1. #1

    Credit rating help

    Hi all, quick question.

    I recently bought a house, make good money(over 35 dollars American, plus money in stocks) have a car loan, but my credit rating sucks. It actually dropped heftily after I bought my house.

    I'm wondering, what are some good ways to boost my credit score? When I google it, I get more ads and spam than anything else, and was wondering what actually worked for some people.

  2. #2
    Keep your loans paid on time, and get gas on credit card so long as you have it budgeted where you can pay it all back in one bill so you don't have to deal with interest. Credit is just something that has to build up over a long period of time.

  3. #3
    Scarab Lord StayTuned's Avatar
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    Just make sure that you always pay your credit card off with cash money. Dont spend money you do not have if you wish to increase your credit rating, but USE your credit card.

    The timely payment will then increase your rating.

  4. #4
    You can get your credit report for free once per year online. I believe it will even tell you which part of your report is lacking and lowering your credit score.

    There are a few factors for credit. Mainly: making payments on time, not having sporadic spending, and having credit lines open for a long period of time.

    The first one is pretty obvious. The second one is basically just that opening large lines of credit and paying them off in large chunks isn't as good as having smaller lines of credit that you pay off over time in small amounts. This one is rather annoying sometimes but they basically are evaluating whether your ability to pay off your credit is based on some random event in your life or if you are in a more predictable circumstance.

    The last one is probably the most annoying (at least I think so). You just need to have had credit for a long period of time. If you have only had a good credit history for like four years that actually hurts you by itself. It isn't like many other aspects of life. If you have a good credit history initially they don't give you a good credit score until you sustain it for a long period of time.

  5. #5
    The Lightbringer Deadvolcanoes's Avatar
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    Apr 2011
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    Connecticut, USA
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    creditkarma.com has a lot of good information of credit scores and maintaining and achieving a good score.

    Basically, pay off your credit cards in full, never be late on payments, and only use 30% of your credit card limits. For instance, if you have a bank of america credit card with a $1,000 limit, only put $300 on that credit card each month.
    It is difficult to free fools from the chains they revere.

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