How do I repair my credit rating?

Question

I used to pay the balance of my credit cards but was always late. I corrected this problem and am paying them off as soon as I receive the bill. How long will it take to repair my credit rating and should I close all those credit cards that I no longer use. I was told the old accounts that haven't been used in years don't really count. Is this true or should I close them?

Answer 1

Start paying your bills on time! Get some counseling on how to manage your money.  It's hard work to rebuild your credit rating, but it can be done. First you need to understand how credit works and then you need a plan.

Also, a good resource is...

http://debt.123thebest.info/credit_card....

Hope that helps.

Answer 2

I myself am trying to get my credit score up. But I was never late on a credit card bill or any of my bills. But I believe that if you use even half of your credit allowance that your credit scored will be lowered. I have heard this but I am not completely aware that this will actually happen. As for your old credit cards, I am not sure. sorry but I will be checking out the answers you receive to this question to find out for myself.  

Answer 3

You should close the extra ones, esp if you're not using them.  You really only need two credit cards.

Keep the ones that have a lower interest rate, or ask for a lower rate if you have been having trouble lately- they might do it.

Keep making those payments, you should notice a difference in credit score in about 3 months if you are diligent.