how do boost your credit score?

Answer 1

Quickest way is to pay off credit cards. Most people don't realize a credit score is how likley you are to file bankruptcy. Having high credit card balances looks like you are more likley to file.

Another popular thing is if someone you know like mom or dad have good credit and a paid off credit card, ask them to add you as an authorized user, you will get credit for their years of good payments, and instantly raise your score 30-40 points per card.

Answer 2

First, it might help to know what makes up your score:

1. Payment History 35%
2. Total debt owed vs. Available credit 30%
3. Length of time establishing credit 15%
4. Types of credit established 10%
5. Inquiries and New Accounts 10%


As you can see, payment history's the most important. Credit's all about borrowing and paying back. What's the most importing thing? How well do you pay back what you borrowed? Do you pay it back when you're supposed to? Do you pay back the amount that you're supposed to? The key to this is to make sure that you pay your open accounts on time. If you haven't already, open a checking account with online billpay. Most major banks offer this service free of charge. This way, you can insure that your payments are made on time. If you have any accounts in collections, try making arrangements to pay and negotiating removing the debt from your report if a full payment is made.

The second most important thing would be the total debt you owe vs. the amount you have for available credit. Credit's designed to be used as a tool, instead of a crutch. Hey s**t happens from time to time, and at one point in time, everybody's put in a pinch. Credit is there to help bail you out. But it's also your responsibility to do right by it and restore things the way they were before you asked for it. A way to fix this is to either pay your balances on all your credit cards down to 30% or less of your available credit. Let's say that you had 3 credit cards and the combined limit for all 3 is $1500. The most that you would want the balance to be between the 3 cards is $450, or even more so no more than $150 each card. Periodically, request for line increases on your cards. That DOESN'T mean that you should charge more, just allow yourself additional cushion for your available credit.

Contrary to what people say about closing accounts, don't do it. Because your score is going to suffer as a result. Credit and the way that it's scored is designed on a necessity basis. When you apply, it creates a hard inquiry that drops your score several points regardless if you're approved or not. And if you are approved your score will not improve until a solid line of payment history is established, which could take years, so at this point, the damage is already done. Closing accounts at this stage of the game would only do more harm than good because you not only remove any positive payment history (remember, that's scored the most) but also available credit (which sure enough is the 2nd most important) and that lowers your score. The best advice for this at this point would be not to apply for any more credit unless it's absolutely necessary. Just work with what you have. An example of balanced credit would be 3 revolving accounts (credit cards) and at least one currently paying or paid installment loan (car loan, mortgage, personal loan, furniture or appliance financing) . Don't just load up on credit cards. You shouldn't have to. If you take care of the one or two you have, you'll get the available credit you need.


Hopefully this information that I've given in this answer helps out


Good luck!

Answer 3

Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year -- :

# Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.)
# Never Miss a Payment, Starting Today
# Never use more than 20% of your Available Credit
# Keep Credit Cards that Have No Annual Fees Open For as Long as Possible
# Extend Your Credit Limit on Cards You Already Have before You Get New Ones
# Get Credit Cards that Have CashBack Rewards to Contribute to your Balance
# Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit-
# If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan
# Take out a Small Personal Loan and Repay it Over a Year
# Ask Someone With Good Credit if They will Account Shadow you


I've got a lot of information on my blog about credit scores, and I get a lot of questions so feel free to check out any of my posts on millionster.com; I believe my articles here address many of your concerns but if they don't and you still have any specific questions feel free to leave a comment and I'll reply.

How Can I Increase My Credit Score
http://millionster.com/articles/debt/ask-1mil-how-can-i-increase-my-credit-score/

and

10-Ways to Boost Your MyFico Score
http://millionster.com/articles/debt/increase-fico-credit-score/

Also be sure to check out the promotional links I've listed here to help you get a better picture of your creditworthiness:

MyFico's Full Credit Report
http://millionster.com/go/myfico

Suze Orman's Credit Report Repair Kit
http://millionster.com/go/suzekit

30-day Trial of Credit Score Tracker with Free MyFico Score
http://millionster.com/go/fico30

Answer 4

here is a few tips:
# If you can't pay off your balance in full, then slow down on your credit card use for the next while. Take time to step back and have a carefullook at how much you earn and how much you spend each month. A little budgeting can save you big money down the road.
# Check your statement carefully each month. Review your statement carefully. Do all the charges look correct? Have any required credits been applied? Are there any unusual or unexpected charges? Your credit card company will correct legitimate errors, but only if you bring them to their attention in a timely manner before you pay your bill.
more exclusive tips try this

Answer 5

Close any unused accounts that are paid off. Then, pay extra if you can on any open accounts. Somewhere there is a fine line between having too many accounts with a high balance and not enough credit. Difficult to find that area you want to be in.

I do know that credit scores go up if you close unused accounts. This is because they are being seen as accounts you can use. Thus, creating a higher total balance and then lower your credit rating.

Answer 6

make sure everything on your credit report is paid on time each month, and it takes time to see changes like 6 to a year..

Answer 7

Pay your bills on time. If you have cedit cards, pay them off early.