I have low credit score and need to get it up in a year to get a nice home

College Running College Training

2 years ago 10/01/2021 11:39pm EDT

I don't have any bankruptcies or stuff like that. All l have is one credit card that l have had for years and a auto loan. I had a decent credit score before Covid but when l was unemployed for a few months and things were bad and l got behind on things. I am back working again and making good money again, but because l was late for all those months my score fell to 500. I still have balance on the card and back payments on the car too. I have money to pay them off now. How over the next 10 months or so can l get that score back to 700? I have the money but not the score to get a nice home. I heard there are ways to get your score up that high in 2 or 3 months, but l don't know what to do.

2 years ago 10/02/2021 12:10am EDT

re: bad credit need tips

Get your credit utilization on the credit card below 30% and keep itvunder 30%. Make your payments on time. Don't take out new debt. Let your credit age a bit. Thats what you can do now to improve it. How much and how quickly it improves, only time will tell. But 10 months? Maybe.

2 years ago 10/02/2021 8:31am EDT

re: bad credit need tips

I'm guessing that there is a way to get the bank to remove the bad car payments in return for getting up to date on your loan. It's not my area, but hopefully, someone here can tell if it can be done and how to go about doing it.

I think there are volunteer credit counseling services by county. Not sure on that either. I'd try to get professional advice, but I wouldn't go to just any credit counseling service. There is a conflict of interest, but it's too long for me to explain.

2 years ago 10/03/2021 7:48am EDT

re: bad credit need tips

1. Pay down off your balance on your CC

2. Pay back all outstanding balances on the car loan

3. This will be a surprise - open up another credit card. Put 1 purchase per month only on that card. It will show the credit score companies that you pay your debts off on time - I do not believe they look at the amounts?

4. Start using cash to pay for most things as CC are not free money and for some it makes it easier to make unnecessary purchases

5. Use your other CC sparingly and pay off in full

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