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| *Loan,banking and credit>>>credit score |
What are some methods that will quickly improve my credit score besides the obvious? |
By obvious, I mean paying off debt. Nothing is quick when it involves improving credit. Paying off your debt also means getting it reported to the credit bureaus as most companies will take a good amount of time before they report that they have been paid (This includes correcting any mistakes on your credit report). Getting a small line of credit and making payments on time will also help improve scores. Be sure to use your credit. You will want to keep balances below 25% of your credit line, but will want to keep them active. You don't start out with perfect credit and decrease it with mistakes; You have to earn a good credit score. don't apply for alot of credit cards. every time you apply the credit card company checks your credit and it shows up on your credit. so every time you get turned down due to bad credit it is shown on your credit as a denial and it brings your credit score down. you should only apply for credit card when you are 100% sure you are going to get it. Don't miss or be late on payments Don't run around applying for credit Your credit score is also based on the percentage of debt to credit available. Meaning if you have two cards, one with a $1000 limit that is maxed out and one with a $2000 limit that has nothing on it. If you close the $2000 credit line, you have now gone from 33% debt to credit availability to 100%. that will ding you big time. save up $500. take that to your bank and use it to secure a loan for $500. Take the $500 and repeat the process with several banks. Pay the loans on schedule and you will have increased your credit rating. Do not close any long standing accounts especially if they are in good standing. Opening new accounts is a small hit on your score, closing an old account is a big hit. Get your credit card balances down to a reasonable percentage of the total limit and keep it there or lower. If you can paydown some debt that would be great also but by keeping the oldest accounts current that will help the most. |
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