I'm young and have bad credit, how do I improve my bad credit so I can get a loan?

The folks who invented the credit score, Fair Isaac Corporation, or FICO, explain at myfico.com/crediteducation/whatsinyoursc... how important different aspects are to your credit score: - Payment history 35% (this is how well you do in paying on time) - Amounts owed 30% - Length of credit history 15% - New credit 10% - Types of credit 10% From the above list you can see that the most important area is to improve how well you do in making timely payments on all your debts and bills. You should also strive to reduce what you owe as rapidly as possible. Length of credit history is something that will improve over time automatically, but you can help it by not closing your oldest credit card accounts.

Minimize the amount of new credit you apply for, and use loans as well as credit cards. As FICO say "In general, having credit cards and installment loans (and paying timely payments) will raise your credit score. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly."

This, and many other tips, are available at myfico.com/CreditEducation/ImproveYourSC....

The folks who invented the credit score, Fair Isaac Corporation, or FICO, explain at myfico.com/crediteducation/whatsinyoursc... how important different aspects are to your credit score: - Payment history 35% (this is how well you do in paying on time) - Amounts owed 30% - Length of credit history 15% - New credit 10% - Types of credit 10% From the above list you can see that the most important area is to improve how well you do in making timely payments on all your debts and bills. You should also strive to reduce what you owe as rapidly as possible. Length of credit history is something that will improve over time automatically, but you can help it by not closing your oldest credit card accounts.

Minimize the amount of new credit you apply for, and use loans as well as credit cards. As FICO say "In general, having credit cards and installment loans (and paying timely payments) will raise your credit score. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly."

This, and many other tips, are available at myfico.com/CreditEducation/ImproveYourSC... .

Some helpful tips that work to help you improve your credit rating/ score are as follows; 1) Start paying off the debts that you can afford to pay off if you have not already done so; 2) Go to a bank or credit union that offer pre-paid credit cards (not the store bought cards, sometimes called secured credit cards) and begin a pre-paid line of credit that will benefit your credit score; 3) If you have a large amount of creditors and bad debts, you should consider filing bankruptcy to be discharged from debt. Having a bad credit history is not easy to deal with but you can overcome this. Sometimes the creditors that you owe money to are willing to make deals to discharge the debt, sometimes settling for less than is owed.

I would recommend that you contact the creditors and collection agencies to see if you can work something out and have the blemishes removed from your credit history.

To improve your bad credit you must pay off your credit cards, pay all your credit on time, check credit reports, and don't close unused accounts. -quote- "Pay off your outstanding credit cards and home equity credit lines - one of the key determinants of your credit score is your 'credit utilization' or the percentage of your available credit lines that you currently have in use. Pay all of your outstanding credit on time - timely payments help create a strong payment history and is another important driver of your credit score.

Carefully check your credit reports - it is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information that you are being evaluated on is current and correct. Don't close accounts that you do not use often - One common mistake is to think that by reducing your credit availability, it will improve your credit score." -end of quote.

In addition to the suggestions above, consider working with your creditors where you have bad credit. If you only have one or two late payments, but on overall good record, ask for them to make a goodwill adjustment that will effectively remove the late payment from your record. If you have accounts that were late in the past, but you are now paying on time, ask for the account to be re-aged, so the account has less of an impact on your credit score.

Here are some Mahalo How-To's that can help you out: How to Increase Your Credit Score and How to Improve your Bad Credit Score. Good Luck!

You could contact to the attorney to be sure, but it's still worth a try. You'll also need to follow these five guidelines for improving your credit card debt: • Consolidate the debt. €¢ Stop using credit cards.

€¢ Pay as much as you can, not just the minimum. €¢ Make and follow a budget. Source: eliminate-creditcard-debts.com/credit-ca....

If you have outstanding debt, pay it off. A simple way to do that is throw all the extra money you can at the smallest debt and pay it off as quickly as possible. Then take the smallest payment and add that to the next smallest payment plus anything more you can.

Then take the smallest payment plus the next smallest payment add that to the third smallest payment and continue until it's payed off. And so on. Check your credit rating, clear up problems.

When you can qualify for a loan, don't get it right away. Find out what the payments would be on the loan you want and save those each month for six months. Two benefits from that 1) you have a downpayment for the loan 2) you know that you can make the payments.

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