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What are the best ways to add points to you credit scores?


trwil1
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I have read about piggy backin g on some one else credit card. But I don't have anyone to put on as an auth. user. So are there any other way to gain points to your scores?

I am thinking of getting an loan from the credit union by opening a savings account and taking out a loan on the deposit.

If there is any advice on how I can go about increasing my scores please help.

Thanks

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Read, read, read.

There are a ton of threads on this very subject.

Payment history, time, and a good mix of credit with low utilizations are key.

Try secured cards that report to all three, if you can not get credit or find an AU. The orchard card, both secured and unsecured, are a great start. You might want to also try first premier. They offer cards to people with bad to no credit and it is a great way to start increasing your score.

Do you have any positive TL's

What kind are they? Revolving accounts or installments?

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"...they are closed accounts..."

You gotta have credit to have a credit score. Since you have no open accounts, obtaining 2 - 5 accounts would yield a nice increase for you, eventually. Part of the scoring equation is Age of accounts. So, you may take a hit in the 1st six months after any new account is opened. Try to time it when you can afford the hit and then wait it out. This is why it's good to open accounts when you are rebuilding and repairing and have some time to devote to your score.

Starting with revolving accounts is a good way to go. You need to have between 2 and 4 of those in order to have a high score anyway, so why not start now? Learn how to manage that debt properly and it can carry you into the 700's. Utilization is key. Learn all you can about that. Eliminate any derogs that you can and build a LONG history of on-time payments.

Eventually, you will have to have some kind of installment loan. Scoring programs favor stability, which is indicated by few changes in address and the appearance of a mortgage loan. Let's face it. That's the real reason for wanting high scores. Lots of ppl can tough out higher interest rates on a vehicle. But getting your score high enough to save money on a mortgage can save you many thousands over the life of that loan.

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