Help i need quick ways to improve my credit with limited money?

Question

Basically its in the low 500's and i want it to be in the 700's i have several past due accounts and what not, i really want to improve it because im having a baby and i want to be able to get more things, so how can improve my score with little funds available?

Answer 1

well with limit funds you are still going to have to figure out a way to pay off these past debts  -- one thing you do not did is any more credit to go deeper in debt -- if you pay off the past debts and pay all other bills on time you credit score will rise!!!

Answer 2

First make it a priority to pay down all your debts. Consolidate high interest rate cards onto one low interest rate card. Keep all of the credit lines open, as closing an account will actually lower your score (because you will be utilizing more of your available credit than before, which looks bad to creditors.) Once you pay off your debts, make it a habit to live on a budget (which your will definitely have to do with a baby on the way.)

When you have your finances under control, do not open any more credit lines for a while if you can help it. Opening new credit lines results in a reduction of your overall score.

If you find you are unable to pay the full amount or are seeing yourself get behind, don't hesitate to call the creditors and tell them the situation at hand. Often times they are willing to work with you and will not make as many bad remarks on your credit report versus if you hadn't talked with them.  Their goal is to make the most money possible, and if you continually default on your account, they're not making any money. If you work with them to pay it off, they might not make as much money as they would have, but it's better than the $0 they were getting.

Cheers.

Answer 3

It depends on how recent your past due accounts are? If you have just late payments and you have the means to bring them current and keep up on having them current you should see your score begin to improve after 24 months,  That's when late payments start to affect your score less. If you have collection accounts that will hurt more. They can affect your score for 7.5 years. If you have any credit card balances pay them down ASAP. That will give you the biggest boost in the shortest amount of time. There is no legitimate advice I can offer you that will give a 200 point jump in your credit score. A raise like that will take 3-4 years. Best of luck!

Answer 4

Basically you want to know how to pay down your credit debts with little money, so you can max your credit again buying baby things.  If you don't have the money for baby things, you don''t have the money to pay onto your credit cards. Call your credit card companies and request that they lower  the interests payment, so you are able to pay it off quicker.   I would suggest looking at any clutter around the house or apt, that you've accrued, clothes you no longer wear, extra nick nacks and decorative things you don't need to survive, and have a yard sale.  Buy some of those cheap brownie mixes they have now, and a package of eggs or cooking oil, whatever it calls for.  Bake several batches of brownies, and sell those in the yard sale as well, 3 for a dollar.

Sell lemonade for 50cents a glass.  Take the money from this, and purchase the baby things you absolutely need.  If you need a crib, clothes, hamper, go to your local thrift store,and see what you can find.  Check other yard sales and see if you can get a cheap crib and clean it up.  Take one of your own bedsheets and cut them down to make some baby sheets, sew the hems around the edges.  You can get stuffed animals and learning toys  dirt cheap and in good shape at thrift stores and second hand shops, the american legion,Goodwill shops.  Then every time you get change from a cash purchase, put it in a piggy bank, and every time it gets full, purchase a money order for that amount and pay it onto a credit card.  If you know how to iron clothes well, advertise that you will do ironing in your home.  Every time you get paid for an ironing job, keep one third for necessities and put the other 2/3's into your piggy bank with the change.  When it is full again, add it up and again make a payment on a card with it. If you have cable plus , downgrade to basic cable . Stop your long distance server, so you won't make long distance calls.  They will have to call you instead.  Go to food pantries and food banks, for free food. Anything you can think of to save you money.   Pay off your smallest credit card first, and then cancel it and cut it up.  Then work on the other one.  If you qualify for state assistance of any kind, for the baby or for food stamps, get it.  Then what money you have at the end of the month you haven't had to use, put in the piggy bank for a future payment.  As you bring your credit rating up, don't make any further purchases on your credit cards.  Wait until you have cut your debt in half, and then make an occasional purchase of ten dollars, and then when you get your next statement, pay the normal amount you'd pay plus twenty, so it is payed off.  It keeps your account active, but constantly shrinking little by little.  If your credit debts add up to more than you earn in a year, then you need to file for bankruptcy, and get it cleared.  You won't be able to get a credit card for a few years, which is good.  You will have the money to pay for your living without charging it, and paying interests .  When you finally are able to get a credit card again, only make one charge at a time and pay it off the next month.  always pay off what you charge before you charge again.