2006-06-16 05:14:19 · 7 answers · asked by touchemupent 1 in Business & Finance ➔ Credit
In regards to Revolving Credit (Credit cards, etc.):
Pay down the balances to within 20-30% of your total credit limit. This should help to boost your scores. If you do not have the money to pay this down, call your credit card companies up and ask for a limit increase.. this will automatically allow your debt to limit percentage to lower.
In regards to Installment Loans: If you have ANY loans with high risk lenders (i.e. American General Finance, Well Fargo Finance or any other company with "Finance" in their name) pay them off quickly, or borrow from your local bank / credit union to pay them off if possible. Due to the risky nature of these lenders, the fact that you have this type of loan will hurt your scores. Paying them off will boost your scores.
In regards to credit mix:
Make sure you have a balanced mix of types of credit... in other words, you should have 1-2 credit cards, 1-2 loans and possibly a mortgage. This shows good balance in credit and a healthy score should be given.
One last tip: Although they claim it does nothing to improve your score, mortgage lenders across the US have found that by requesting to Opt Out of the credit bureaus mailing lists (that they sell!) you may see a boost in scores in about 10 days... usually small, but it might push you over the goal you need. See the resources for the link.
Good luck!
2006-06-16 05:54:14 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you have high balances on several credit cards(ie: almost maxed out) try getting a credit card with a much higher credit limit and consolidate these higher balaces to that card! Your FICO score depends on how credit worthy you are and if all of your credit cards look "MAXED" out , it will bring your score down!
Another thing that hurts your score that many people don't know about is having your score checked alot(ie:applying for loans or credit cards) i'm not sure the exact reason why but it does bring your score down!
Other than that< Just make sure you pay at least the minimum payments on time each month on your loans and credit cards!
Try to stay away from those credit counseling companies- They will KILL your CREDIT SCORE(FICO) !!
2006-06-16 12:41:24 · answer #2 · answered by wicked 1 · 0⤊ 0⤋
Don't know about quickly, but the only way to boost your score is to be in debt. So buy lots on credit and pay religiously every month.
But, why do you want to do that?
Get Dave Ramsey's book and read it. www.daveramsey.com
2006-06-16 12:20:19 · answer #3 · answered by snvffy 7 · 0⤊ 0⤋
The quickest thing that impacts your score the most is to pay down your revolving unsecured debt (credit cards, mostly) to a small percentage of your maximum credit.
2006-06-16 12:36:30 · answer #4 · answered by Simply_Renee 6 · 0⤊ 0⤋
open 3 new bank accounts at differt banks, you only need min. amount of cash at each
2006-06-16 13:07:13 · answer #5 · answered by odorisio2004 1 · 0⤊ 0⤋
pay off all your bills
2006-06-16 12:18:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
http://www.wesayes.com
2006-06-16 12:54:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