10 Tips to Improve your Credit
Article: “10 Tips To Improve Your Credit”
By Andre Plessis
“Tips to Improve Your FICO Score”
There are several actions you can take to help improve your credit score. The first step is to check your credit report. Ordering your credit report is simple, and it can give you insight as to the accounts and information that may have a negative effect on your credit.
1. Pay bills on time, and pay at least the minimum amount due.
2. Contact your creditors immediately if you miss a payment, and work out a payment plan before they report you to the credit bureaus.
3. Do not close credit card accounts in good standing. Individuals with no history of credit tend to be seen as a higher risk than others who have a record of managing debt responsibly.
4. Avoid maxing out your credit cards. It’s better to charge less on two cards with room to spare. Typically you should be at 30% of your credit card limits. If your credit card has a limit of $10,000 your balance should be no more than $3,000.
5. Ask creditors to raise your credit limit so that you do not appear overextended. This is an excellent way to increase your score has if you are current balance on a credit card is 50% of the limit, then with a limit increase you will lower your balance ratio lower your balance ratio.
6. Do not open new accounts, because it shows an interest in acquiring new debt, which can lower your score.
7. Aim for a rich mix of credit, with revolving credit (credit cards) and installment debt (car loan, student loan). According to a study someone with a home mortgage may have a higher score than someone with no home mortgage.
8. If you suspect your creditor is not reporting positive information to the bureaus, contact the creditors or the bureaus directly to set the record straight.
9. Correct errors on your credit reports.
10. Find out the key factors that are dragging down your score so you can fix them.
To Your Success,
Andre Plessis
“The Mortgage Guru”
Website: http://apply-free.com
Andre Plessis
http://www.articlesbase.com/mortgage-articles/10-tips-to-improve-your-credit-96764.html
Any tips on improving your credit score?
I know I need to pay bills on time and lower or pay off my credit cards. But I need help with getting older irrelevant items off my credit report. Is it true that most information stays on the report for atleast 7 years? How do I remove the things from 7+ years and will this help improve my score?
Negative information should automatically fall off 7 years after the charge off date (which is typically 90-180 days after the first delinquency).
If negative information has not fallen off, then you need to do what is called a dispute. When you dispute this information it should be removed from your credit report, thus improving your score.
Some other tips if you are going to continue using debt are to always make on-time payments, and keep any balances for revolving debt (i.e. credit cards) under 25% of the available credit.
References :
The first thing that you need to know that knowledge is power. In order to fix your credit, you should know how your credit is scored and how it affects you
1. Payment history- 35%
2. Total debt owed to avialable credit ratio-30%
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%
With that said, there's 2 things when it comes to bad debts and collection items that you should be aware of, the FCRA and statute of limitations. These are 2 diffferent things. The FCRA(Fair Credit Reporting Act) is the timeframe that negative items can remain on your report which is 7½ years from the date it first went deliquent. For example if a debt first became delinquent July 10, 2000 the legal limit that the debt can be reported would be January 10, 2008. Also, there is a seperate statute of limitations that varies by state on how long a debt can be legally enforced. This is different from the FCRA, because depending on which state you live in the statute may or may not expire before the FCRA.
here's a link for that
http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml
Another important thing to know is that negative items that are less than 2 years old are hurting your score the most. It's possible that you can settle much older debts for far less in exchange for getting them removed from your report altogether. This is called a "pay to delete". I posted several links explaining this in detail
http://www.creditinfocenter.com/debt/settle_debts.shtml
http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml
http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml
http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml
http://www.creditinfocenter.com/debt/debt-negotiation.php
References :
credit analyst/underwriter
http://www.creditinfocenter.com/debt/settle_debts.shtml
http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml
http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml
http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml
http://www.creditinfocenter.com/debt/debt-negotiation.php
After 7 years things will not be reported on your credit score as long as they are history.
If for instance you owe Visa $100 from back in 1993, and they did not write off the debt, then you still owe Visa $100 and it still shows up on your credit report 15 years later.
Paying off the Visa WILL help your credit rating then because it is no longer a bad debt, but a late payment. Of course you do have to still wait 7 years for the late payment to get off.
Currently our nation is slipping into a recession however because people believe in credit scores. When you start paying in cash, you won't worry about credit scores and the factory workers who were going to be laid off will thank you for your generous support of our economy.
References :
Call Urbancredit at 1-888-633-3317. We will tell you exactly what to do and how to do it. And if you still need help, we will do the work for you!
Basically you need to pull your credit reports.. you can request them from the link below or annualcreditreport.com
http://friends.truecredit.com/r/26367c62266e102b991c
next you will need to identily the old items, or negative items and write a letter to all three credit bureaus stating you dispute the items. Wait 30-45 days for a response and you will see what items have been deleted.
References :
I own a credit repair company
To raise credit score
1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3.To boost your score: Don't charge anything for at least 60 days before applying for a loan
4. keep your total potential debt to earnings load low – If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
6.To boost your score: Don't close unused accounts when you transfer debt.
7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.
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http://www.bestcreditrates.net
References :