How do i get my bad credit score up?

[MarioMiami305]

All the damage was done when i was younger but it still doesnt go up. I pay all my cc bills on time and in full and its stayed the same for like 3 years.

[nutsy54]

Avoid the credit trap. The goal is NO credit score. Pay off and cancel the cards, don't take out new loans, pay off current debt quickly.

[helpmee]

Avoid the credit trap. The goal is NO credit score. Pay off and cancel the cards, don't take out new loans, pay off current debt quickly.

I have a 800ish credit score without paying a dime in interest.
Issue with no credit is bs like insurance rates go up
Ideal would be good credit but not using it but long term access to credit is a risk to 95% of people

[Destor]

Credit score is a very long term thing, chit stays on your record for 5-7 years depending where you are.

My score was in the 500-600s in my early 20s and it took five years of discipline to get it to a good level

[nutsy54]

I have a 800ish credit score without paying a dime in interest.
Issue with no credit is bs like insurance rates go up
Ideal would be good credit but not using it but long term access to credit is a risk to 95% of people

My insurance rates have gone down since my credit score disappeared... you might need a better insurance company?

[nutsy54]

Credit score is a very long term thing, chit stays on your record for 5-7 years depending where you are.

My credit score disappeared exactly six months after I closed the last credit card account...

[SillieBazzillie]

My credit score disappeared exactly six months after I closed the last credit card account...

lol. Good luck with your future loan goals...oh wait, you'll pay for everything with cash going forward I assume?

lmfao

[nutsy54]

lol. Good luck with your future loan goals...oh wait, you'll pay for everything with cash going forward I assume?

lmfao

Yes, I'll absolutely pay for everything in cash/debit/equivalent. What would I need a loan for?
- Current home is paid for, anyplace I'd move in the future will cost less than what this will sell for
- Cash/debit for all vacations
- Cashier's check bought the current car, and will buy next one

Funny thing happens when we're not sending a chunk of every paycheck to bank & loan payments... we actually have money to spend, save, and invest

[JeffPesos]

All the damage was done when i was younger but it still doesnt go up. I pay all my cc bills on time and in full and its stayed the same for like 3 years.

3 years of perfect, in full payments paired with 3 years of past mistakes that are losing their impact every waking month and your credit is the same? I don't believe you. You are lying/hiding something.

[engj]

Yes, I'll absolutely pay for everything in cash/debit/equivalent. What would I need a loan for?
- Current home is paid for, anyplace I'd move in the future will cost less than what this will sell for
- Cash/debit for all vacations
- Cashier's check bought the current car, and will buy next one

Funny thing happens when we're not sending a chunk of every paycheck to bank & loan payments... we actually have money to spend, save, and invest

Easy position to take 30 years in with a pension and grey balls. Bad position to take the decade interest rates were in the basement.

[nutsy54]

Easy position to take 30 years in with a pension and grey balls. Bad position to take the decade interest rates were in the basement.

Yup, I became an overnight debt-free millionaire... after a few decades of working at it. Investing is for the long term in mutual funds. Short-term interest rates in savings account aren't intended to build wealth.

[engj]

Yup, I became an overnight debt-free millionaire... after a few decades of working at it. Investing is for the long term in mutual funds. Short-term interest rates in savings account aren't intended to build wealth.

Agreed, thats the point I was getting at. I am a zero borrowing guy now for the most part, but it's not always a strategy for someone in their 20s starting out. Lots of times borrowing and using leverage makes sense, as long as you have your eyes open and balance your risk.

[N0stradamus]

7 years, it takes about 7 years of consistent on-time payments to get your credit score up to mid 700s.


When last I checked, my credit score was 810 and I've NEVER been late on a payment. It takes discipline and time.

[iloveus]

7 years, it takes about 7 years of consistent on-time payments to get your credit score up to mid 700s.


When last I checked, my credit score was 810 and I've NEVER been late on a payment. It takes discipline and time.

How is it discipline when you can do auto payments these day

[sam212]

800+ crew checking in. Keep paying your bills on time and wait for another 4 years.

[miscbrah44]

Pay ur bills on time and keep ur utilization down on ur credit cards

I'm not so good at the second part

[N0stradamus]

How is it discipline when you can do auto payments these day

Not sure if I should take this comment seriously: discipline = I don't put anything on a card that I can't pay in cash right on the spot. The only reason why I have a card is to build credit.


Just like when I walk into a dealership, I can buy a car with cash right on the spot, but it'd be wiser for me to do the 3 year no interest payment plan to build credit (no interest over 3 years = free money).

[nutsy54]

7 years, it takes about 7 years of consistent on-time payments to get your credit score up to mid 700s.

