How can I increase my credit score?

Answer 1

Other than paying bills on time, there's a number of things you can do.

I couldn't find the paper that came with my credit report, but this is what I remember from it :
1) the length of history is important
2) the TYPES of accounts are important (there's an "ideal" mix) - lower scores can be the result of too many credit cards ("revolving"?) and not enough mortgage/lease types ("installment loans")
3) don't use all the credit available to you
4) don't constantly open and close accounts - although you need credit to build a credit history, you don't need a credit card from every store.
5) pay off your credit cards (in full) each month if possible

Hope that helps.

Answer 2

There is a methodical way that you can increase credit scores. If you will visit my blog you will find a link to a credit repair service. Sometimes people can pay as little as $50 and raise their credit scores 20 points. These people are trained on how to rate credit. I had a customer a while back who simply had run her credit card over $6. and while she was paying the minimum. That $6 over the limit was hurting her credit score every single month.

I am not affiliated with this credit repair service I just wanted to offer links to empower people to take control of their financial situation. Be sure to check out anyone that you use with the Better Business Bureau.

If you haven't already done so pull your free credit report while you are there. I would appreciate your feed back on my poll

Answer 3

It depends on why you have a low score in the first place. If you have never had any credit cards or loans and you have always paid your bills and rent on time, you could find a credit card company or store like Sears who will give you a card. After some time of making charges and always making payments on time, your credit score should improve.

If you have little or no balances on your cards, you may just have too much available credit. Try canceling some of the cards you don't use often. This assumes you already make payments for bills, credit cards and rent on time.

If you have debt which the rating companies feel is too high for you income or you have not made all your payments on time, you have a longer harder job. Paying off debt and always making payments on time should improve your credit score.

Answer 4

It takes a lot of time and self-discipline. You need to keep the balances on all of your revolving credit accounts at the most, 35% of the potential credit you can use at all times. Make on-time payments on all of your cards, bills, and loans. Make sure to pay down high interest rate items when you have extra cash, rather than putting that cash into savings or paying off lower interest smaller accounts... trust me on this one. Do not apply for more than a couple of credit accounts/loans, etc. every year or two.

Basically, get out of debt, keep your accounts active and pay off the balance each month. That's it... and you need a significant amount of time on your credit report before you can have an established score. (Sometimes up to tens of years or so).

Answer 5

You must maintain a good credit history.
have 2-3 main credit lines i.e. visa, department stores...
Your debt should not be more than 30% of your cards credit limit. for example, if your credit line is $1,000 than your balance should hover around $300.
Never miss a payment.
Do not close any accounts with good credit history. Those will help you in the long run.

Answer 6

Make sure you don't have to many credit cards opened or don't keep applying for them cause that could decrease your credit score. Applying for loans also can decrease your credit score. Make sure you pay your bills off each month and don't spend alot of money on your credit cards because that actually can lower them spending most of your credit limit. Just make sure you pay it off every month and don't get late fees, and keep like a credit card or two and put little purchases on each month. I started off with a credit limit of zero a year ago and now I am at 720 already, I only have two credit cards and pay them off on time.

Answer 7

Apply for a couple of credit cards. When they arrive, purchase something. When the bill comes pay them off in full. Also, try getting an American Express card and do the same thing. Good luck!

Answer 8

Pay your bills on time.
Pay more than the minimum each month on your credit cards.
Pay one or two of them off.
Stop buyin' so much stuff that will be passe' next week. .

Answer 9

look for factors that could be affecting it, such as accounts that aren't yours, late payments actually paid on time, debts shown as outstanding. Pay down balances on your credit cards. Also pay your debt before its due and keep your balances low.

Answer 10

pay your bills then quit buying stuff with your credit card