How can I rise my credit score?             Click here to Print

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#Langeveld - Says,

My husband and I were trying to purchase a home but we need to raise our credit score and I heard about this credit enhancement program that will raise your score to 720 but it costs 750 dollars, any suggestions you have? Smile
#fireyone - Says,

There is alot you can do to raise your score. Here are a few tips:
Review your credit report for any errors and correct glitches that may not be accurate (but are still hurting your current score). You can obtain a free copy of your credit report by visiting "www.CreditReport.com".
Refrain from opening a lot of new accounts over a short period of time, especially if your credit history is on the shorter side to begin with.
Pay your bills on time. (this is a big one, it really counts)
Don't open any credit lines you probably won't use. For example, don't open a lot of store credit cards just to get the initial 10 percent discount.
Instead of moving credit card balances to lower rate cards, try to pay them off. Transferring balances can change the ratio of your total credit card balances to your total available credit lines, hurting your credit score.
Open a few new credit accounts, use them responsibly, and make your payments on time.
Try to use your credit cards less. Even better, pay them off every month. The bigger the space between your total credit limits and the balance you carry, the better.
Try to keep your balance below 25 percent (for example, $2,500 if your credit limit is $10,000).
Also, don't close old, paid-off accounts. Credit companies used to advise people to close old credit cards they were no longer using. But closing these cards shortens your credit report and makes you seem less credit-worthy.
Avoid bankruptcy. Declaring bankruptcy is one of the worst things you can do for your credit score. It may seem like the easy way out in the short term, but over time it will cost you tons in the way of high interest rates.
Hope this helps you.

#carol - Says,

Hi Langeveld

Make sure there is no wrong information on your report. Otherwise this will have a negative impact on your score. Check your report once a year. You can build your scores through retail cards and gas cards. Get a major credit card to build your score and make sure it is reported to all 3 bureaus. Also make sure this big credit card converts to a normal one after you have used it for, say, 12 or 18 months.

#Harrypotter - Says,

Most credit repair companies or law firms only take one of the multiple steps that are necessary to produce the results, that strategy has a much smaller success rate than the comprehensive, multi-faceted approach which can solve the problem of bad credit. The company you choose must have the years of experience of working with the institutions that write the lending guidelines and make the credit decisions. To restore the credit rating, you need to education and counseling program with all of the knowledge and tools necessary to improve your credit rating.
#sunil - Says,

The best way to improve your credit score is to pay your bills on time and manage your credit wisely. The most important item is your mortgage. Make sure you pay it on time every month in order to maintain a good credit score. Installment loans, where you borrow a set amount to buy new furniture or appliances, for example, are given more weight than credit cards.
#sdchargers_63 - Says,

It IS 'simple'....I know, at times, it doesn't seem that way. Keep paying on your 'monthly' debts ( car payments, loans, etc) and your credit score will go up.
#CreditMindset1 - Says,

Langeveld

So you want to buy a home... Lets say your credit score is 640 right now, so you can get approved FHA and maybe have to pay a point on the loan because of your score.

Let say the house cost $250,000.... Lets do some math...

Purchase Price: $250,000
Cost to do loan: $2,500
Credit Program: $750

Net Savings after program: $1,750

Show me an ATM that you can put $750 in and it spits out $1,750 in return... I'll be sitting there all day....

Its a good investment, but there are NO gaurantees with Credit Repair.... Period..

#sdchargers_63 - Says,

CREDITMIND........the example you 'set' was pretty good!! If you really want to buy a home RIGHT NOW, maybe you can find one that is less expensive? I'm sure you're excited about buying a home, OP,..but, if things 'sound too good to be true, they usually are'...ya know? I would look around a bit more. In the mean time, keep paying on the debts you already have (CC's, loans) and your score will go even higher.
#sdchargers_63 - Says,

.....I want to add here, too,.....people sometimes don't realize as soon as you 'accumulate' MORE debt, your Credit Score DOES lower. You may want to keep this in mind, as well.
#jassica - Says,

While I cannot tell you when your credit score will improve, I encourage you to make your monthly payments in a timely manner, as the longer you make payments, the more positive influence your accounts will have on your credit history.

I encourage you to regularly obtain copies of your credit reports from the three major credit bureaus (Equifax, TransUnion, and Experian) to verify that all listings appearing on your report are accurate. If you find any inaccurate credit listings, you should dispute the item with the credit bureau reporting the information.

#jassica - Says,

Here are some steps you can take to help improve your credit rating:

1. Pay off all debts and keep revolving lines below 25% utilization (and certainly don't 'max out' any loans or cards)

2. Get a small store card or gas card or credit card and make payments every month (this will help you re-establish a track-record of positive payment history)

3. Pull your credit report and contest any inaccurate information so that it can be corrected by the credit bureaus.

#sunnyca - Says,

Very nice an simeple steps

I disagree with the seocnd one

If youalready have enough cards do not applyfor any new ones,that will lower the score immeditely.


Use what you have carefully and pay them each month

#sdchargers_63 - Says,

(Just FYI..) ,,each time you apply for a Credit Card, your credit score DOES drop a few points. If you have high balances, on several CC's, this can keep your score from raising, until you bring the balances down.
#SIA - Says,

Your credit rating is calculated based on several variables, including:

1) your payment history (do you have any late payments, charge-offs, etc.)

2) the amount and type of debt that you owe, if you have maxed out any of your trade lines.

3)several other secondary factors like the length of your credit history and how many recent inquiries have been made to look at your credit history.

4)Paying off delinquent or maxed out trade-lines will almost always help your credit score.

#fireyone - Says,

Hello Margaret,
That probaly is one of the single most things to do to keep and maintain a good score. What a lot of people do not relize that payments that are even 30 days late and partial payments can really do damage to your score. Your credit score follows you everywhere. It is always good to keep this in mind. Also use those three free pulls every year. This can make sure no credit nightmares are in your future. This is the days of computers and we all know how quick errors can be made.

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