Fast Credit Repair
by uniondocs

Tips To Improve Your Credit Score

One of the largest determinants of overall financial health is your credit rating. Without a good FICO score you will have a difficult time obtaining a mortgage, auto loan, personal loan, or credit card. By having a good score you will not only drastically increase your chances of obtaining a loan, but you will also receive lower interest rates which will save you thousands of dollars in interest expenses over the course of your lifetime. If you have a poor credit rating, there are several tips to improve your credit.

The most obvious thing you can do to improve your credit is to make sure that you always pay your bills on time. Your historical timeliness of making payments to creditor on time is one of the largest determinants of your overall credit score. If you historically have not paid your bills on time, paying your bills on time going forward is the first step to improving your score. While late payments will remain on your credit score for 7 years, your credit score will increase after successfully making payment on time for a full year.

Next, you will want to pay off as much of your revolving credit as possible. Your credit utilization is the second most important factor that determines your credit score. For the best possible credit score, aim to keep your balances at 20% or less of your total limits. As an example, if you have ,000 in credit card limits, you should never carry more than ,000 in revolving debt. If you pay down your credit card balances so they are less than 20% of your limit, your credit score will improve immediately. If you do not have the cash on hand to pay down your credit cards, you may want to consider calling your creditor and seeing if they would be willing to raise your credit limit. This would result in a lower overall credit utilization ratio.

The last of several tips to raise your credit score is to pay off charged off accounts through a pay for delete. If a creditor has ever charged off your account because you refused to pay back your debt, they most likely have written off your account. A charge off has an adverse impact on your credit score and will remain in your file for seven years from the date of last activity. If you contact the creditor, they may be willing to delete the account from your credit file in exchange for payment in full.

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Fast Credit Repair