What are some tricks in raising your credit score fast?? Things I can do now to show creditors that I am a?

Question

Great risk!!!

Answer 1

Here are ways that can cause small improvements.

Make sure you make a new, small, NECESSARY charge on your credit card each month, and pay it off in full each month, on time. Doing this every month gets you max FICO points for the 35% of your FICO score that is for payment history. A necessary charge could be groceries, gasoline or an auto-paid utility bill.

30% of your FICO credit score is credit utilization: how much of your credit limit are you using as balance? Make sure you keep your balance below 30% of your credit limit, or you will hurt your score. For example, if your credit limit is $700, you need to keep your balance below $210, which is 30% of $700.

10% of your score is for credit mix: what kinds of open credit accounts do you have? The good types of credit are: mortgage, secured auto loan, major credit card (V, MC, AmEx, Disc) and store card (Macy's, Home Depot, etc.). The bad kinds of credit are payday loans, unsecured personal finance loans for purposes of getting cash advances, and overdraft loans. If you have holes in your credit mix, filling the holes will score points. It's safe and advantageous to have 2 major cc's and two store cards. Again, use them every month to make a new necessary charge and pay the charge off in full the following month.

Opening new cc's will cause hard inquiries into your credit history, and these hard inquiries will temporarily cost you a few FICO points apiece. Inquiries and new credit are 10% of your FICO score. However, inquiries fall off your reports in at most 2 years, and they lose their ability to hurt your score as they age.

By opening a few cc's now and using them and paying them off monthly and responsibly for two years, your score will be higher in two years, and you'll be closer to your goal: a FICO 760 score for the middle score of the 3, a situation that will get you the best mortgage rates.

Please vote: Did this help?

Answer 2

If your reports have negatives on them, no matter what you do those accounts will show you as a bad risk.

If you do have negatives and they are reporting inaccurately, you might work on those. Be sure that you are out of the collecting SOL in your state before you start disputing inaccurate information. It could lead to the collectors starting to actively persue the account, if they hadn't been lately.

As far as raising credit scores fast, one thing that you might do is see if someone you know will add you as an authorized user to their account. Be sure the account you are added to is in good shape - no lates, not over utilized etc.
If you are added, be sure to request that it report on your credit reports.

Answer 3

Tricks do not make someone a great risk.

Good behavior over a long period of time makes someone a great risk.