Credit Score (FICO) basics - How to improve credit scores

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

Yes, you are eligible for a certain amount of time after you are denied credit, I believe it is thirty days. You really should take a look at your credit at that point so you know what is going on.

Joined: 10 Sep 2009 Posts: 148 954 Magic Points

The compny which denies your a lon or credit card is laible tell you this information and provide necessary contact for this.

Joined: 07 Sep 2008 Posts: 50 88 Magic Points

Yes they usually do in letter form once you have been denied. You will usually recieve this information with your denial letter.

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

That is good to know and, in my opinion a very fair way of doing this. I just had a collection company call me for a debt that was only listed in good standing and closed in 2003. I think we all need the extra checks we can get since some people can not get their facts straight.

Joined: 14 Nov 2009 Posts: 6 112 Magic Points

annualcreditreport.com every year you can get one free from all 3 agencies.

when getting your score, either go to FICO, or right from the credit bureaus.
You can find sights that will give it to you if you sign up for their free trial packages, but if you forget to cancel, they'll charge you and its hard to get them to stop..

Joined: 04 Dec 2009 Posts: 1 10 Magic Points

do any one knows if some body pay trough bk some credit cards way do the bank still sending letter for collection

Joined: 03 Nov 2007 Posts: 3927 10 Magic Points

Not real sure, have you called them and try to straighten it out with them? They will explain it to you if you call them and ask them.

Trisha · Guest 0 Magic Points

I have managed to pay EVERY negative/collection account (which were all old) on my credit report over the past 8 weeks. I've noticed my score has come up 38 points thus far, but not nearly enough to be considered credit worthy. How can I drastically increase my credit score? I do have other credit on my report that is good and my credit to debt ratio is wonderful...4% debt to 96% credit available. How long will it take for my score to dramatically improve?

Joined: 08 Feb 2010 Posts: 2675 48566 Magic Points

Hi Trisha,

I am afraid that it is not possible to improve credit score drastically. It cannot improve in an overnight. Improving credit score needs a lot of patience. However maintaining the accounts that you are current on will help. Payment history plays the most important part in maintaining and improving credit score.

The only way to increase credit score drastically is piggybacking, that is lifting other people's score. However it is considered to be illegal by industry experts. Therefore never go for such drastic measures to increase your credit score.

Robin · Guest 0 Magic Points

How can I improve my credit score if I can't get credit?

Joined: 08 Feb 2010 Posts: 2675 48566 Magic Points

Hi Robin,

To improve credit score, you need to first pull a copy of your credit report. Then, you need to check if there are any wrong listings and negative listings on it. If you find any negative listings on it, then you should try to pay off those accounts on which you have been delinquent for some time. Along with the payments request the creditors to agree to a "Pay for delete" agreement (PFD).

Then you should dispute the wrong listings on your credit report with the credit bureaus or the creditors. Wrong listings are the wrong information on your report, which does not apply to you.

Open a savings account and put money into it each month. After you save quite an amount of money into it, make extra payments on your accounts, so that the debt goes off much faster.

Don't ever miss a payment, as payment history plays the most important role in maintaining and rebuilding one's credit score.

Thanks,

Aaron.

Starkeisha35 · Guest 0 Magic Points

Can I improve my credit score in a year from 400 to at least 650?

Joined: 08 Feb 2010 Posts: 2675 48566 Magic Points

Hi Star,

Credit score can definitely be improved but not in any definite amount of time. To improve credit score you need to first pull a copy of your credit report. Check if there are any negative and wrong listings. If there are any negative listings start paying off those on which you've been delinquent upon. To remove the wrong listings dispute the items with the creditor or the collection agency. If not possible to dispute with the creditor, you can dispute the items with the credit bureaus.

Payment details is the most important thing to keep in mind. It improves the credit score. However, for more details you can refer to http://www.creditmagic.org/knowledgebank/credit-scoring.html .

Hope this helps.

Regards,

Aaron

bonniedrew · Guest 0 Magic Points

how many times can your credit be ran before it affects your fico score?

Joined: 08 Feb 2010 Posts: 2675 48566 Magic Points

Hi Bonnie,

There are 2 kinds of inquiries - hard inquiry and soft inquiry. Hard inquiry lowers your credit score, while soft pull doesn't lower your credit score. If you pull your credit report, it is considered to be a soft pull. Thus, it won't lower your score. You can check your credit report as many times as you want.

However, hard pulls are either initiated by you or by the creditors themselves. It is initiated by you when you try to get a new card or a loan/mortgage. When you apply for a card, loan/mortgage, the issuer or lender will check your credit report. This will lower you score. However, sometimes the hard pulls are done without your knowledge. These can be disputed.

Hope this helps.

Regards,

Aaron

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