How to increase credit score if you do not have a credit card?

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My husband has a horrible credit score (median 569). He has no credit cards, loans, no mortgage, not to store accounts. He has a cell phone that automatically paid but not reported, the reporting agencies. It has old scores (3-6 years), as he has his own business and was wholly responsible. Total debt is $ 9,000 ($ 1000, but is in dispute and are eliminated by Trans Union over the next 30 days). We must go up to 620 guests to eligible mortgage (we have 20% deposit) will be. We were told to open a secured loan or credit card payments for her. And it is not open to something new. We were told to repay the debt if the collection agency wants to eliminate … and not to pay off old debts, because it sends them to the beginning of the report and have more against him. Since it does not store any loans, bankruptcy, mortgages, foreclosures, credit cards, accounts … are now $ 8,000 in old debt (mobile, rent receipt of office buildings, etc.), how can we not make a mark quickly? Thank you as FYI – the deposit paid his old debts. The payment will come from a working facility as our office in India and I am now unemployed. If we use the solution to pay its debts, then we must stay in a house $ 1,150 / month with 4 children and 1 income.

6 Comments
  1. Reply
    Cassie
    May 16, 2011 at 7:51 pm

    Recently my friend boost up his credit score to 770 thats sound too good .

    He told me that he went to a site which contain lots of Cerdit repair Links.

    http://easyloan.net.tf > Credit repair

    Regards,
    Casper

  2. Reply
    Dixie Darlin'
    May 16, 2011 at 7:51 pm

    If you are going to try for a mortgage most lenders will require that the old bills of $ 8000.00 be paid in full before they will even look at you. Other than that you seem to have valuable knowledge.

    Pay off the old debts, try to make settlement offers to the collection agencies for bills that are that old try to only pay 50% of original debt for the bills 3-4 years, for the bills 5-6 years offer 25%, negotiate for a PAID IN FULL versus SETTLED, this will be more positive for your husband credit report. Do not let them tell you they will not be able to do this they CAN. If the CC companies agree get it in writing first, and send them a money order, never give them access to your bank account.

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    To re-establish his credit history, talk to your banker and say you want to re-establish your credit rating.

    Open a savings account.

    Be a regular and persistent saver.

    Take out a small loan using the savings account as collateral, and then pay it back. This will do wonders for establishing history.

    Apply for a secured credit card. Using a secured credit card is a quick way to build your credit rating. Pay your credit card balances on time.
    After a few months (8-12) of having the secured credit card, apply for an unsecured card…secured cards are meant to be used short term

  3. Reply
    physicist
    May 16, 2011 at 8:24 pm

    If you have a 20% down payment then you should be able payoff the debts. You can try to settle with the collections agency for less but that may impact you credit score even more.

    After you pay off the debts then get a secured card or take out a loan and make payments regularly to increase your score. It will take time to raise the score.

  4. Reply
    Jose V
    May 16, 2011 at 9:06 pm

    Get a secured Credit card. All you have to do is lend the bank $ 300 for a year, but its better than getting the other “bad credit” credit cards

  5. Reply
    Ilya
    May 16, 2011 at 9:58 pm

    So you have bad credit, right? Doesn’t matter. You still have a possibility of getting loans. You must take utmost care before taking out bad credit loans. Otherwise, the very loan may become a repayment burden and a new debt.

    http://www.worldbestloans.com/

    Check the report thoroughly for any inaccuracies in it. Make sure that all the past payments find a correct mention in it. Secondly, apply for the loans with an improved FICO score.

  6. Reply
    Morris
    May 16, 2011 at 10:27 pm

    Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – freecreditreport.sinfree.net

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