Kayode asked in Business & FinanceCredit · 1 month ago

How can I approve my credit score?

Yeah you know I went down to that rent a center to rent a couch and a Samsung galaxy note 7. They told me that my credit score was 330 and I didn’t know that it’s bad. How can I raise that score so I can rent that couch and that phone?

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  • Shay
    Lv 7
    1 month ago

    First of all, understand that you are NOT going to fix a low credit score quickly.  Building good credit takes TIME more than anything else.  During that waiting time while trying to build your score, there are certain things you must do to avoid damaging the work you are trying to do.

    When you apply for things - it lowers your score.  For right now - stop applying for anything that involves checking your credit score.

    Do you have any debts in collections - pay them off.

    Do you have any credit cards - what are the balances - if your cards are maxed out - that is lowering your score - pay off your current card(s).  Once your cards are paid off, you can build your credit score by using a credit card for a small purchase and then paying it off in full when the bill cycles.  You can even stay out of debt by using the card for something you would need anyway.  You don't need to go into debt to build a credit score.  (I set my card to pay my internet bill.  Then I pay my card with the money I would have used for my internet bill.  I am building good credit without going into debt for something I wouldn't have bought anyway.)

    ON TIME PAYMENTS are a MUST.  Even one day late can ding your score and just one late payment can damage your score for a few YEARS.  It stays on your record that you had a late payment.

    Some bills don't count toward your credit score.  Things like rent, utility bills, and basic bills for services, like internet or phone are not usually reported to the credit bureaus.  These things are usually only reported if you fail to pay AND the bill is turned over to collections.  So these things aren't helping or hurting you as long as you just keep them out of collections.

    You can use Credit Karma to get an idea of how your score is doing.  You can also use features on that website to help you see if there are any debts in collections that you might have forgotten about.  The score that Credit Karma shows you is close to your accurate score, but since scores can vary slightly from one credit bureau to another, it is only close and does not reflect what someone checking your score might see.  Using this site does not hurt your credit score.

    You can get a free credit report from all three credit bureaus once per year.  The easiest way to do that is by using this website:  

    https://www.annualcreditreport.com/index.action

    Getting your credit reports from all three bureaus can help you see if there has been any activity on your identity that doesn't belong.  You can challenge anything that you know is not yours.  It can help you see the debts you may have in collections.  This report usually does not include your actual credit score, but the information can be useful to help you find and pay-off the things that are holding you back.

    As for renting those items - forget about it.   That isn't happening anytime soon.  It will take at least a year to bring up your score to a level that a rental place will accept.  BTW - rent to own prices are MUCH higher than buying the equivalent item from almost any other source.  Shop around and compare pricing on similar items from any store that you could just purchase from without renting.  Stay away from rent-to-own options.  Fix your credit score and get a decent credit card to use for major purchases.

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  • 1 month ago

    i would ask them this question

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  • 1) Stop going to Rent-A-Center.

    2) Stop getting your credit checked (that is, stop trying to get things on credit)

    3) Reduce and eliminate your outstanding debts

    4) If you have credit cards, keep them, pay them off, don't use them (and if you do use them, pay off the outstanding balance every month)

    5) Get a bank account.  Better yet, go to a credit union and get an account with them.  It's usually cheaper and better for you than an account with a larger bank.

    6) Don't rent-to-own furniture and phones.  In general, don't rent-to-own anything, especially things that depreciate rapidly in value.  It'd be easier to save up for the phone and purchase it outright.

    7) Do this from now until forever.  When you get loans, get them for traditional things, like education, or a mortgage, or a vehicle.

    It's really that simple.

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