Go Back   The Finance Forums > Finance forums > Credit Ratings



Credit Ratings Issues of credit ratings and credit scoring here.

Reply
 
Thread Tools
  #1  
Old 05-15-2006, 10:25 AM
Tigriz Tigriz is offline
Junior Member
 
Join Date: May 2006
Posts: 9
Default How can I better my rating?

My husband has wonderful credit, and most of our purchases are based on his credit alone. We are diligent about making sure everything gets paid on time to keep that score up. Due to some extensive college spending, my credit rating is not great. It's not as horrrible as it could be, but it's nothing to write home about either. Is there any way I can increase my own rating without affecting my husbands credit rating in the process?
Reply With Quote

Old Sponsors
  #2  
Old 05-15-2006, 11:34 AM
Benji Benji is offline
Member
 
Join Date: May 2006
Posts: 82
Default Re: How can I better my rating?

You might try a credit card in your name alone. The credit limit should be low, but you can use it to make planned purchases and pay the card off each month. If you can show that YOU are capable of paying things off in something that is entirely in your name it can go a long way in restoring faith in your ability to manage credit.

Alternately, a personal loan from the bank that is repaid before the end date for the loan will also help.
Reply With Quote

  #3  
Old 05-20-2006, 06:12 AM
angivodka angivodka is offline
Junior Member
 
Join Date: May 2006
Posts: 7
Default Re: How can I better my rating?

but what can you do if you have really bad credit and cannot get approved for a loan or a credit card?
Reply With Quote

  #4  
Old 05-21-2006, 07:04 PM
ninikins ninikins is offline
Junior Member
 
Join Date: May 2006
Posts: 14
Default Re: How can I better my rating?

Talk to a financial advisor, there are plenty of people in the same position and there are people who are willing to negotiate pay-off schemes for you, during which your credit can be restored gradually.
Reply With Quote

  #5  
Old 06-18-2006, 04:41 PM
Green Diva Green Diva is offline
Junior Member
 
Join Date: Jun 2006
Posts: 27
Default Re: How can I better my rating?

Pay your bills on time EVERY time is one of the best ways to improve your credit rating. Also if you have a credit card be diligent about using it for small purchases and paying it in full each month.
Reply With Quote

  #6  
Old 06-23-2006, 04:20 PM
Benji Benji is offline
Member
 
Join Date: May 2006
Posts: 82
Default Re: How can I better my rating?

Credit ratingas are a mixed bag of online payments along with a track record of accepting credit. If you never accept credit - there's no hostory to draw from. However, if you have lots of credit and don't pay back in a timely manner it can also knock you out of the running when it comes to loans.

So, two tips if you want to increase your credit rating (at it's been said in this thread before).

1) Accept a moderate amount of credit.
2) Always repay on time.
Reply With Quote

  #7  
Old 06-24-2006, 11:01 AM
kelkat's Avatar
kelkat kelkat is offline
Senior Member
 
Join Date: May 2006
Location: United States
Posts: 133
Default Re: How can I better my rating?

The key to getting and keeping a good credit rating is to NEVER borrow more than you can pay. I think the best rule of thumb (and have said it before) is to use only have of your income as a base amount. In other words, when you look at debt to income ratio, only use half your income. This leaves you plenty for savings and investing. If you have the money in savings, you protect yourself incase of layoff or job change.
Reply With Quote

  #8  
Old 07-01-2006, 09:37 AM
brian brian is offline
Senior Member
 
Join Date: Jun 2006
Posts: 806
Default Re: How can I better my rating?

I think someone else suggested elsewhere that getting a store card would be a good immediate step.

Also, you could look to have a credit card set up in your name, and if the bank has any reservations about your application, you could always set up your husband as a guarrantor.

In fact, you could even do that with a small loan to be paid off over a few months - again, if you can't get the loan in your name at first, get your husband to sign up as a guarrantor - ie, if you can't pay it, he'll step in.

My youngest brother had problems with his credit rating, but my mum set herself up as a guarrantor which helped him out.

Certainly applies in the UK anyway, but I'll be surprised if there isn't a similar system in the US.

Oh - and as above - always pay back on time!! IF using a credit card, ensuring the full amount is debited from your account every month, and only make a few small purchases. Same with the loan - make sure there's always enough in the account for repayment!
Reply With Quote

Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



» Boards




All times are GMT -4. The time now is 12:33 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.