Unlocking Credit Score Secrets: How AI Legalese Decoder Can Help Improve Your Financial Health
- April 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation:
I was released from prison in 2020 and have found that my credit score and loan history are in terrible shape. My credit score is currently around 530, which is significantly lower than what is considered good. This is hindering my ability to make important purchases, such as getting a new or newer car.
## Desired Outcome:
I am now seeking advice and guidance on how to improve my credit score so that I can work towards achieving my goals, starting with getting a new car.
## How AI Legalese Decoder Can Help:
The AI Legalese Decoder can assist you in understanding any legal implications or obstacles that may be affecting your credit score and loan history. By analyzing and interpreting complex legal language, the AI Legalese Decoder can provide you with clear and concise information on how to improve your credit score. This tool can help you navigate the legal aspects of credit repair and guide you towards making informed decisions that will positively impact your financial situation.
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It will take time. There’s no magical fix to improve it.
The best things that you can do is make sure all of your bills are paid on time and keep your debt ratio low. That means keeping your credit card balance at around 30% or so of your credit limit. Set up your bills for auto payment so they never go late.
I see ads for something called Experian Boost, where it somehow quickly increases your credit score a bit. I’m not sure about how it works, but you might want to look into it.
Here are some tips:
1) Find someone with good credit to add you as an authorized user on one of their oldest credit cards.
2) Take out a secured card (preferably the Discover one) and only use it for groceries and gas. Pay it off every month.
3) Take out a small loan from your bank (around $1000) and make payments on time.
4) MOST IMPORTANT!!! Learn about credit, debt, and financial responsibility! Learn how to make a budget. Don’t live outside your means. Learn to save and invest in your future.
Secured cards will help you build up, you just need enough money to put a depost on it (typically like $500). There is also program, whose name I can’t recall, that reports to your credit score as a loan, but in reality you’re just paying money into a savings account and get the money back at the end.
Stay the hell away from Credit Karma
(I am a former employee)
I spent 2 years on a credit repair journey. I was close to the score you are at now.
1) Get a line of credit. Secured or unsecured. Use the card and pay it off completely weekly or biweekly. After a few months, request credit limit increases on your cards.
2) As soon as you are able and can afford to, diversify your credit. Get a small loan, get that car you want, something. (This may have to wait until your scores start improving).
3) I tried several credit repair companies. Skyblue was by far the best. They will contest a few things on your credit report each month, so it will take time to see results.
4) Never close out a line of credit. It will reduce your credit history significantly. If it’s a high interest card you don’t want to use anymore, just use it once a year and pay it off immediately.
5) If you find yourself falling behind on a payment or know you will be late, always call the debter and explain your situation. Never ignore the phone calls or emails.
6) Check the FISCO forums. Any queation you can possibly have regarding fixing your credit is discussed there.
Also, there are good credit cards and bad credit cards.
Good cards are the cards you can use anywhere (VISA, MC).
Bad cards are dedicated to a single store (Sears, Best Buy).
You want no more than 2 good cards and 1 card or less of the bad ones. The idea is that you can shop around for good deals with a good card, while you are stuck with what ever the store is charging with a bad card.
Ask your bank about a prepaid credit card is the best advice I can offer you.
Also, one I did not see previously mentioned, if you have someone willing to help you then they can add you as an authorized user on one of their accounts. As long as the account remains in good standing it will appear on your credit report as well. If ever it goes negative, it is removed from your report. As security for the person helping you, you just never use the card (or even get one).
I used to work for Experian.
General rules are:
1. Time. Nothing you can do to speed this one up.
2. Pay your debt on time.
3. Never exceed 50% of your credit limit on any card at any time.
4. Do not apply for cards you do not need. Do not apply for a lot of cards at once (or in a short span of time).
Try and ask someone in your family to add you to their credit card. Tell them you don’t want a card. This should help a little.
Try credit karma and chime apps. They do have features that will get you in the right direction, just take it slow at first.
Well it depends on your age. Where are you living. I need some background to give any advice.
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