What is the fastest way to raise my FICO Score?
by Author on Saturday, May 1st, 2010 | 2 Comments
I had to file bankruptcy about 4 years ago, and now I see that my FICO score is still low. I am looking into buying a house and need the lowest interest rates.
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One great way to repair or build credit fast is to get a secured VISA or MasterCard. A secured credit card is one in which you open up a savings account with the card issuing bank. This savings account is used as a security deposit for your credit card. Your credit limit is based on the amount that you deposit into the savings account. Once you have established a good record of payments on the credit card, the savings account funds are returned to you. Only use this secured credit card for gas or a few small purchases each month. When you get your bill, pay it immediately but overpay it by about $10 – $15. That way you always have a negative balance. The FICO system accelerates your credit rating quickly by doing this. Just make sure that you NEVER are late on making that payment. This method worked very well for me when I had very bad credit. After receiving my secured credit card, it took about 8 months before I was receiving pre-approved non secured VISA and MasterCard offers from large banks.
More info on this topic here……
http://fixingyourcredit.blogspot.com
You can also find some good resources about locating the best interest rates on mortgage loans here……
http://lowertheinterest.blogspot.com
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oncamera is right, there is no quick fix once your credit is broken. The only way to do it is to show them you really want to fix it by paying your credit bills on time. Focus your effort on the major credit card, store credit cards don’t count. After your score is high enough to get another card, get a couple more and rotate them. You credit score will be up in about 12 months.