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Ways To Raise Your Credit Score Fast

By L. Sampson

Many people have credit scores that are less than perfect. To date, there are over 30 million people in the U.S. alone with severe credit blemishes. Though it is a common problem, a bad credit score can prevent you from getting a loan or credit card that has reasonable terms. If you need to raise your credit score fast, here are three things to try:

Reduce the Balance on Your Credit Cards

Making installment payments on your loans can help raise your credit score, but reducing your credit card balances can help raise it even faster. Credit card balances are an example of a revolving account. Revolving accounts only look good if there is a large gap between the amount of credit you are using and the available credit limit. If possible, try to get your credit card balances reduced to less than 30 percent of your credit limit.

Check Your Credit Card Limits

Because many credit card companies, such as American Express and Capital One, do not officially report your credit limit to the credit bureaus, the bureaus use your history purchases to determine what your limit is. For example, if your credit card has a limit of $3,500, but the most you have ever charged is $2,500 the bureau will assume that $2,500 is your charging limit. If you have a habit of charging this amount on your card every month, it may look like you are constantly maxing out the card—even if you pay the balance. To remedy the situation or to quickly raise your credit score, ask your credit card company to update your limit information with the bureau or pay your balance before your statement period closes.

Dispute Old Negatives

Just as you can dispute errors on your credit report, you can also dispute negatives. This can sometimes be the easiest way to raise your credit score fast. Often times, collection agencies and lenders have moved your information around so much that their records are a mess. If this is the case, they may not bother to pursue a situation or dispute. If they no longer want to make the effort to collect the money, the negative item can be dropped from your report.

About the Author: Visit Credit Report Sense for more Repair Credit Info.

Source: www.isnare.com

Raise Your Credit Score In 7 Easy Steps

By Ed Vegliante

How important is it really to repair one’s credit score?

Credit scores are tantamount to one’s purchasing and borrowing power. Buying a new home, qualifying for a low APR credit card to shopping for a small business loan all depend on a consumer’s credit history. A low credit score identifies that a consumer may be overextended in bills, is unable to manage accounts or has a poor repayment behavior.

What is a credit score?

The credit score is prevalently referred to as a FICO score or a numerical portfolio of a consumer’s borrowing and bill repayment behavior. The information contained in a credit report is very similar to a report card. FICO credit scores range between 300 and 850. Credit scores above 850 are extraordinary. While a credit score of 300 is deemed exceptionally unusual, FICO scores generally do not fall under 500.

Annually, billions of credit approvals are determined based upon a consumer’s FICO score. While credit scores represent personal financial records of payment, a FICO scores are used to make other important lending and financing decisions:

* The dollar amount of a credit line or loan
* Interest rate
* Pre-approval of credit cards
* The authorization of a cash advances
* The type of cell phone service (pre-paid or standard)
* The approval to rent an apartment

Because credit scores use the last two-year’s of a consumer’s credit card, borrowing and repayment history, everyone has the power to improve their score. In order to understand how a credit score is assessed, it’s important to understand which components of one’s credit history are used to calculate a FICO score:

* Payment History 35%
* Availability of credit and usage 30%
* Duration of open accounts with creditors 15%
* Credit inquiries (the number of applied credit cards) 10%
* Composition of credit file – bankcard versus installment debt 10%

Use the following steps to raise your credit score

1. Obtain a copy of your credit score report from one of the three major credit bureau agencies: Equifax, TransUnion or Experian.

2. Thoroughly review your credit score for errors or outdated information. Quite often, certain lending institutions are not due diligent on updating old information. Contact specific companies to request contest errors and request credit corrections.

3. When reviewing your credit report, use the above listed areas of evaluation to help raise your credit score.

4. Because outstanding debt may taint a FICO score, try to pay-off balances on both revolving credit cards as well as other financial accounts. For the sake of appearances and the credit score, target bankcard debt to 60 percent with 30 percent towards installment debt. (If you plan to obtain mortgage approval, prove your ability to repay debt by paying down loans with installments – as much as possible).

5. Closing unused accounts is a negative strategy to raising one’s credit score. Factually, fewer open accounts with the same amount of debt ultimately reduces a credit score. For example, a credit line of $20,000 worth of debt with $10,000 worth of available credit represents a 50% debt ratio. By closing a credit card in good standing with a zero balance and $5000 credit line, a consumer would be raising their debt ratio to 67 percent and lowering their credit score. Target outstanding debt to account for only 20 to 30 percent of your available credit line.

6. Instead of opening up a number of credit cards to raise a credit score, find a credit card with a low APR to consolidate onto one credit card. However, caution is advised on people with a short credit life in opening a number of credit cards because it can ultimately lower a person’s credit score, accounts for 15 percent of a person’s credit information.

