What's the most efficient way to raise my credit score?

Answer 1

Whoaa!!! Some real dis-information here. Stop.

1. Make sure you keep your oldest credit account open, even if you don't ever plan on using it again.

2. You can check your credit score as many times as you want as long as you order the report directly through the credit company. It does not count against you at all.

3. You should have around 3 to 4 open credit accounts. You don't have to use them, but it's a fact that if you only have 1 open, you won't have a deep enough credit.

4. Try to keep your total credit utilization at 33% or less of what's available to you. In other words, if you have $10,000 available, borrow $3333 or less.

5. pay your bills on time. If you do happen to fall behind, pay in this order: House, Car, Credit Cards... this is the order of bills that have the heaviest weight on your score.

Answer 2

The Credit Score is calculated with the following breakdown:
* 35% - Payment History
* 30% - Credit to Debt Ratio
* 15% - Credit History
* 10% - New Credit
* 10% - Credit Types in Use
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Answer 3

First get a copy of your credit report. Each reporting company has to provide you with one free copy a year, just go to there websites. Make sure everything is accurate. If there is anything negative, such as late payments, dispute it. Also too much available credit lowers your score. Call the credit cards you have and tell them to lower your limit if it is more than you need. (Do not close the cards completely because the reporting agencies are looking for long established accounts)

Answer 4

One checking your own score does not detract from your rating, applying for loans does (approx 5-7 points per inquiry) . Pay your cards down to 30% of the amount available. Do not let any bills go over 30 days late, that is when the report goes in, not after 1-2 days. If you have bills in collection and a collection agency calls you for payment, get it in writing that upon paying said bill they will remove it from your credit, if not state you are not paying, especially if it is over 4 years old (check local state laws) because in most states at that point the statute of limitations has expired, and if taken to court you only need to show that, and it will be vanquished, in as far as collecting, not in as far as reporting, as that remains at 7 years. If the debt agency has re reported your debt that basically is illegal, it is 7 years from the last activity. so if they have you can report it to the credit companies as in a dispute, and file charges, sorry a complaint against the collection agency, whom could lose their license.

Answer 5

1. stop checking your fico score many times if you are not applying for any major loan.

2. Be efficient on paying bills - your credit score will be efficient too.

3. Have only one major credit card - do not apply to so many credit card companies. Just have one and maintain it well.

4. Avoid being put to collection - keep tract of your accounts.

Answer 6

Add a seasoned tradeline to your report with you as an authorized user; expect a bump of 70-110 points in 60 days. A friend used a service like this found by filling out the free evaluation at www.totaldebtsolutionsllc.com They don't advertise it on the site but it is still a viable option til spring for 2 of the 3 bureaus.

Answer 7

I agree with Yahoooo,
when you have made payments to credit cards, see if you can reduce the credit limits, when able this way if you go for loans or any other credit, you show that to can facilitate the loan as most companies will always take the limits as actuall debt even if you havent reached the limits.
It also shows that you are a responsible risk for credit.

Answer 8

Pay your bills in FULL and ON TIME. This is the only way to build a good credit.