How can I rebuild my credit score?

Thanks FYI, that will help a lot..I learned something from your post.

Have I ever told you it's a pleasure to have you here? Thanks for all you do.

You guys are too good for my ego.

As for credit score rebuilding I am just shareing what I have personaly learned myself while doing the same thing. I wasn't always this smart and savy!

LOL, we all need an ego boost now and then!

I guess you're just proof that we learn from experience.

I did this one time to help with my credit score. It may help others.

Go into a bank for a loan. Now, the key of this loan is that you inform the bank you will turn the loan into a CD with the bank. You will be paying on the loan, at at the end of the loan, you get the money. Basically, it's a win-win. The bank is really out absolutely nothing, as they have not given out a single penny. You win, as you will gain good payment records on your account. With a decent, short term loan (1 year), you will gain interest on the CD as you pay interest on the loan, and probably only be out about $50 in the long run.

I read that in a finance book years ago and did it. Worked like a charm.

Great posts, FYI and Jeff. Thanks for the info.

Forgive my ignorance, but what exactly is a "CD"??

Certificate of deposit.

Sorry. And not ignorance at all, Speed.

Jedijeff13...what is the benefit to this, and does this make it easier to get a loan through a bank? Reason I ask is because I don't have very good credit, and am buying an engagement ring soon. I'd only like to finance $2,000 or less, and pay cash downpayment for the rest and am looking at my best financing options.

I just posted this on another thread but maybe it might help...After my Ex "Creative Financing" and forcing to go BK....Ok, my friends thought I was OCD, but in 10 months after the BK I went from a score of 415 to high 500-610. Under the FCRA you have the right to dispute anything on your credit report. (You also have the right under the Fair Credit Reporting Act to once a year get a free credit report from all agencies visit this site http://www.ftc.gov/bcp/edu/microsites/freereports/index.shtml ) Another useful page is http://www.creditreport.org/additional-resources/the-fair-credit-reporting-act/

You write a letter to the agency, and they have 30 days to respond with their findings.

I had literally a total of all 3 credit agencies.....32 things removed.

It's their responsibility to prove the disputed account is accurate, not yours and With so many companies buying and selling debts, things get lost.

Remember, it takes time and you have to be persistent. Also, only dispute at the most 6 items at a time and requesting credit lowers your score.

Another thing you can do is if you have a relative or friend that has good credit with a long standing credit card. Ask them to put you on as a co-signer, but make sure when the new card comes, you hand it back to your friend doing you the favour. This solution is only to increase your score, NOT to get a credit card....Just a couple ideas....

Speed - the advantage of the loan to CD is this: your credit report will show a credit account and as long as you make your regular payments on time, you will have a good credit record. The only real purchase of my idea is to put a favorable credit listing on your report. Nothing more, really. Oh.... and you sort of save, cuz at the end, you get a crapload of money. ;)

Remember - a CD is a locked investment, so that money that was loaned out cannot be touched. You will only get that loan when the CD matures.So in regard to your ring, my idea would not work, as the loan you get from the bank would turn back into a locked CD held by the bank.