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How To Raise Your Credit Score

June 6, 2011 5:00 pm Published by

How To Raise Your Credit Score

If the last few years have been tough, and there has been some difficulty in meeting your financial obligations, there is a possibility that your credit score has been adversely affected. This will have an impact on your ability in the future to be successful in applying for loans. You may need to consider ways to raise your credit score and thus head off any future problems. Your credit score is like your financial health score. It gives potential offers of credit a measure of your relative risk.

First up, you need to do a stock take of your credit situation. Work out what you have and what you now no longer have. Assess the situation. Be real, be honest, be open and do not leave any stone unturned. What credit cards do you have? What loans do you have? How many store cards do you have.

Make up a spreadsheet of all the details, keeping them in a very safe place. Identify the outstanding balance, monthly payments, and (the scariest part) how much interest you are being charged.

If there was a payment problem in the past, dig up those details, and gather all the information about the repayment plan you agreed to.

To raise you credit score, you will need to know what your current score is. This will involve contacting the relevant credit agencies and credit bureaus and have them supply your details. You will need to get a transcript of your credit history. You will need to take particular attention to the problem areas such as letters of demand, overdrawn accounts, default payments bounced payments, arrears amounts etc.

Once you are armed with this information you can develop a plan to raise your credit score. This will involve some hard work, some letter writing, some phone calls, and above all, a determination to succeed. It can be done. And there is a systematic plan you can follow that will ensure that every possible avenue is pursued to have the poor credit issues resolved or erased leading you to have your credit score raised. It is possible to raise your credit score by over 120 points in as little as six weeks.

At the same time you need to be working on a debt reduction plan. This also takes discipline, hard decisions, prioritisation and a willingness to do the hard yards. Ultimately you can do this, as long as you remain committed and have a comprehensive plan to follow.

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Jim Phillips is an online publisher and webmaster. His latest sites take a look at how to pay off debt and cheap colored contacts.

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Q&A: Can I raise my credit score 100 points in 6 months?

June 6, 2011 5:00 am Published by

Question by Jennifer: Can I raise my credit score 100 points in 6 months?
I have about $ 1600 of debt on my credit report from old credit cards and medical bills that I will be paying off in a few days. Is it possible to raise my score 100 points in 6 months if I get a secured credit card and pay all my bills on time? Also, what else can I do to raise it quickly? Everything on my credit report is legit.

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Best answer:

Answer by Judy
I read that if you have a maxed out card and pay it off it can increase your score by 100 points in 30 days.
Maxed out is when you use more than 75% of your avaialble credit limit.
That is how devastating carrying credit card balances is for your score – I wish more people knew this and started paying in full each month.
You never pay interest and can get those top scores – seems so darn easy.

Medical bills are one time items.
You can do a Pay on Delete on these if you pay in full.
You call up the creditor showing on your credit reports and request it.
Get it in writing – this is a must.
The item will be deleted from your credit reports.
You can also settle, but it will stay on your score and reports.
Your score will slowly start improving with a paid off item.
Offer 30 to 50% of the total bill – see if they bite.
Get it in writing if you can.
In this case – never send a personal check – send a certified check from your bank.

You cannot do a pay on delete with credit cards – revolving credit.
You can settle with them.

I do not like secured cards – not one bit.
Better idea : Secured loan.
Drop $ 500 into a 1 year cd, and make a secured 1 year loan against it at your bank.
——–
Never close your oldest credit card unless it has an annual fee.
Length of credit history is a whopping 15% of your fico.
/

What do you think? Answer below!



How To Raise My Credit Score – 4 Financial Actions to Avoid

June 4, 2011 5:00 am Published by

How To Raise My Credit Score – 4 Financial Actions to Avoid

We all know maxing out a credit card hurts our credit score. But how much? How about filing bankruptcy? Does it totally ruin our score, or is there a way to bounce back? These are all good questions that, as regular consumers, we need to know the answer to. Hopefully “How To Raise My Credit Score – 4 Financial Actions to Avoid” will help clear up any concerns you may have.

We all use our credit cards in our daily lives, and many financial decisions we make affect our credit score directly. Read on and learn what actions to avoid and which good habits to build so as to make the best out of your credit card.

4 Financial Actions You Should Try To Avoid

According to an article in MSN Money written by Liz Pulliam Weston, depending on your score, the same financial action will affect your differently. For instance, the higher your score is, the more points maxing out your card will cost you.

Two different credit scores were chosen to see the effects of the following 4 financial actions: a score of 780 and a score of 680. Find out exactly how much missing a payment can actually cost you.

1) Maxing Out Your Credit Card: -45 / -30

2) Making A Late Payment: -110/ -80

3) Foreclosure: -160 / -105

4) Declaring Bankruptcy: -240 / -150

3 Good Credit Card Habits

FICO  explains how the financial actions listed below can help you improve your score. If you can make an effort to follow these habits, do it. It’ll be worth your time.

1) Keep Your Debt-To-Credit Ratio Low: below 30% is the best way to go. Creditors consider a consumer financially responsible if he uses only a small part of his line of credit. Hence, try to keep 70% of your credit line available.

2) Pay Your Bills On Time: If your debt is diversified (credit cards, car loans, mortgage payments) and you don’t apply to too many new accounts, your credit score will probably be boosted.

