What is the best way to raise my credit score?

Question

i have paid everything that was on my credit report and since then my score have only moved in 1 direction, down. Can u please tell me how to get my score up.

Answer 1

unfortunetly when you pay something off in a lump sum, the credit bureaus don't like this and the score drops. ie. I just had 30k dropped from my credit and my credit score dropped 20 points as well!

My financial advisor said, however, to wait about 30+ days and you will see it raise again, as long as no one is looking at your credit report (yes when someone looks at your credit report that shows up as a negative thing!!!!)

Answer 2

You don't say how much down. If it was only a 10 or so point drop I would not worry about it. If your still in the High 600's to 700's you are fine. If it was 100 point drop then something else is going on.

Just know that each inquiry goes against you so try to keep these at a minimum. Also, one strange factor is that the Open vs. Used Credit is a factor. Where a person who is just about maxed out will get a lower score, but also a person who has a huge amount of open credit will also get hit. This is why it seems to people that pay off huge amounts they get a lower score, it is because of Open Credit. If you have anything more than a few credit cards try closing 1 or 2, this will lower your total open credit.

The only other thing to do is give it time, if you do everything right then over time your credit score will go up.

A good site to check is the people who actually do the FICO Score
http://www.myfico.com

Answer 3

Even though everything is paid off, the record remains. Late pays delinquent reports and all that. It'll stay there for quite some time. It's involved but you could call each creditor that reported you and try to get them to call each credit bureau and report the debt as satisfied. Even with all this effort there is still a lengthy time period where the information is still on the report. Rebuilding is also a lengthy process. You have to buy things on time like a car or house ans keep the payments up. After a few years these accounts mature. this will offset the bad information on your report and raise your credit score.
I've heard of professional agencies advertising that claim to speed up this process somehow but you are going to have to research that yourself. Good Luck and Keep on truckin'!

Answer 4

I think is not paying everything in a big lump sum, but when you make study payments on your credit cards, w/out missing a months is when little by little your credit score will go up.. It takes time.