When last I checked, my credit score was 810 and I've NEVER been late on a payment. It takes discipline and time.

6 months. My credit score disappeared 6 months after I closed my last credit card.

[nutsy54]

800+ crew checking in. Keep paying your bills on time and wait for another 4 years.

[SillieBazzillie]

Yup, I became an overnight debt-free millionaire... after a few decades of working at it. Investing is for the long term in mutual funds. Short-term interest rates in savings account aren't intended to build wealth.

So why exactly are you responding to a thread about improving your credit score when you don't even have a credit score and are in a position that no one else reading this post is.

And forgive my frankness but having no credit score is stupid. All you'd need is a single credit card to maintain a score. What happens if all your millions are lost or tragedy strikes and you need a lot of money all at once? What if you need expensive long term care in the future? You better have like $5M+ saved or you're taking a risk for literally no reason. In fact, even if you have oodles of money I still can't think of a good reason to have no credit score.

Young boyos ignore this boomer.

[nutsy54]

So why exactly are you responding to a thread about improving your credit score when you don't even have a credit score and are in a position that no one else reading this post is.

Because OP is seeking the wrong goal, I'm offering an alternative to chasing FICO your whole life.

And forgive my frankness but having no credit score is stupid. All you'd need is a single credit card to maintain a score. What happens if all your millions are lost or tragedy strikes and you need a lot of money all at once? What if you need expensive long term care in the future? You better have like $5M+ saved or you're taking a risk for literally no reason. In fact, even if you have oodles of money I still can't think of a good reason to have no credit score.

- Emergency fund
- Other non-IRA investments

How would my $"millions" (actual net worth is $1.1 million) magically become lost? You want to maintain a credit score just so you have the ability to go $5M+ into debt in the future?

[trippped]

I did this during Covid lockdowns and went from not qualifying for any credit card at all, about a 630 credit score to having a 781 now.
Obviously pay off any outstanding dept, and clean up anything in collections. But the best thing you can do, atleast this is what seemed to change the whole landscape of my credit since my credit history was either ****ty or non existent. Find someone you really trust (Sister, Mom best friend Etc.) and someone who has great credit and payment history and become an authorized user on 1 or 2 of their cards. Dont even get them to send you a card, you arent going to be using their line of credit. After i did this for a few months my credit jumped i was able to get my own card, and then a year and a half i got another card. So you cheat the system and increase credit history instantly and you increase your credit line instantly.

[N0stradamus]

6 months. My credit score disappeared 6 months after I closed my last credit card.

A credit score drops faster than it can rise.


Closing your oldest card or oldest bank accounts is the fastest way to see a sharp drop in a short amount of time.


It's best to keep your oldest card and occassionally put a small charge on there, and then immediately pay it off.

[SillieBazzillie]

Because OP is seeking the wrong goal, I'm offering an alternative to chasing FICO your whole life.


- Emergency fund
- Other non-IRA investments

How would my $"millions" (actual net worth is $1.1 million) magically become lost? You want to maintain a credit score just so you have the ability to go $5M+ into debt in the future?

Oh you're right, no one has ever lost money in the market in or banks before. My bad.

Ignore this boomer's advice. It's fine to not have credit or a ton of cards, but to have zero access to credit is beyond stupid.

[nutsy54]

Oh you're right, no one has ever lost money in the market in or banks before. My bad.

Ignore this boomer's advice. It's fine to not have credit or a ton of cards, but to have zero access to credit is beyond stupid.

Now you’re arguing with things I never said? You claimed ALL my money could be lost. That’s simply not possible unless the entire US economy collapses, in which case your credit cards and loans are also useless.

Of course people have lost money in the stock market. The only ones who lost it ALL are those who invested in a single stock that went bankrupt.

[SillieBazzillie]

Now you’re arguing with things I never said? You claimed ALL my money could be lost. That’s simply not possible unless the entire US economy collapses, in which case your credit cars and loans are also useless.

Of course people have lost money in the stock market. The only ones who lost it ALL are those who invested in a single stock that went bankrupt.

Good point. However there's literally no reason to have no credit score. It's stupid.

[naich]

Dave Ramsey is reading this thread with his hands down his pants in Nashville right now.

[nutsy54]

Dave Ramsey is reading this thread with his hands down his pants in Nashville right now.

His advice works

[dyee4613]

6 months. My credit score disappeared 6 months after I closed my last credit card.

Why is this the goal? If something happens and you have the need for cheap capital, isn't it better to have the ability to access it? Debt is a great thing.

[N0stradamus]

His advice works

Dave Ramsey: "Increase your income, lower your expenses, avoid credit cards whenever possible."


Of course it's gonna work because that's just common sense.