Wholesaler · Murfreesboro, TN · Member since 2021 · 7 posts · 0 votes
I've been on this journey to repair my credit for about 6 months now. My credit score is a 499 and slowly-very slowly-climbing. I have an unsecured credit card I'm using to build on it, and that's about it. I want to get my credit up to where I'm bankable and loanable to get into my first investment. Does anyone know of a more accelerated way to build your credit? Thanks in advance! I love this place!
Real Estate Broker · Austin, TX · Member since 2022 · 89 posts · 93 votes
4y
Have you tried getting some of the negatives removed? How long til some drop off?
If able, build out additional lines of credit and pay on time and consistently - car loan could help.
There are also companies you can now pay a small fee to who will report your rent payments to the credit bureaus and some that will report utility payments as well! Highly recommend this to show additional consistent, on time payment history, as that makes up a large portion of your credit score.
I've been on this journey to repair my credit for about 6 months now. My credit score is a 499 and slowly-very slowly-climbing. I have an unsecured credit card I'm using to build on it, and that's about it. I want to get my credit up to where I'm bankable and loanable to get into my first investment. Does anyone know of a more accelerated way to build your credit? Thanks in advance! I love this place!
I went through this several years ago and it can be hard. Getting a small loan that you pay off over the course of the year can help. If you have issues with late payments you can always write a Goodwill letter asking them to remove late payments. They may remove one if it was not a regular occurrence. Make all of your payments on time and try to increase your line of credit over time as your score improves. You can do it yourself but it is a very slow process. Always keep your % of used credit under 30% so don't max out your card in the course of a month. Good luck.
Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
4y
Do you have items in collections? If so, call each creditor and ask if they'll provide a deletion letter if you pay the debt off. If they say yes, pay the debt, get the deletion letter, and submit it to the credit bureaus reporting that debt. It'll be like it never happened.
By law, you're entitled to one free credit report every 12 months per bureau. You can get your copy from annualcreditreport.com.
Have you tried getting some of the negatives removed? How long til some drop off?
If able, build out additional lines of credit and pay on time and consistently - car loan could help.
There are also companies you can now pay a small fee to who will report your rent payments to the credit bureaus and some that will report utility payments as well! Highly recommend this to show additional consistent, on time payment history, as that makes up a large portion of your credit score.
Hope this helps!
That sounds amazing, because out of all the things I fell in debt for, I always pay rent on time! Do you have any additional info on one of these places?