7. Make frequent payments. Credit scores maintain a record of how often or late a person remits payment. Since frequent payments account for 35 percent of a person’s credit history, the strategy can be quite effective in raising one’s credit score.

About the Author: Ed Vegliante runs www.Credit-Card-Surplus.com, a credit card directory enabling the consumer to compare and apply for credit cards. Find links to online Credit Card Applications.

Source: www.isnare.com

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Hawaii HI: Honolulu, Kauai, Maui, Oahu
Idaho ID: Boise, Pocatello, Sun Valley
Illinois IL: Champaign-Urbana, Chicago, Moline, Aurora, Rockford, Naperville, Elgin, Joliet, Peoria, Springfield
Indiana IN: Angola, Bloomington, Etna Green, Evansville, Fort Wayne, Indianapolis, South Bend, Terre Haute
Iowa IA: Cedar Rapids, Des Moines, Iowa City
Kansas KS: Kansas City, Topeka, Wichita
Kentucky KY: Lexington, Louisville, Bowling Green, Campbellsville, Danville, Elizabethtown, Frankfort, Georgetown, Harrodsburg, Henderson, Hopkinsville, Mount Sterling, Owensboro Paducah, Prospect, Radcliff, Winchester
Louisiana LA: Baton Rouge, New Orleans, Shreveport
Maine ME: Bangor, Kennebunkport, Portland
Maryland MD: Annapolis, Baltimore
Massachusetts MA: Amherst, Boston, Cambridge, Springfield, Worcester
Michigan MI: Ann Arbor, Detroit, Kalamazoo, Lansing, Traverse City, Ypsilanti, Brighton, Battle Creek, Marshall, Albion, Bay City, Benton Harbor, St. Joseph, Niles, Big Rapids, Cadillac, Livonia, Dearborn, Flint, Gaylord, Grayling, Houghton Lake, Petoskey, Grand Rapids, Wyoming, Kentwood, Holland, Grand Haven, Houghton, Jackson, Portage, East Lansing, Marquette, Ishpeming, Midland, Monroe, Mount Pleasant, Muskegon, Norton Shores, Royal Oak, Southfield, Troy, Warren, Birmingham, Rochester, Rochester Hills, Saginaw, Sault Ste Marie, Beaverton, Farmington Hills, Fenton, Fremont, Garden, Gladstone, Linden, Livonia, Mears, Mount Morris, Ortonville, Oxford, Pontiac, Sandusky, Warren, Waterford
Minnesota MN: Duluth, Mankato, Minneapolis, St. Paul, Rochester
Mississippi MS: Biloxi, Jackson
Missouri MO: Branson, Kansas City, St. Louis
Montana MT: Billings, Butte
Nebraska NE: Lincoln, Omaha
Nevada NV: Las Vegas, Reno
New Hampshire NH: Concord, Hanover, Manchester, Portsouth
New Jersey NJ: Princeton, Newark, Trenton
New Mexico NM: Albuquerque, Las Cruces, Los Alamos, Santa Fe
New York NY: Albany, Buffalo, Ithaca, New York City, Niagara Falls, Rochester, Syracuse
North Carolina NC: Chapel Hill, Charlotte, Durham, Fayetteville, Greensboro, King, Raleigh, Winston-Salem
North Dakota ND: Fargo, Grand Forks
Ohio OH: Cincinnati, Cleveland, Columbus, Dayton, Lima, Toledo, Wheeling
Oklahoma OK: Oklahoma City, Tulsa
Oregon OR: Ashland, Eugene, Portland, Salem
Pennsylvania PA: Bethlehem, Erie, Harrisburg, Hershey, Philadelphia, Pittsburgh, Scranton, State College, York, Lancaster
Rhode Island RI: Charleston, Newport, Providence
South Carolina SC: Charleston, Columbia, Greenville, Myrtle Beach, Rock Hill, Augusta, Florence, Sumter, Hilton Head Island, Spartanburg
South Dakota SD: Pierre, Sioux Falls
Tennessee TN: Chattanooga, Gatlinburg, Knoxville, Memphis, Nashville, Pigeon Forge
Texas TX: Amarillo, Austin, College Station, Corpus Christi, Dallas/Ft. Worth, El Paso, Galveston, Houston, San Antonio
Utah UT: Ogden, Salt Lake City
Vermont VT: Burlington, Montpelier
Virginia VA: Alexandria, Lynchburg, Norfolk, Richmond, Virginia Beach, Williamsburg
Washington WA: Olympia, Seattle, Spokane, Tacoma
West Virginia WV: Charleston, Morgantown, Wheeling
Wisconsin WI: Madison, Milwaukee
Wyoming WY: Cody, Yellowstone
 

Last updated on: 05/17/2007 04:54 AM

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