How can I make my credit score go up?

Question

Its already 681, so I dont need to go crazy trying to bump it up higher. I just was wondering if there were some little things I could do.

Answer 1

FICO scores are calculated based on a 100 point system, divided into 5 areas of major interest to lenders:

1. Paying your debt obligations on time = 35%

2. Your credit to debt ratio = 30%

3. Frequency of applications for new credit = 15%

4. What types of debt you are carrying, for example installment, bank credit, credit cards = 10%

5. How old your accounts are = 10%.

This means the two most important things you can do for a good score are (1) pay on time, and (2) keep your debt below 30-50% of the total credit avaialable to you.

Don't apply for new credit unless you absolutely have to - unless you need a greater variety of credit types or want to riase your score in the ling term by having more credit avialable to you and therefore a better debt/credit ratio. Raising limits on existing cards is often a better way to do this.

See the link below for more detail and some info on how to get a free credit report and use it to your advantage. Make sure the stategies you use are all FREE and LEGAL - there are a lot of scams on the Internet from so-called credit repair companies.

Answer 2

Pay down your credit cards. Don't get any new ones. Don't be late paying any monthly bills. Every credit card is considered a loan even if you don't use them, so be careful when you get those notices for "pre-approved" cards.

Answer 3

You can opt out of prescreen credit offers. I know it will help raise your credit score, but you wont be receiving any prequalified offers.

Answer 4

Simple answer: Pay your bills ontime.