Anybody know the best way to improve a credit score?

Answer 1

Pay your debt. Make sure you buy your credit report from:
www.experian.com

Answer 2

The best way is just to pay all your bills on time if not early. Don't ever be late on a credit card or anything you have a loan on. If you don't have many bills because you are still living at home than the best way to up your credit score is to get a credit card and just put a little bit on it each month and pay it off on time, or a department stores credit card doing the same thing, or get a cell phone and just make sure the bill is paid on time or before it's due.

Answer 3

5 steps to better credit

Correct blatant mistakes. Your credit score is only as good as what shows up in your credit report. Review your reports from all three credit bureaus for accuracy once a year as well as several months before applying for a loan. Changing a mistake on your report - such as a payment that is wrongly labeled as late -- can take 30 days to three months, sometimes longer.

Pay your bills on time. This is always a good practice, and it's especially critical that you make prompt payments close to the time you need a loan. That's because a late or missed payment in the last few months is likely to lower your score much more than an isolated late payment five years ago.

Reduce your credit card balances. A heavily weighted factor in your FICO score is how much money you owe on your credit cards relative to your total credit limit. Generally, it's good to keep your balances at or below 25 percent of your credit card limit, said Jeanne Kelly, founder of The Kelly Group in Brookfield, Conn., which helps clients improve their credit scores.

Pay off debt rather than moving it around. Since the ratio of your credit card balance to your credit limit is key, closing out an account and transferring the balance simply means you increase that ratio, which is likely to lower your score. In other words, say you owe a total of $2,000 on four credit cards, each of which has a $2,000 limit. Your total credit limit is $8,000, of which your total balance ($2,000) accounts for 25 percent. If you transfer all your balances to two cards and cancel the other two, your total credit limit is reduced to $4,000, and your $2,000 balance now accounts for 50 percent of that limit.

Don't close unused credit card accounts near loan time. If you have several credit card accounts but are only using a few of them, you'll only raise your balance-to-limit ratio if you close the unused ones. You also shouldn't open new accounts when applying for a loan if possible. If you have a short credit history or very few accounts, opening a new credit line may lower your score since you don't have a proven track record, said Jan Davis, an executive vice president at TransUnion. What's more, a new account will lower the average age of your accounts, another factor in your FICO score.

Answer 4

There are several best practices to follow

1st get some credit; credit institutions have no way of knowing if you will pay them back unless you have some kind of credit.

there are some guaranteed approval credit cards that you can get at first to establish your credit card history.

but once you get them it's best to switch to better credit card options.

2nd once you have credit you have to maintain it always at least pay the minimum charge and if you can, pay the whole debt each month as this reflects a better client.

3rd dint get too many credit cards and close those that are not as attractive redit institutions could be worried that if you have several cred9it cards that you won't be able to pay them all.

so keep the card that grants you the biggest credit line and the one that charges you less fees.

besides this other ways to improve your credit

a) Earn more money

b) write a letter to your bank asking for more credit.

Hope it helps

Answer 5

If you borrow (little) money and repay it quickly then your rating will go up.
if you dont then your rating goes DOWN.

If a shop offers you interest "free" credit and you pay this amount inside the time limit then your rating will go up...... if it looks like you don't really need the credit they will be happy to offer you more. You have then "creditability".

Dont borrow from the companies that say they will give anyone credit..... they are only selling POVERTY to the POOR.

SAVE first and do a cash deal is best.

Answer 6

The best way to improve your credit score is to pay your bills.

Answer 7

Improve Credit Score


If you want the best loan or credit card, make sure your credit score is the best it can be. Your credit score is like a "grade" based on information in your credit report that measures how likely you are to repay your debt. Learn to improve your credit score because a good credit score will get you better terms on your loan.

Their are many different credit scoring models out in the market today however the the most widely used score for big-ticket items like a house or car loan is a Fico score. This scoring system was developed by Fair, Isaac & Co. and is used by many lenders.
You should review your credit report and score a couple months before applying for any loans so you can allow your self some time to correct any mistakes on your report and raise your score. Mistakes like a late payment on your credit report can take about 30 days to remove. You want to show the lender you are credit worthy so you can qualify for more loans and get better interest rates.

3 steps to better credit


Pay your bills on time. It is always in your best interest to pay your bills on time to avoid any negative late payments on your credit report and to raise credit score. Late payments can only be reported as late or past due to the credit bureaus if you are more than 30 days late. Late or missed payments close to the time you apply for your loan can really hurt your score.

Pay off your credit card balances. On of the more heavily weighted factors in calculating your Fico score is your "credit to limit ratio". Ideally you should use no more than 20% of your available credit to increase credit score. So if you have a credit card with a $5000 limit try not to spend more than $1000 on that card. When you start to pass the 25% credit utilization mark and get more and more into debt you will start to see your credit score decrease. Also avoid closing unused credit cards or credit card with low or no balance since this will help lower your credit to limit ratio

Correct any inaccuracies. Your credit score is calculated from the information on your credit report so make sure all the information is accurate while improving credit score. Review copies from all three credit reporting agencies Experian, Equifax and Transunion and correct any mistakes. The three credit bureaus might have slightly different information on you depending on what companies have reported. In some cases you may not see a particular account on all three credit reports because the company may not report to all three.

Currently all three bureaus offer credit reports and scores online. You can get a free copy of your credit report and score here. The only way to obtain your FICO score is from myfico.com or Equifax. Transunion and Experian have their own scoring system that is comparable to FICO, so when improving your score it will also apply to your FICO.

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Answer 8

Hi dearie, I have a useful reading material to answer your question:

Adding Tradelines And Other Ways To Improve Your Credit Report

Answer 9

Pay bills on time
Reduce revolving debt
If your credit limit is 500 always have 400 avaiable credit
Dispute all negative information even if it is yours
Piggy back off someone with good credit

Answer 10

Pay off some credit like your cards.. Dont have more than 3 credit check within a six month period..

Answer 11

Pay your bills on time and not missing a payment and check your history for inaccuracies and making sure your report is free of blemishes. Go to www.annualcreditreport.com to get your free reports from all three bureaus.