to 40 years, rarely  charge a lot,  and pay them off right away or within 3 months depending on what I charge with on line shopping. I pay at least 3 times the amount they say is needed for the month. The only large debt I have ever had is the mortgage on my house and I pay the regular payment and then make an extra one each month.  intend to pay it off in another 2 years making what was a 15 year mortgage paid off in 6 years.  I like my credit score it is 825, . The main thing is too never get the point you can't pay it off and are missing any payments.

You are a GLOWING example, keep up the great job.

[demaina]

Just get a card, buy a few times, and pay it off on time.  That's what I've heard.

One thing I've read is that you should never use more than 10% of your credit if you want to raise your score.  So if you get a credit card with $1000 limit, only spend $100 on it so your credit goes up.  I don't think it hurts you much to go over, but spending less does seem to increase it quicker.  I got a credit card when I was young and the limit has been steadily going up over the years do to me paying it off on time and only using a small amount of my credit per month.  The only times I really use my credit is when I bought my first laptop and my first desktop build, which basically used my entire limit both times, but outside that I only used a percentage.

[gaylasue]

Make sure you pay your bills on time!

[squirrelgirl44]

One of the biggest ways to raise your score is to keep your utilization under 10%. Don't close old cards, you can prevent this by making a small purchase every 6 months or so and paying it off right away.

[Tresbn00]

There are many factors that go into a credit score. Longevity without delinquency is important. Avoiding bankruptcy in your history is key. Having a debt to limit ratio less than seventy percent helps. For example, if you have access to a ten thousand dollar credit limit, do not carry a balance of over seven thousand dollars. Quality over rides quantity when choosing your debt. Credit from finance companies, higher than normal numbers of credit cards and store charges portray desperation while car payments, mortgages and two or three low balance credit cards from quality institutions are a bonus. I have found that closing out credit shows a greater level of responsibility and also helps scores. But never close out your oldest credit (longevity thing). Using your credit monthly and paying it off lends to higher scores. Longer time at employment, good driving record can also affect scores.

[dreamyxo]

Pay everything on time. 

[camellia0]

I do not suggest getting multiple credit cards. First, order a credit report just to make sure it is accurate. If there are errors, fix them. Next pay off debt that you owe. If possible, try to pay more than the monthly installment and don't let anything go in to collections.

[MichelleHW101]

The fastest way to get in debt is having too many credit cards.  Never have more than the amount you can safety pay regularly on time.  In general, having credit cards and installment loans (and paying timely payments) will rebuild your credit scores. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly. One major factor in your credit score is how much revolving credit you have versus how much you’re actually using. The smaller that percentage is, the better it is for your credit rating.  The optimum is 30 percent or lower.  So to boost your score, “pay down your balances, and keep those balances low.  If you have multiple credit card balances, consolidating them with a personal loan could help your score.  Also any bills you currently pay, morgage, utilities etc. all goes to credit score so you want to pay those regularly as well.  You want to keep your balances low on all fronts and if you have been managing credit for a short time, don't open a lot of new accounts too rapidly.  New accounts will lower your average account age, which will have a larger effect on your scores if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user. 
Another way to raise credit score is to is to eliminate nuisance balances.  Those are the small balances you have on a number of credit cards.  The reason this strategy can boost your score is because one of the items your score considers is just how many of your cards have balances, that’s why charging $50 on one card and $30 on another instead of using the same card (preferably one with a good interest rate) can hurt your credit score.  So, gather up all those credit cards with small balances and pay them off.  Then select one or two go-to cards that you can use for everything.  That way, you’re not polluting your credit report with a lot of balances. 

But honestly, time builds credit.  While I suggested a few ways, there really isn't an 'instant credit score hike' like there are no 'get rich quick' schemes.  Just have patience and pay bills regularly.  When it's time to get whatever you need the good credit for, you will have it.     

[natashaspy]

My son had no credit whatsoever and got turned down for several cards because of it.  He finally went with a capital one credit card that had a 39$ annual fee.  He purchased maybe 20$ worth of stuff once a month and paid it off each month.  After a year, he called and asked that the annual fee be removed.  They did it..he continued doing the purchase/pay off ... he's up to a 724 now at 21 and just purchased his first car this week.  Hope this helps! Good luck!!!