BiggerPockets

I don't know how the credit repair companies work for short cuts. But I do know that if you keep your oldest credit card open to establish a longer credit history, and pay everything on time from now on, and keep your revolving credit line balances low, and don't open a lot of revolving lines of credit, you can have extremely great credit in about 5 to 7 years, higher than 741. More like 780 +

Matty is right in that the lenght of your credit history is key in maintaining a good credit score. The older a credit card, the better it is for your credit. Just remember that new credit cards actually HURT your credit for the first year. It is important to not be late as new lates have the biggest neggative impact on your credit and yes we can remove neggative information such as lates, bk's collections and chargeoffs bt there is a process and there is no magic eraser that just wipes out your bad credit. Some items can take a while to remove. It's also important to remember that payment history only equals 35% of what makes p your credit score so make sure you are adressing all 5 factors.

Actually in a perfect credit world the magic number of REVOLVING accouts is 5 SEASONED Revolving accounts. Seasoned meaning not new.

yes, I do know this subject. I do this for a living...

Dept store cards typically have the highest rates, worst fees, worst penalties and if you can only use them at dept stores they tend to create situations where people buy items (clothes, shoes, electronics) that they cannot afford.

If you can get a dept store card, you should be able to get a secured credit card. Many people start off rebuilding their credit using a secured credit card. I would never recommend getting a dept store card. There are many other ways for someone to rebuild good credit history without having to get a dept store card.

If that is what you currently have, then paying on time will definitely help you. However I for someone looking to establish or rebuild credit that doesn't have any credit cards I would recommend many other options.

fyi: I opened a Macy's card many years ago before I knew all the rules about credit. Its the only dept store card I own. I have rarely used it and when I have I have paid it on time if not in full each month. Even with an excellent credit score the interest is 25%. That is not a good deal!

I disagree. I don't just look at credit as leverage, I look at complete financial wellness. In order to truly maintain financial wellness, a good rule of thumb is that if you do not have the CASH to buy clothes, electronics, etc, then DO NOT BUY THEM. If you don't have the cash to buy something, then you CAN'T afford it. Be responsible with your credit. Open as few cards as possible but be responsible.

Financial wellness isn't just about credit, its about balance. its very easy for people to put everything on a credit card and not have any personal attachment to how much they are actually spending. That is why casinos give people chips instead of letting them bet with cash.

Buy consumer goods with cash. If you don't have the cash, don't buy it. And....save.....save for the things you can't afford. That's what people used to do.

with all the credit card companies either raising their interest or cutting their lines, maintaining a good credit will be harder if you have balances outstanding. CASH IS KING. if you have it then pay your debt down and use your credit wisely. no late payments and your credit will start going up in 3 mo.

Thanks for the Update Caesar, Im actually starting out with my credit and plan to get a 760 so I can get a good credit card lol