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WAYS to REBUILD credit quickly


Blessedw3
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Try getting a personal loan from a credit union, then pay it back after two months. You could ask for a computer loan, then if approved put the money in your savings. Then make the regular scheduled payment for two months, then pay off the loan.

Credit management is different than debt management...

The CRAs don't care how wisely or quickly you pay off debt. In fact, the faster that you do pay off debt, the worse it is for your credit score.

Ultimately, your score is based on the "continual input of data"... That is, when you cut that short, you are cutting yourself short because you are not putting up long credit histories along with demonstrating a good credit mix, etc.

That is not really a "fast" way to rebuild your credit. Instead, it takes years of demonstrating responsible credit behavior...

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Try getting a personal loan from a credit union, then pay it back after two months. You could ask for a computer loan, then if approved put the money in your savings. Then make the regular scheduled payment for two months, then pay off the loan.

Neat! Has this worked for you? Or anyone you know? I want to try this! Thanks. Anyone have any other ideas?

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You should definitely try to get added as an AU to a CC with positive history. This will instantly build the long credit history that RavWolf referred to. You also might want to open some CC cards now, so they can start the aging process. They might decrease your score for the first 6 mos, but then should begin to add points. As they age, especially if you manage them properly (paying on time and utilization), they will really be the key to high scores in the future.

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