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So I've decided not to stress about it and work towards raising my score, it's not like I'm that far from an acceptable score anyway and like I said, I have a place to stay. Applied for a secured credit card today and am going to inquire about a couple accounts that have gone in to collections next week. Might as well fix the root of the problem. Thanks everyone for the feedback!
I have a vague memory that adding a new card might not raise your score, that the older the credit the better. Before you do anything, you might want to check with the credit bureaus. Some will help you for free, one of them will help you one-on-one for a fee.
Experian offers a one-on-one session for $40. Of course, if you have already done your homework, it won't be worth the money. Just thought I'd throw it out there.
Let us know how it goes and best wishes at your new job :-)
I have a vague memory that adding a new card might not raise your score, that the older the credit the better. Before you do anything, you might want to check with the credit bureaus. Some will help you for free, one of them will help you one-on-one for a fee.
Experian offers a one-on-one session for $40. Of course, if you have already done your homework, it won't be worth the money. Just thought I'd throw it out there.
Let us know how it goes and best wishes at your new job :-)
Thanks for the link, I think I'm gonna go ahead and check that out!
Yeah I was doing research last night and there isn't much information available in terms of what actions to take first and how to prioritize establishing new credit, paying off old, what to pay first, etc.
Go to Credit Karma's website. Its a free service that has a simulator that will show you what to do to raise your score and how much it may be affected.
First, you need to establish new credit with a positive history. This only counts after 6 mos to a year, but you will need to get started now to avoid future issues.
Don't necessarily pay off debts that are about to drop off your report. This will refresh the info and they will stay there longer. If they have no chance of dropping off any time soon, contact the places you owe money and see what you can do to get them paid off. If they are already reported, there isn't a lot you can do, but showing "paid" is better than showing that they are unpaid.
Once credit is established, use less than 50% of your limit on your cards. And establish multiple accounts if possible. That may seem odd, but the more banks that want to lend to you, the higher your score goes.
And start an account in a credit union. This is the BEST way to help rebuild credit. Credit unions often have more flexibility with granting lines of credit than big banks.
A yearly income that's 40x the monthly rent is a monthly income of 3.3x the rent. Most places require 3x minimum, so that's not really all that much.
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