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Advice on how to raise your credit score - The Bills.com Blog
Bills.com Blog > Credit Questions > How Can I Raise My Credit Score
Advice on how to raise your credit score
Wednesday, Dec 5, 2007
Question: My fico score is 460, how can i raise my credit score?
Answer: You are one of millions of Americans asking themselves: How can I raise my credit score or raise my FICO score.You have a few options on how to improve your credit score, but they basically fall into two main categories: 1. clean up bad and inaccurate information, or 2. re-establish solid payment history on new tradelines and maintain financial stability.
While I cannot tell you when your credit score will improve, I encourage you to continue making your monthly payments in a timely manner, as the longer you make payments, the more positive influence the accounts will have on your credit history. I encourage you to regularly obtain copies of your credit reports from the three major credit bureaus (Equifax, TransUnion, and Experian) to verify that all listings appearing on your report are accurate. If you find any inaccurate credit listings, you should dispute the item with the credit bureau reporting the information.
If it would help you for future knowledge, I can help you to understand how your credit score is calculated. Your credit rating is calculated based on several
variables, including: your payment history (do you have any late payments, charge-offs, etc.), the amount and type of debt that you owe, if you have maxed out any of your trade lines, and then several other secondary factors like the length of your credit history and how many recent inquiries have been made to look at your credit history.
Without contesting, all items remain on your credit report for up to 7 years. A bankruptcy may remain on your credit report for up to 10 years.
For you to start seeing improvements, here are some things you perform:
1. Pay off all debts and keep revolving lines below 25% utilization and certainly don't 'max out' any loans or cards.
2. Get a small store card or gas card or credit card and make payments every month {this will help
Without contesting, all items remain on your credit report for up to 7 years. A bankruptcy may remain on your credit report for up to 10 years.
For you to start seeing improvements, here are some things you perform:
1. Pay off all debts and keep revolving lines below 25% utilization and certainly don't 'max out' any loans or cards.
2. Get a small store card or gas card or credit card and make payments every month {this will help
you re-establish a track-record of positive payment history}
3. Write a letter to the three bureaus (Experian, Equifax, Transunion) explaining your situation and why you are now in a good credit situation.
4. Pull your credit report and contest to remove any inaccurate information.
These are a few of the considerations. If you would like more information about a solid financial game plan, I have enclosed our FREE budget and personal finance guide for your perusal.
To learn more about credit reports and credit scoring, I encourage you to visit the Bills.com Credit Solutions and Resources page at http://www.bills.com/credit/.
I wish you the best of luck in rebuilding your credit history. I hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
3. Write a letter to the three bureaus (Experian, Equifax, Transunion) explaining your situation and why you are now in a good credit situation.
4. Pull your credit report and contest to remove any inaccurate information.
These are a few of the considerations. If you would like more information about a solid financial game plan, I have enclosed our FREE budget and personal finance guide for your perusal.
To learn more about credit reports and credit scoring, I encourage you to visit the Bills.com Credit Solutions and Resources page at http://www.bills.com/credit/.
I wish you the best of luck in rebuilding your credit history. I hope that the information I have provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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1. Posted by Raise my credit score on Saturday 7th November 2009 04:09
Hey is this easy to raise my credit score.. i searched on lot of sites but don't find any information...