Asked on 06 Nov 2020
If you can control your spending and pay on time, put some bills on the credit card and pay it on time every month.
If you are scared you might go onto wild spending spree again, cut your own credit limit by filling up the form with the bank to something manageable like $500.
Its the action of showing you always pay your credit on time that will give positive points to change your credit score for better. Might take a while though, but hey as long as the process is there, you will get there eventually.
Great job! But you have to keep it going, there's no way to improve ratings faster for the reasons below.
According to the Credit Bureau, your credit rating shows your track record on promptness of payment over a 12-month period. This means that you are able to ‘erase’ a bad credit history, marked by late repayments and not meeting minimum repayment sums, by making it a priority to pay your monthly credit card and loan instalments on time for the next 12 months.