What are good loan building tips?

Posted by admin on September 22nd, 2008 at 12:00am

Question:
I had a bk on my record 6 years ago. I had 4 credit cards open with a zero balance (closed 3 of em). I had an open auto loan. I pay my bills puntually. I am doing whaty I can right now. Is there something I could do to make it faster?

Answer:
Instead of concentrating on your credit score, you had better just continue doing the things necessary to avoid other bankruptcy. Credit got you into a lot of difficulty in the past but it looks like you try to rectify things. Double your auto credit payments to get rid of your present debt faster.to increase credit score1. Often pay on time or ahead2. Keep low balances on credit cards3.To encourage your score: Should not charge anything in at least 60 days before applying for a loan4. Make your potential debt to earnings load low - If you had a card with a $15000 credit line, you can ask them to lower it to something more realistic, such as $5000.5. You had better have a recent history of both installmen!
t or term (Car or house loans) and revolving loan6.To make your score: Should not close unused accounts when transfering debt.7.To make your score: Maybe open another credit-card account or two, or having a car loan or small bank loan.

Under Bad Credit Consolidation