Tag Archives: Many Things

How to improve credit?

MikeR asked:

I have pretty bad credit … 610 – 640. Have some bad medical records and also student load records. They are all current or completely paid off now, but the records still linger until 7 years (which most of them should display within a year) But I want to build my credit, and one thing someone said in this forum was that diversify loan types, and get some small loans. I am worried 1. since my credit was pretty bad, I either don’t get the loan or get very bad rate. 2. If I get the loan and pay it off in couple of month (2) because I don’t want to pay the interest. It doesn’t help either does it? 3. What is a good amount to borrow? 3 – 5G 10G, 20G? I really have no use for this money but just want to use it to improve my credit score. What’s a good way to build up credits fast? Thank you all for answering, I do have credit cards. I have 3 credit card with very high limits, which are under my wife’s name (she has great credit in less than 2 years 780 something) 2 in my name one is 1200 and another is 2500. All of them are at least 6 month old and always paid in full in time! Just hoping for some ideas to establish some credit faster than normal like getting a loan or something. I don’t agree with not having credit at all. Even if you don;t want loans and debts, there are so many things that can be affected, like my home owner’s insurance.