I'm 19 & have a credit score of 643, I have 2 cards, one with a $300 and another with a $500 limit?
It will improve by paying off the cards. No, having cards and no balance is okay. Look at it for yourself and not just a score. You are saving money by not having a balance. I would suggest if you use your cards, pay them off each month. This will show that you are still using your credit, paying on time, and responsible with your credit. At your age, it will take time to build credit because you have to keep the accounts for a number of years as time of established accounts will show on your report. So don't cancel them or anything. Keep what you need and don't get too many. No more than three for your age. I know it's tempting, but don't give in as having too many cards looks bad as you have potential risk for debt! Also, when your two cards are paid off completely you have no minium finance charge. Unless you are referring to what is known as an annual fee. Cards with annual fees you should stay away from. They charge you a fee just for having the card. Than on top of that you pay interest on balances. The minimum finance charge is per say if you have $1 on your card. They might charge you a minimum of say 50 cents because with say a 10% APR, you wouldn't be paying much on a $1 balance and they want to atleast get something for any balance so that's the minimum amount that they are willing to settle for.
How can I increase my credit score, which is 490, if no one is willing to grant me credit?
First thing that you can do is go through the online dispute with Equifax, Transunion, and Experian and dispute everything. You should see instant (3-4) weeks results with this move as a lot of your creditors may actually remove their listing. ( Dispute by saying you have no knowledge of the account ) Next, get a secured credit card through a company like Orchard Bank and pay your bill every month ON TIME. Other than this, time is your best friend.
How much will a secured credit card improve a 550 credit score?
I don't think anybody can give you a "true" answer to this. The secured credit card is a good idea. Just make sure that the payment history is reported to the credit bureaus. Get one with a decent limit. (The more money you put up as collateral the higher the limit the card will have). Give them $1000 as collateral and you can expect to get a card with a $1000 limit. The trick is not to use more than 10% of your credit limit in a billing cycle and then pay off immediately when the bill comes. Do this for about 8 months to a year and then pull your credit report again to see where you are. FICO score will cost you extra. But handling your secured card in this way will show the credit bureaus that you are extremely good at handling your credit limit. And of course.... always pay your bill on time. That means if you use the U.S. mail you should be sending the payment at least 10 days before due date. Never... chance it and try to pay it in the last minute. P.S. Stay away for "Orchard" - just to to your regular bank and get one of theirs.
What affect on my credit score will occur if ten major credit cards and one major loan are paid in full?
If the balances on your credit cards (“revolving” accounts) is more than 30% of the credit limit, your score will go up. Paying off an installment loan or mortgage will not affect your score at all.It’s important to be aware of what to do after you pay off those accounts. Roughly 35% of your credit score is determined by the types of accounts you have—and their age. An active credit card in good standing will enhance your score, and the older it is, the more pronounced the effect.It is not necessary ever to pay a penny of interest; you should just use the cards often enough to keep them active. Paying the balance in full before the grace period (typically 25 days) will avoid any interest charges.There is one nationally-syndicated self-proclaimed financial “guru” who has famously claimed, “responsible use of a credit card does not exist.” This is utter nonsense. It is possible to derive many benefits from using credit cards—cash back, airline miles, gift certificates, expanded warranties—without ever paying any interest or fees. Just think of using the card as being the same as cash, and pay it off within the grace period.There was one other answer to your question that I should address: it said that your score would go up because of an improved debt-to-income ratio. This is incorrect; your income has no effect whatsoever on your credit score. The credit bureaus have no idea how much money you earn.I hope this is useful.
How much should I expect my credit score to go up when my bankruptcy finally drops off (10 years after discharge)?
Because your credit scores are most heavily weighted on a forward rolling basis, the most recent 6 months and gradually taper off with each 6 months going back, at the end of 10 years your change will likely be minimal - I would guess no more that 15 points. What really will make the difference is how you have handled your affairs since the bankruptcy. Have you re-established, do you keep your usage of revolving credit low (less that 25%), are your payments always current, what is your mix of credit, do you have stable employment and residence - all of these will play more heavily than the dropping of a 10 year old public records entry.I once had a tax lien, as a result of a miscommunication, which I promptly paid. While it haunted me for the next 7 years (I had to keep reaffirming the payment as all three bureaus kept bringing it back as unpaid), when it fell off, my score only moved by 5 points.The truth is, nobody knows for sure how someones score will change as the algorithms are more well protected than the credit files themselves, which have been hacked on several occasions.Hope this helps.
Why do I have to pay or jump through 1000 loops to get my credit report but cell phone and other companies can see it instantly?
Your cell phone company has already proven who they are and thus established their right to get the credit report for anyone whom they can specifically identify, but you have to prove that you’re actually the person for whom you’re asking the credit report. Of course, verifying that you are you is done to respect the confidentiality of your information.Most people do not find it to be so complicated to do this. Aside from providing a tax id number and residential address, you may be asked other “verification questions” about your past history. You might be a case where the identifying information produces more ambiguous results, or you might be having problems answering the verification questions because you have put the past out of your mind.
Does my credit score increase if I pay my credit card bill 10 days before the due date?
Okay! Paying your credit card dues before the due date will definitely boost your credit score, but don’t expect too much. The change will be very insignificant and will take at least 6 months to be visible. Six months is the minimum time CIBIL takes to reflect changes whether good or bad, in an individual's credit report. In addition, just one on-time bill payment won’t be enough if you want to see significant changes in your score, keep following the good habit consistently till the time you no longer need a good credit score.Apart from paying credit card dues on time, there are a couple of other things you must do in order to experience considerable changes in your credit report.Take loans after regular intervals. Taking loans is not a bad thing as long as you pay the EMIs on time. Besides, a large percentage of your scoring depends on a number of active credit accounts you have. Make sure not to borrow more than 40% of your eligibility.While applying for a loan, check your Personal Loan eligibility and the maximum amount you can borrow in advance.Don’t overuse your credit card. Using more than 30% to 40% of your available credit limit can affect your credit score very badly. Hence, avoid doing so.