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It is difficult if you have bad credit, but pay every bill on time. Pay more than the minimum payment on outstanding credit card balances. Do not cancel credit cards, at least not more than one, just try not to use them to accrue further debt. If you can consolidate your debt in a lower interest account that is good idea as you are only making one payment, plus it is at a lower rate. If you have no credit or no recent credit, get a secured visa card. You can get one by putting up $500, or more if it is affordable. Use this credit card but only for what you can may off each month. After a year of good payments your $500 will be returned.
Another possibility for debt consolidation is a low interest loan against your 401K account. When you borrow money from your 401K, the amount of the loan is put into a type of savings account, removing it from fluctuations in the stock market. As you repay your loan the money is released back into your control.
I don't believe it can be done quickly. As a former banker, looking at loan applications, I wanted to see a long history of good credit before taking the appropriate risk on an applicant.
So credit repair needs to begin immediately but will take a while. Pay everything on time and pay off credit card debt as quickly as possible. If you have one or two bad debts, call the owners of the debts and see if you can make arrangements to get it paid. It is not only a matter of credit score of personal reputation and honor.
A bit of an aside - parents need to teach their children the need for paying bills and obligations on time. A lot of young people do not realize how damaging it can be to just decide not to pay something or to make late payments.
5 simple way you can increase your credit score quickly ;-
Request a Credit Line Increase. Credit card issuers like Citi and American Express give you the option to request a credit line increase through their online account managers. You have to do a little digging to find them but when you do, they represent the quickest way you can boost your limit. When you request an increase, they will sometimes present you an offer of a limit increase without a credit inquiry -- take it.
Pay Off Debt. If you've already tried to make the denominator bigger, it's time to focus on making the top number smaller. Paying off debt is the best way to do that because you lower your total balance owed, you lower the total amount of interest you pay, and you improve your credit score at the same time! It isn't as simple as it sounds, however, because you probably wouldn't be carrying all that debt if you could pay it off, right?
Charge less. The credit report doesn't care whether or not you carry a balance when it calculates your utilization. It takes your statement's closing balance, even if you pay it in full that same period. If you want to get a quick boost in your score, use your credit cards less or don't use them at all. By keeping your statement balances lower, you lower your credit utilization without much effort. If carrying cash makes you concerned, or you simply love the feel of swiping plastic, use a debit card.
Consolidate Credit Cards. If you have multiple cards from one issuer, consider consolidating the newer cards into the older cards. You can do this by calling up customer service and asking if they offer this. Only do this if they keep the total credit limit the same. The goal of this move is to increase the average age of your revolving lines of credit without reducing your total credit limit, which will affect your utilization.
Review Your Report for Errors and Omissions. Finally, and this is something that's always important, review your credit report for any errors and omissions. If you have a negative mark that isn't rightfully yours, dispute it and get it removed. If you have an account not listed on your report, make sure it's added.
With these five steps, you should be able to give your credit score a little boost.
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