3) If You Go Over Your Limit, Pay It Off ASAP: it shows the creditor you’re aware of your financial actions and are willing to mend your mistakes. Just like going over your balance will lower your credit score, taking care of it will eventually increase it.

Keep Up the Hard Work

I know it isn’t easy to manage your credit cards well in a time in which money is tight, but trust me, you’ll reap the rewards of your hard work. By following the previously mentioned 3 good credit card habits, you’ll boost your credit score and be back in control of your financial life.

Hopefully “How To Raise My Credit Score – 4 Financial Actions to Avoid” has helped you understand what goes into calculating your credit score a little more in detail. Now that you know, you’re more in control to change your credit score, for the better or for the worse.

If your finances are going smoothly, congratulations! Keep up the hard work. If you’re already submerged in debt, don’t worry. And don’t feel guilty! You probably didn’t mean do it on purpose. Stop stressing out about your debt and, instead, do something about it! And whatever happens, don’t lose hope. There’s typically always a way out of debt.

 

 

 

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John M. Stevens is a Financial Advisor for Kirkland Green, a Debt Settlement Company located in Irvine, California. Kirkland Green has a highly trained staff of Debt Consultants and counts with established relationships with financial institutions and creditors throughout the US. Kirkland Green is a member of The Association of Settlement Companies (TASC) and the United States Organization for Bankruptcy Alternatives (USOBA).

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Ten Best Ways To Improve Your Credit Score

May 29, 2011 5:00 pm Published by

Ten Best Ways To Improve Your Credit Score

When you apply for credit – whether for a credit card, a car loan, or a mortgage – lenders want to know what risk they’d take by loaning money to you. FICO scores are the credit scores most lenders use to determine your credit risk. (Credit bureau scores are often called “FICO scores” because most credit bureau scores used in the U.S. are produced from software developed by Fair Isaac and Company.)

Although many people think there is one credit score, you really have three FICO scores, one for each of the three credit bureaus: Experian, TransUnion, and Equifax. Each score is based on information each credit bureau keeps on file about you. For your credit score to be calculated, you must have at least one credit account which has been open at least six months. As your credit information changes due to new credit cards, new balances, late payments,etc., your credit scores tend to change as well.

Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time. FICO scores provide the best guide to future risk based solely on credit report data. The higher the credit score, the lower the risk. While each lender determines their loan amounts and interest rates differently some generally accepted credit score ranges are:

760-850 – Excellent (best/lowest interest rates granted)

700-759 – Good

660-699 – Fair

659-lower – Poor (worst/highest interest rates, if loan granted)

Taking steps to improve your credit scores can help you qualify for better rates from lenders. Here are some actions to consider:

Pay your bills on time. Delinquent payments and collections can have a major negative impact on your credit score. If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your credit score. Be aware that paying off a collection account or closing a previously delinquent account will not remove it from your credit report. Your FICO score will still consider this information because it reflects your past credit pattern. Keep credit balances low on credit cards and other revolving credit accounts. High debt can lower your score. Pay off debt rather than moving it around. Don’t close unused credit cards as a short term solution to raise your credit score. Owing the same amount but having fewer open accounts may lower your credit score. Be careful about opening accounts your don’t need. Opening new accounts can lower your credit score in the short term. Re-establish your credit history if you have had problems. Opening new accounts and paying them off on time will raise your score in the long term. Apply for and open credit accounts only as needed. Don’t open accounts just to have a better credit mix – it probably won’t raise your credit score. Learn your credit score and actively monitor your credit report. Checking your credit report will not affect your FICO 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.

Although FICO is a bit complicated to understand, getting and maintaining a good credit score is not. And a good credit score can save you thousands of dollars over your life time.

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Greg Barcus is a freelance writer and has written several articles regarding credit and personal finance. He is also the owner of http://www.PremiumCardOffersOnline.us which offers several of the best credit report services as well as credit cards to meet a variety of needs.

If you are interested in obtaining a free copy of your credit report you can check out the free credit report offers at: http://premiumcardoffersonline.us/free-credit-report.html

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How To Raise Your Credit Score – Peg Maloney Re/Max

May 29, 2011 5:00 am Published by

Pay Off YOUR Debt, NOW! The only way to raise a credit score is to pay off your debt or at least reduce it to an acceptable level! I recommend paying off high interest rate credit card debt first.They can suck the life out of your finances! As for those, “magic cure” credit repair commercials you hear and see promising a quick fix, their scam is even greater than high interest rate scam your credit card company is charging you! What steps do you need to take to build your credit score to the highest level possible? How can you secure a mortgage with a lower interest rate? Use my common sense guidelines provided below to get rid of the debts that have reeked havoc on your chances for a lower-interest mortgage on your dream home. 1.) Pay Your Bills on Time — All the Time! I know, I know — this isn’t always easy. But, lenders of all kinds look for reliability on your part. Since loaning money is a risk for them, they look for signs that you have a reliable income and the discipline to pay your bills over time. When they see those signs, they say to themselves, “Hmmm, this person looks like a good risk to me; therefore, he or she deserves a lower interest rate.” 2.) Do Not — I Repeat! — Do Not Open Unnecessary Credit Cards! People sometimes open credit card accounts in order to increase their available credit. Absolutely avoid this temptation! It’s simply too darned easy to charge for items you don’t really need, and, before you know it, you’re back in debt or have …
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