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I have a 623 credit score? How can I raise it to be 700 in 4-5years?

Wednesday

I am 18 and just checked my fico score- it’s 623.I have 2 major credit card with about 1k limit… I am doing ok on those cards (paying them off) and a macy’s revolving credit… .. what should i do to raise my credit score to at least 700? I will be buying a house in 4-5 years… so I need help building it right now..thanks

I just wrote an article on this yesterday. There are five main things that go into a credit score: 1) payment history 2) utilization ratio 3) length of credit 4) new credit 5) credit types. If you want to read "5 Steps to Raise Your Credit Score", visit the article here: http://www.beechin.com/personal-finance/5-steps-to-raise-your-credit-score/
Good luck on your quest to 700!

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  1. harry
    July 8th, 2009 at 10:48 | #1
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    You are young. Continue using credit wisely and your score will go up.
    References :
    retired banker

  2. LOVELY S
    July 8th, 2009 at 11:00 | #2
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    just pay off credit balances and don’t let them get to high because your credit score will drop drastically…seems like your on the right track…good luck!!
    References :

  3. 59 year old white male
    July 8th, 2009 at 11:30 | #3
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    Consolidate your credit card debt to a low interest credit card. Do everything on one card, you don’t need store accounts, they all take Visa or MC. With a little sacrifice you could get your balances to zero, then keep paying them off every month. Make it your goal not to pay any credit card interest. One you get a card with a low interest rate, keep it forever, even if you don’t use it.

    Pay yourself first each and every payday. Start by stashing 5% in a put and leave account.
    References :

  4. stan c
    July 8th, 2009 at 12:19 | #4
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    Take out a small loan for 24 months and pay it back it 12. That should boost your credit score.
    References :
    Retired bill collector 35 years

  5. langley22
    July 8th, 2009 at 12:31 | #5
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    I just wrote an article on this yesterday. There are five main things that go into a credit score: 1) payment history 2) utilization ratio 3) length of credit 4) new credit 5) credit types. If you want to read "5 Steps to Raise Your Credit Score", visit the article here: http://www.beechin.com/personal-finance/5-steps-to-raise-your-credit-score/
    Good luck on your quest to 700!
    References :
    http://www.beechin.com/personal-finance/5-steps-to-raise-your-credit-score/

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