Your Questions About Improve Credit Score In 6 Months http://bit.ly/rsPfxM Michael asks…How to improve credit score in a span of 6 months?Credit-Repair-Guy answers:Take out a loan with an asset on some collateral. Invest the proceeds of the loan and then pay it back on time.

Open some credit cards. Make some charges, pay them off. Doesn't have to be big amounts.

Close all unused credit cards, get it down to 1-2 cards. Make sure you pay on time, you don't even have to pay them off completely, just do it on time.Joseph asks…How can I improve my credit score from 560 to 620 in 6 months?Credit-Repair-Guy answers:Slimick is right. Not too much to go off of here. You can possibly "piggy-back" as an authorized user on a trusted friend or family member's credit card too. If say, your parents, have good credit ask them to add you onto a few accounts. Do this quickly, as Fair Isaac is in the process of changing the system to not recognize "authorized user" accounts in their credit scoring formula and the other two bureaus are supposed to follow suit. I used this method to increase my score and build a credit history when I was in college - back when everything was easy! Good luck!Helen asks…Will paying all my bills on time improve my credit score from 560 to 620 in 6 months?Credit-Repair-Guy answers:Is this a rhetorical question?Donald asks…I paid my credit card late 2 times within 6 months. How can I, a college student, improve my credit score?I know, I was being stupid. I got my first (and only) credit card on Sept 06 and have paid late twice within my introductory period of 6 months. Since then I have been paying my balances in full. I'll be graduating in '09 and am worried about how this could affect my credit score. The only other debts I have are my student loans which are federal and not private.

What are some possible hardships I should be aware of in the near future?

I do plan on going to grad school either immediately or soon after I get my B.A.; will I be affected when I apply for grad student loans?

Is there anything else I could do to improve my credit other than paying off or keeping my balance at $0?

Thank you!
I forgot to mention...For the two times I paid late, I was able to make my confirmed payments within 1-4 days after the due date.

I've read that some credit card companies don't report unless payments are 30 days past due...But I'm still new to all of this and I am worried anyway.

I have a Citi MTVU Platinum Select card, and since paying off my card for almost a year straight now...I credit limit has been increased 2 or 3 times.Credit-Repair-Guy answers:If you weren't 30 days late it won't hurt your score. You will face many hardships in your life. Some can be avoided like having children you can't afford others are unavoidable. Getting into debt is avoidable except maybe student loans but you can limit them if you don't live more expensively than you need to and work part or full time while in school.
Hardships you will face are unemployment, sickness, injury, and things breaking. The less things you own the less that can break and an emergency fund of several months expenses can help with the cost of the hardships.Maria asks…Is it better for my credit score to pay off 2 high debt high APR credit cards in full or over 6 months?I think my credit score is currently affected by 2 high debt high APR credit cards. Should I pay both of them off in full all at once or pay both of them over a period of say 4-6 months? Will completely paying off and closing 1 credit card adversely affect or improve a credit score?Credit-Repair-Guy answers:Closing an account will adversely effect your credit score. It would be best to pay each down to about 30-40% of the credit limit and keep them there, but you could also pay one down but keep the account open. Always keep an account open, especially if your credit score is in that grey area between 600-720ish.

Open accounts demonstrate you can actually manage your credit, and the longer they are open the better. If you open/close accounts regularly, it hurts your score because each time you need to get approved, it shows up as you applying for new credit, like you're looking for a lot of credit and are going to max it out.

Either way, no matter what you do, try to keep your income to debt ratio at 35-45% to ensure your credit score goes up and not down.Powered by Yahoo! Answers