I ran into some past credit problems. What is the fastest way to rebuild my credit?

I'd like the ability to get a loan, etc., at reasonable interest rates, but past credit problems (due to health issues in the past) have made it difficult,.

Asked by Mark

4 Answers

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Answered by MoneyTips Writing Staff, Financial Adviser in Los Angeles, CA
To get an accurate answer, you would have to provide more information. Have you declared bankruptcy? Do you know your current credit score? Do you have credit cards, car or home loan now? If so, you should do your best to pay them off on time each month.
| 01.21.15 @ 03:25
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$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:39
Answered by Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO
Easy answer here is "get a secured credit card". You give the bank a deposit (often around $500), and they give you a Visa/MC with a limit equal to the deposit. I'd ask your current bank if they offer these first. There are numerous online lenders offering them, but you'll pay pretty significant "set up" or annual fees with some. You want to use the card sparingly (like a purchase or two/month), keeping the balance no more than 25% of the credit limit. It's interesting to note that the credit scoring models seem to prefer accounts that show a small balance over those that are paid in full. So, use it for a couple of purchases, make the payment the first day the statement comes out (ideally online), and over time your scores will improve. Hope that helps! | 02.02.15 @ 06:38
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$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:39
M
Answered by Mark
There is no such thing as "Fastest way" to get perfect credit.
Here's one: https://www.premiercardoffer.net/Landing/DJMFQKN12%200010OMI
You do have to pay a fee.
But! This bank can report your payments to the credit reporting agencies.
As long as you make your payments in full on time.

When people go for credit cards with no to bad credit!
The fees and interest rates are higher than other normal cards.

There is no such thing as "fast credit " building.
Building credit does take "TIME". | 03.31.16 @ 02:06
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$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:39
Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
Obtain a tri-merge credit report, read / analyze / understand it and then try to address any issues / inaccuracies
| 03.31.16 @ 03:56
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$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:39
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Answered by

Ted Rood
Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO

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