Devin asked in Business & FinanceCredit · 5 months ago

What is the best way to build credit again?

I have had a credit card for 3 years now and my credit score was in"very good credit" range. I accidently forgot to make an electrical bill payment (they didn't give me a bill and was last month I lived there) of $100 and was 7 months late.. I received a derogatory mark and my credit tanked to just above "bad" to "fair". Will I basically have bad credit for the next 7 years? I called and they won't remove it. What can I do if anything to improve my credit?

7 Answers

Relevance
  • Anonymous
    4 months ago

    Open a current account from https://moneymail.ru/

  • 4 months ago

    If you want to improve your credit score, it won't happen overnight, it's a gradual process.

    "Patience is the key to success"

    Follow the below steps your credit score may begin to go up within a couple of months. Let's get started

    The first thing you should be doing is to check your credit report. You need to know what's hurting your score in the first place. You can always approach a lender or any of the credit bureaus to get the situation corrected.

    It's better to have just one or two credit cards so that it becomes easier for you to keep track of repayments. Eliminate your credit card balance by talking to your lender and negotiate to close your loan account by paying off any unpaid dues.

    Dispute errors on your credit report. Once the error is resolved, it may show improvement in your credit score.

    Make sure you keep good old debt accounts on your report. Good debt is good for your credit rating. The longer your history of good debt is, the better it is for your credit score.

    Timely payments of EMI and bills can keep your creditworthiness intact and keeping your monthly due balances low will reflect a healthy credit score. 

    An increase in credit limit can have a number of plus points if you manage your credit wisely. Having said that please ensure you don't spend beyond the repayment capacity.

    By following the above mention tips you can improve your credit score to a great extent.

    You can refer to the below link for more information:

  • 5 months ago

    First, you can stop calling.  This is the most important thing.

    Second, as long as you don't call again and don't forget anymore payments, and, most importantly, don't do anything to try to improve it, then it should improve gradually.  It will take 7 years to be as good as it would have been if you paid on time, but it will improve some well before then.

    However, if you do anything because someone, especially on the Internet, told you that it would improve your credit, it may get worse again.

  • ?
    Lv 7
    5 months ago

    You can put a statement on your own credit reports explaining that you received the bill late.

  • How do you think about the answers? You can sign in to vote the answer.
  • 5 months ago

    Don’t let it happen again and be patient. As time passes, your score will recover.  

  • Anonymous
    5 months ago

    It is like, man, really simple.

    #1  Pay your bills on time.

    #2. Do NOT cancel any credit you have. Just pay it off on time.

  • Anonymous
    5 months ago

    Keep paying your credit card on time. It will take time but your score will slowly improve.

Still have questions? Get your answers by asking now.