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| *Loan,banking and credit>>>credit score |
I want to improve my credit score in order to get a student loan; how do I go about doing this? |
I want to improve my credit score in order to get a student loan; how do I go about doing this? First I'd like to congratulate you on continuing your education. You definitely have a situation on your hands. 90 points in 30 days? Well, like OC said you're going to have to pay down any outstanding debt that you may have and/or clear up any discrepancies on your credit report if you have any. I also agree with OC that you should tough it out in the dorms for a while, you've been doing it this long, what's another semester going to hurt? While you think getting a car would be a good idea, then you're still stuck in the same position of trying to improve your score to get a loan for the car. I haven't even gotten to where you're going to have to carry full-coverage insurance, and the maintenance and upkeep that comes along with that. There is ONE long shot, and I do mean long shot of boosting your score. If you have family or know a close friend with excellent credit, ask them to add you as an authorized user to one of their oldest credit cards in excellent standing. This would only be for reporting purposes, so they could keep and destroy the card that would be in your name, or not request one at all. It would be ideal to be added to a card that has been open for several years (3 years or more), has a high credit limit, a balance that's 30% or lower of the available credit, with a perfect payment history. Once added, the history would reflect on your report, which should boost it some. (I posted a link to an article that explains how this works) Now, why I say that it's a long shot because of the time. Even if you don't make it in time, I'd suggest you still do it, because it may help you later on in the future. Also, it would help to make arrangements to pay off any delinquent debts you owe. Try to negotiate that if you pay, they'll remove it from your report. Whatever you do, don't apply for any more credit than absloutely necessary. Hopefully my answer, along with these others can help you out. Good luck! Source(s): http://clicks.aweber.com/z/ct/?j0tumxa2p... Those are high ambitions. I'm relatively sure that your going to need more time then a month to build you credit up. You can start by making sure that your not in debt. And making sure that your paying off all your cards if you have any off on time. If you have help a card for over 6months, give them a call or go online to you acct and put in a request to increase your credit limit. This helps your fico score a bit. Fico score is determined by how much of your available credit limit is being used up on a month to month basis. Meaning. if you have 1000 limit, and your spending under 50% a month($500) , and you pay it off on time. That will look good on your score and it'll start to climb. By calling and requsting a increae on your limit, it makes it look like you using less of your available limit. Sorry to say, there no true way of fixing you credit, especially in just a month. Hope this helps. Basically 90 points in a month is not going to happen unless you have a lot of items incorrect on your report or you have debt you can pay down. If you have items on your report that are incorrect you can dispute them with the credit agencies. However, they have up to 30 days to respond. So even if you do have incorrect information that they do remove it probably wll not happen in time. The next item is your payment history. This accounts for 35% of your total score. If you have any accounts in collections you need to take care of these. You will need to talk to the collection agencies and see if you can pay the accounts. It would be best to get them to agree that if you pay in full they will delete the negative information. However, again because of the time it sometimes takes to update the reports even if you did this now it probably won't be reflected in your credit reports for a month or two. Even though you may not want to hear this, it might be best to stay in the dorm for at least another few months. Then during this time work on getting your credit in order. The other advantage to this is when you leave school you will have LESS debt because you did not take out a lot of student loans. http://www.myfico.com/crediteducation/... It is going to be difficult to get that credit score boosted up in a month. It is a bummer being in a dorm, but the one positive is the hammer can quickly come down on "loud" residents, where in other settings it can be a tedious process to have someone evicted, or - at the least - the residents aren't geared to "student" time, a flow which is more compatible to life at school. I would get wheels, stay in the dorm and build up the credit score over the next six months to a year. You don't want to quickly scramble with something like the credit score. Hoping your pre-season soccer work is all good. Oh ok I got this for you... Better check on this... Im pretty sure you'll discover something... http://www.studentloansmadeez.com/... |
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