7 Proven Ways to Increase Your Credit Score
During your lifetime, the amount of interest you pay can add up to a very astronomical number. It is important that we focus on constantly improving our credit score. As most of us already know, having a poor credit score can severely limit our opportunities for advancement. Most lenders have specific rules about handing out the best terms, nine times out of ten those rules revolve around your credit score.
The specific algorithm used to calculate your personal credit score is a closely guarded secret. We know a few major things that can help boost or severely lower your credit rating.
If you want to gradually increase your credit score over time, keep your credit account balances low, take out new credit only when you need it and pay your bills on time.
If you haven’t pulled your credit report and score yet, don’t waste anymore time. This won’t affect your score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers.
Once you are looking at your report, you can increase your score pretty quickly if you correct any errors that you may see. These errors may be accounts that aren’t yours, late payments that weren’t late, debts you may have already paid off, school loans that should be in deferment, etc.
Once you have completed this step, make an effort to pay the balances down on your cards. What you don’t want to do is cancel cards that you have paid off. This can hurt your score because you are lowering the total amount of available credit you have available. You want to keep your utilization ratio in good standing.
As long as you have self-control, call your credit card companies and get your credit limits raised. I have a script you can use for this, but I will have to post it later. Remind me in the comments section below.
If you absolutely must close an account, keep your oldest card open. The length of your credit history is also an important factor.
Find someone willing to “spread the love around”. If you can find someone you trust, and they have good credit, get them to add you as a signer to their account. In most cases, the history of the account will be added to you credit report. This is a quick way to boost your credit rating. This is not the same as cosigning on a loan.
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I like the idea at the bottom best! There is a really cool company who does this all day long. I just had my credit score raised from a 520 to a 700 in the matter of two days! They were easy to work with and they have a money back guarentee which I really liked. I also checked them out on the BBB website and they have a PERFECT record! You can find their contact info. via their website: BoostMyScore.Net I highly reccomend them.