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| *Loan,banking and credit>>>credit score |
What are some easy steps I can use to increase my credit score? |
Have several credit cards.....But does not seem to be helping also have recently purcased a car have been paying on time and still have a low credit score. Anything short of buying a house need the score for that..... I agree with Phoenix. You have to pay on time and dont incure anymore debt. Your debt to ratio may be too high and that is why it is not going up or your utilization may be too much. Pay your cards down to where you are only showing using 30 percent of your limit and pay more than the minimum,even if it is just five dollars more. WORK ON PAYING YOUR CC DEBT DOWN. Also when possible get credit line increases from your CC but DONT USE THEM!! I got about $2,000 in increases from all of my cards in one month ( a few months ago) and my (equifax) score went up 25 points!! Dont get anymore credit, check out myfico.com, they can help you alot! Source(s): Been there done that and still doing it! Pay on time, pay on time, pay on time... Do not open anymore credits if you don't have to. Keep the balance low and don't transfer the balance around. Credit card companies do have info of how many times people transfer the balance around. Work for a major credit card company To get your credit score higher by paying things OFF. Not buying more. They like to see the word "paid" after all debts. Paying on time is a good thing,but does not raise your credit score. Stop buying more,and start paying off what debt you owe. My credit score is 850. I worked hard to get it high. Only time and paying your bills in a timely manner will increase your credit score. And, you are moving in the right direction. Having a larger loan (car loan) boosts your credit score a lot more then credit cards. Why? Because you have to pay it off over time. (Very few folks can pay the entire balance of their car loan on the first payment.) Here is the plan to get your score up as quickly (and to save you some money as well) 1. Pay the car loan on time every month no matter what! Eat dryer lint for dinner if you have to. 2. Stop using the credit cards, or if you do want to use them, do not spend a penny more then you can afford to pay at the end of the month. 3. Dedicate some extra cash every month and put it against the credit card with the highest interest. Pay that down as soon as you can. (That will have the largest effect on your debt to income ratio.) 4. When that one is paid off, do the same thing to the card with the next highest interest. And so on... Paying your debts over a period of time is what demonstrates that you are capable of handling your money in a responsible manner. And, that is what credit worthiness is really all about. If you take on a loan, do you have the discipline to pay that loan back. Best of luck. Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year -- : 1. Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.) 2. Never Miss a Payment, Starting Today 3. Never use more than 20% of your Available Credit 4. Keep Credit Cards that Have No Annual Fees Open For as Long as Possible 5. Extend Your Credit Limit on Cards You Already Have before You Get New Ones 6. Get Credit Cards that Have CashBack Rewards to Contribute to your Balance 7. Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit- 8. If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan 9. Take out a Small Personal Loan and Repay it Over a Year 10. Ask Someone With Good Credit if They will Account Shadow you When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it... Your Credit Score (also known as your MyFico 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 If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score. I've got a lot of information on my blog about credit scores, and I get a lot of questions so feel free to check out any of my posts on millionster.com; I believe my articles here address many of your concerns but if they don't and you still have any specific questions feel free to leave a comment and I'll reply. How Can I Increase My Credit Score http://millionster.com/articles/debt/ask... |
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