I have a total of 4 credit accounts.
$800
$250
$50
$275
I would like to increase my FICO score. How do I go about doing this? Also, will I need to contact the credit bureau when my account has been paid?
2007-08-20 08:10:52 · 5 answers · asked by Jassierra 3 in Business & Finance ➔ Credit
These are estimated balances.
2007-08-20 08:23:25 · update #1
A credit score is calculated based on a lot more factors than just the number of credit accounts. Although the formula is a closely guarded secret, here are some suggestions that would probably help. 1) Pay everything on time and remember that the bureau's definition of on time is under 30 days late, 2) Keep your credit at less than 50% of your max credit amount, 3) Dispute all errors with all 3 bureaus thru their websites, 4) Pay off all judgements and recent collections (paying off an old collection may Lower your score). These will bring your score up. As to notifying the bureaus when your account is paid, the creditor should do that. Give them 45 days. If the item still shows owed, dispute it.
Good Luck,
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2007-08-20 08:46:16 · answer #1 · answered by Rono 2 · 0⤊ 0⤋
the best way to have a good FICO score is pay your bills on time. Dont charge more than 1/2 of your credit line on your credit cards. Getting a better FICO score takes time it doesnt happen overnight and you shouldnt have to contact the credit bureau your creditors update their customers account all the time some people take longer than others but it gets done. GOOD LUCK
2007-08-20 08:21:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Pay them without incurring any late penalties. Your FICO score will increase as you use them and pay them off on time. You do not need to contact the credit bureau because they will obtain your payment history from your lenders. If you want to increase your credit score or would like a free credit repair guide you should visit the good people at http://www.your-credit-solution.com .
2007-08-20 08:18:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The companies who issued the Visa/MasterCard cards should report directly to the bureaus. You should check your credit report periodically to be sure they are and that they are accurate
2007-08-20 09:23:44 · answer #4 · answered by Dewey K 2 · 0⤊ 0⤋
Are those balances, payment amounts, or credit limits?
Pay off your debts. Your score improves by paying on time.
2007-08-20 08:21:16 · answer #5 · answered by bdancer222 7 · 0⤊ 0⤋