Fastest way to rebuild credit? - Created by jmex83 on May 10, 2012: EdenFantasys Forum

jmex83

the wife and I were talking about trying to rebuild our credit this year so that we could try to get a place of our own before winter. We've done a few things as far as taking care of past debt and what not, but its still pretty bad. Does anyone here have any suggestions as to what they did to help rebuild their credit and fast?? We don't want to be renting come winter time because the gas bill here is just outrageous in the winter (outdated furnace and it CRANKS out heat constantly). not to mention, we just really need our own space to call home.

So, anyone have any suggestions from personal experience? If so, what was it and how long did it take until you started to see your credit score climb.

05/10/2012

ToyTimeTim

We started by buying a used car and getting a pre-paid credit card. After about three months of paying of the card every month on time we applied and received a regular credit card. That was enough after a year or so to get us a nice house as a first time buyer.

Unfortunately, it is not a fast deal for the most part. Most creditors look at the long term payment history. But if you pay everything on time and pay off balances every month it will clime pretty fast.

05/10/2012

Chilipepper

Another suggestion is to take out small loans at the bank ($100-$500) and pay them back on time. One of my friends who worked at a bank said it was one of the easiest (not the fastest, though) ways of building credit again. You can also help it along by joining a credit union which has programs specifically for helping you build credit.

05/10/2012