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How to improve credit rating "faster"


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10 replies to this topic

#1 Noday

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Posted 04 March 2011 - 10:22 AM

Good morning all,

Six months ago, after having paid off all debts and contested incorrect entries on my credit reports, I obtained my credit score. It was roughly 599.

Today, Equifax's report tells me it is 617.

I had gotten myself a secured Visa from TD for 1K and I continue to use the secured Mastercard I've had from Capital One since my discharge from bankruptcy 5 years ago.

Is there anything I can do, aside from using my cards and paying them off every month, to help up my credit score faster? Put more funds into the secured cards? Get another type of loan? I'm at a loss...I was a smidge disappointed to see that it had only gone up 18 points in six months.



#2 Roland99

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Posted 04 March 2011 - 10:30 AM

What baddies still exist?

And you only have the two positive TLs reporting now?

#3 Noday

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Posted 04 March 2011 - 11:20 AM

My Transunion report shows my TD and Capital One cards reporting. All other debts have been paid off and reported as such on the report.

There were Citifinancial and CIBC cards included in the bankruptcy. The CBV collections account was closed because I paid it off.

Edited by Noday, 04 March 2011 - 11:26 AM.


#4 Noday

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Posted 04 March 2011 - 11:27 AM

The last inquiry on my report is dated 2008...

#5 Roland99

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Posted 04 March 2011 - 05:18 PM

Have you contacted those lenders to see about unsecuring the cards? 5 years post-BK I would think you could slowly start changing your mix of credit cards.

#6 Quasei2

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Posted 05 March 2011 - 11:18 AM

A couple things. The items that are still showing as paid off: do they have any lates reporting? If so what sort and how many of each?

Also, when your statements print for your 2 current cards, what percentage of the limit is outstanding? If you're using close to the limit and paying off after the statement prints then that could screw with your scores. Perhaps try paying down prior to your statement printing so the statement prints with no more than 20-30% of your limit outstanding. And perhaps also time to consider applying for an unsecured card, use it once to make sure it reports, and then tuck it away for a few months. That'll help with the outstanding balances to available credit ratio.

#7 Noday

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Posted 08 March 2011 - 09:36 AM

The TD secured Visa was obtained 6 months ago. My bank rep told me it'll take another 1.5 years before it become unsecured, which seems fair.

The Cap 1 card is 5 years old, and has already been renewed once. I guess I'll call them today to see what they say about increasing my limit or releasing the funds.

Quasei...I pay my cards off every 2 weeks, whenever I get paid, and I pay off almost the entire balance every time. I also never charge up to the limit...I just use the TD card to pay for my cell (50$/month) and my gym membership (55$/month). This is why I don't understand why my score hasn't gone up more than it has...

I'm kind of afraid to apply for an unsecured card because of the negative impact it might have on my score. I've read that certain places won't even consider you for an unsecured card until it's been a good 7years since the bankruptcy has been discharged.

#8 Noday

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Posted 08 March 2011 - 10:00 AM

Crud.

Capital 1 says that though my payment history looks good, they can't give me a specific timeline for when my account will be up for review and possibly changed to an unsecured one.

Guess there's nothing more to be done except to gamble and apply for an unsecured card...dunno which one though.

#9 Noday

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Posted 18 March 2011 - 08:36 AM

bump...

#10 melquinn

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Posted 13 April 2011 - 11:02 PM

Have you considered getting a small RRSP loan? My brother-in-law is a financial planner with Investor's Group and he set me up with an RRSP loan of $1200. I paid $100/month for a year and it showed up on my TU report as "Paid as Agreed". Apparently this can help establish and improve your credit rating, PLUS you end up with an extra $1200 in RRSPs!

#11 Noday

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Posted 28 April 2011 - 11:08 AM

Hi there...I just wanted to report back here that I checked my credit score again yesterday and it was at 684. So, in four months, I went from 617 to 684. Yay! I can only hope that it continues to rise as I keep paying off my credit cards every two weeks. I've got two more years before my BK is 7 years old, and hopefully after that, I'll be in the 700s again.

Thanks for the suggestion re: the RRSP loan. I'll look into it and see what BMO can do for me, as I have my RRSPs with them.




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