?
Lv 4
? asked in Business & FinanceCredit · 1 decade ago

i have a credit of 508, i live in California, wat can i get with this???

I just received some credit cards, after applying for them. But in order to raise my credit score wat is the fastest way???

6 Answers

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  • ricks
    Lv 5
    1 decade ago
    Favorite Answer

    With a 508, you can get turned down a lot. If you just got a few cards, be very careful! With that kind of score, you are certainly paying a high rate.

    The best way to raise the score is to charge a LITTLE BIT, and pay it regularly. Dont let the charged amount go over 40% of the available balance (ei.. if you have a $1000 limit, dont charge more than $400). Pay it on time, pay it regularly, and pay more than the minimum due.

    If you have outstanding items in collections, pay them or get on a payment schedule. Old unpaid debt will hold down your scores. Nothing scares away lenders more than a deadbeat looking for more money.

    Of course I must ask, why so despirate to increase score so suddenly? Are you planning on a big purchase soon?

    Source(s): me: Credit Union branch manager
  • 1 decade ago

    With credit there is nothing quick about it...keep paying on the cards you have keep the balance as low as possible and when your rating starts to go up you'll start receiving tons of offers in the mail. Be sure to keep you r credit inquiries at a minimum as that damages your rating a great deal. Maintain your reports by requesting them every 6 months to a year.

  • 1 decade ago

    508 is kind of low...get a copy of your three credit reports (there are three companies that do it, they're not all the same). By law you can get a free copy from all companies once a year. Then clean up everything that is on the report as outstanding, or not paid. In the meantime, pay all your credit bills and utilities on time, and never miss! Good luck!

  • 1 decade ago

    #1: Pay off any outstanding debt.

    #2: Keep a revolving line of credit that is less than 50% of your gross yearly income. (If you make $40k a year, only have $20k in total available credit on all your cards combined)

    #3: Only spend up to 50% of your line of credit at any time (If you make $40k a year, have $20k in total credit, never spend more or have a balance greater than $10k).

    #4: Make all of your payments on time. Pay off in full, if possible.

    #5: Do this for a year, and you'll see your credit score jump up considerably.

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  • Ms. Q
    Lv 5
    1 decade ago

    check out this site: www.suzeorman.com

    She has some good information on how to raise your credit score and keep it up. She is really good. Good luck. Make sure you keep doing your payments on your cards, dont be late on them, only charge a little bit at a time, dont open too many cards at one time that can hurt you, just check out the site she has alot of info on their for you.

  • Anonymous
    1 decade ago

    There are multiple things you can do which include making all current payments on time and paying down any outstanding debt.

    Scores can be actively managed and improved in a short time.

    Here is some additional info. Hope this helps.

    Source(s): What rating does your credit score have? http://www.tomvoli.com/2006/11/14/what-rating-does... Rescore Your Credit Profile in 1 Week! http://www.tomvoli.com/2006/11/06/rescore-your-cre...
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