Fastest track to improving FICO scores?
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Fastest track to improving FICO scores?If she has paid of all her outstanding bills then I dont really see why she is still getting declined for a small line of credit. Maybe its because she only has bad credit which has since been resolved and there is nothing positive on her report.
The first thing I would do is check her credit score/report and make sure that all her negative info has been removed. Also make sure that all info is up to date. Maybe payments that she made have not yet been removed. It wil take a LONG time for some of that info to come off her report but at least the report will show that balances have been paid off. So most impotantly, check her report. This will also allow you to see if there is anything that may have been missed.
Now you need to adds omething POSITIVE to her report. Having the gas/electric/cellular/phone bills in her name might help. Make sure you apy all bills ON TIME. One late payment can really screw you. Anyway, this will build a positive payment history that can be used for obtaining credit, especially with lenders that allow "alternative" sources of credit. That is credit used for people who have little credit history. Bills like phone and electric bills can be checked to verify a persons creditworthiness.
Opening a bank account and a credit card account will help. make sure you use the card so you can build a payment history with that bank. Believe it or not, some will argue that its better to pay over time as oppossed to paying your balance in full. Credit card companies like people who pay over time since they make more money as oppossed to someone who pays off the full balance. Just make sure that that you pay an amount thats SUBSTANTIALLY more than the minimum payment. I suggest an amount 5 TIMES the minimum payment.
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