Best Answer: You sound like you are on the right road to me,
To re-establish credit score, talk to your banker and say you want to establish your credit rating, Open a savings account.
I do see the one thing that may be causing your score to stay low. How often are you checking your credit report? Each time you have an inquiry on your report, it lowers your score a few points. This is because inquiries throw up a red flag as someone who is attempting to acquire credit. Perhaps your own inquiries may be defeating your purpose.
Paying off a lease on a car? You must have, at one time, had a good credit score to qualify for the lease. Generally, the paying off of bills will take longer to get reported to credit agencies than
a late payment. not fair but true. To reap the benefits of this, it will take about 3-6 months for the score to raise. This is because part of the scoring system takes into account that most people will lease or purchase another vehicle on credit within 3 months of paying off the previous loan. They want to see if you are just returning to your debt load before changing your score.
Getting a credit card(secured) is a good idea. Just be certain to pay off any charges each month, just like an unsecured card.
The FICO will increase over time. Your score did not get in the low 500s overnight, and it will not raise quickly either. Patience and diligence is what will get you to your goal.
Hope this helps.
L.J. Watcher · 6 years ago