How can I improve my credit score? I get that I need to improve it- but how do I do it?

Asked by Amy Sherman, Brooklyn, NY Fri Mar 8, 2013

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Alo webb’s answer
Alo webb, Landlord, New Rochelle, NY
Sun Mar 24, 2013
Hello Amy - I do not believe a fast response from this site will not provide you with a long term effective plan to improve your credit. I am working with several clients who are 3 months - 6 months away from buying a home because they are working on improving their credit.

Improving your credit requires you to pay all bills on time and avoiding any negative information on credit. When unpaid debt is not resolved over long periods it is sold to a debt collector who then comes after you for the debt. At this point you can negotiate a settlement amount for a lower amount. There are horror stories with this process, so I would suggest you receive additional information or purchase a self help book that can offer more details.

We do not charge for our services but we do require the client to work with us as a buyers agent upon completion of the process. If you would like more information please contact me at 914-299-0420.
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Crags, Home Buyer, Brooklyn, NY
Mon Mar 18, 2013
I thought this article was really useful:

Hope that helps you Amy- we have all been there!
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R Wright, Other Pro, NY,
Mon Mar 11, 2013
Hello Amy - I work with my clients at no cost on improving their credit if their short term plan is to purchase a home. I can also help you to find lenders that have minimal or no points/fees associated with the loan. This can easily save you thousands.

For more information please contact me directly at: 914-299-0420 - Rodney
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Dan Tabit, Agent, Issaquah, WA
Fri Mar 8, 2013
Credit is like a muscle, if you use it properly it will get stronger. If you damage it, it hurts and it will take time, medicine and care to restore.
Start by creating a budget that includes all of your bills, savings and advanced planning for items like auto repairs, gifts, vacations and other expenses you can anticipate that may not be monthly. It should include some savings for an emergency fund for the unexpected and a down payment for your house.
Once you've done this, review your credit report for errors. Dispute anything you know is wrong in writing to the specific reporting agency that reports it. Include proof for what you are disputing.
Pay down your outstanding balances to 1/3 of their limits or lower. The more available credit you have, and aren't using, the better your scores.
You can talk to your local bank or credit union about getting a secured credit card. If you deposit $500.00 you will have a $500 limit (or there about). Use the card for items you are buying anyway like gas, groceries etc and pay it off in full every month.
This should get you started to better credit. If you have specific issues you may want to talk to a lender who has seen your report and knows something about credit repair.
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Linda Lorenzo, Agent, McKinney, TX
Fri Mar 8, 2013
I agree lenders are great at suggesting what you can do to better your credit score. If you need to major improvement they should be able to steer you to a credit repair company - be sure you get one that doesn't charge up front fees, but only charge after clearing something off your report.
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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Mar 8, 2013
A good Loan Officer (in my opinion) will be able to look at your credit and tell you exactly what you can do in order to improve it. In fact, sometimes we can even let you know how much of a credit score increase you can expect by doing certain things with your credit. This shouldn't cost you anything, you might have to pay a small fee so that the credit company can expedite what's called a rapid rescore, which is when they can make corrections at the credit bureau level in a matter of a couple days. If you need help, I'm always available. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648
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