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Further
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D-BUST Your Computer – Part 4-a (for Microsoft users) - Janet L Hall
D-BUST Your Computer – Part 4-a (for Microsoft users) By: Janet L. Hall ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ S stands for SAVE Do you save everything on your hard drive? Do you know how to save/file your computer...
Getting Started with HTML - Dean Walden
Copyright 2004 Dean Walden The basic language of the internet is html. If you can do crossword puzzles, if you can write a report for your teacher or boss, you can be creating web pages in a matter of minutes. Even if you're not a...
Goal Setting Is the Fast Lane to Success - Brian Moore
When I first decided to get into an online business, I became so excited that I worked day and night to get everything set up and ready to go. I put everything else aside and developed a kind of tunnel vision of what I wanted from my home based...
Same Old, Same Old PR Still Tops - Robert A Kelly
Like human nature over time, the power of good public relations remains the same. Whether you are a manager working for a business, a non-profit or an association, at some point, you will want, or need to create outside stakeholder behavior...
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5 Ways To Raise Credit Score
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Written By:
Gary Gresham
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It's not as hard as you think to raise credit score. It's a well known fact that lenders will give people with higher credit scores lower interest rates on mortgages, car loans and credit cards. If your credit score falls under 620 just getting loans and credit cards with reasonable terms is difficult.
There are more than 30 million people in the United States that have credit scores under 620 and if you’re probably wondering what you can do to raise credit score for you.
Here are five simple tips that you can use to raise credit score.
1. Get a copy of your credit report
Obtaining a copy of your credit report is a good idea because if there is something on your report that is incorrect, you will raise credit score once it is removed. Make sure you contact the bureau immediately to remove any incorrect information.
Your credit report should come from the three major bureaus: Experian, Trans Union and Equifax. It's important to know that each service will give you a different credit score.
2. Pay Your Bills On Time
Your payment history makes up 35% of your total credit score. Your recent payment history will carry much more weight than what happened five years ago.
Missing just one months payment on anything can knock 50 to 100 points off of your credit score.
Paying your bills on time is a single best way to start rebuilding your credit rating and raise credit score for you.
3. Pay Down Your Debt
Your credit card issuer reports your outstanding balance once a month to the credit bureaus. It doesn't matter whether you pay off that balance a few days later or whether you carry it from month to month.
Most people don’t realize that credit bureaus don’t distinguish between those who carry a balance on their cards and those who don’t. So by charging less you can raise credit score even if you pay off your credit cards every month.
Lenders also like to see a lot of of room between the amount of debt on your credit cards and your total credit limits. So the more debt you pay off, the wider that - continued below ...
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gap and the better your credit score.
4. Don’t Close Old Accounts
In the past people were told to close old accounts they weren’t using. But with today's current scoring methods that could actually hurt your credit score.
Closing old or paid off credit accounts lowers the total credit available to you and makes any balances you have appear larger in credit score calculations. Closing your oldest accounts can actually shorten the length of your credit history and to a lender it makes you less credit worthy.
If you are trying to minimize identity theft and it's worth the peace of mind for you to close your old or paid off accounts, the good news is it will only lower you score a minimal amount. But just by keeping those old accounts open you can raise credit score for you.
5. Stay Out Of Bankruptcy
Bankruptcy is the single worst thing that will destroy your credit score. Bankruptcy will lower your credit score by 200 points or more and is very difficult to come back from.
Once your credit score falls below 620, any loan you get will be far more expensive. A bankruptcy on your credit record is reported for up to 10 years.
The reality of a bankruptcy is it will limit you to high-interest lenders that will squeeze out high interest rate payments from you for years.
It is better to get credit counseling to help you with your bills and avoid bankruptcy at all costs. By getting credit counseling instead of declaring bankruptcy you can raise credit score over a much shorter period of time.
Copyright © 2005 Credit Repair Facts.com All Rights Reserved.
About the Author
Gary Gresham is a mortgage loan officer and the webmaster for http://www.credit-repair-facts.com He offers you credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles go to: http://www.credit-repair-facts.com/articles_1.html
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BUILD IT AND THEY WILL COME - Glenn H Kipps
BUILD IT AND THEY WILL COME "I'll just wait until all of the kids are in school." "No way can I try anything new with the overtime they're throwing at me." "I don't have the skills to start my own business." "I'm just not computer-oriented. I...
Facts you should know about loan types - Prakash Menon
When you set out to borrow, you often come across terms like unsecured loans, revolving loans, adjustable rate loans, etc. While these terms are more or less self-explanatory, it is still useful to be clear on their exact meanings and what they...
Design Web Site Around Affiliate Programs - Stephen Bucaro
When starting a Web business, most people choose a topic for their Web site and then look for products and affiliate programs related to that topic. In this article, I suggest searching for a group of related affiliate programs first, then designing...
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