Tips To Raise Your Credit Score

By Michele Lerner
Mortgage Credit Problems Columnist

Your FICO score acts as a signal to potential lenders about how likely you are to pay your bills on time. At MyFico.com, the consumer-oriented Website for the credit reporting agencies, there are plenty of explanations of what goes into your credit score and how you can improve it.

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One way you can improve your credit score is by completing the form on this page to request debt relief help. A debt consolidation loan can lower your monthly payments so that you are able to make payments on time.

Some consumers opt to work with a credit repair company to improve their scores, but MyFico warns that if you pay a credit repair company to remove negative information from your credit report, that information will reappear if it is accurate.

Credit Repair Tips from MyFico

  • Remember that credit repair takes time. Just as it takes time to fix your debt problems, it will take 6 to 12 months to improve your credit score. No matter what the negative information is on your credit report, even if it is a bankruptcy, it will eventually fade as long as you replace this information with positive reports.
  • If you are actively working at credit repair, check your credit report quarterly or even monthly to make sure your score goes up.
  • Pay all your bills on time.
  • If you are behind on any account, bring it up to date as fast as you can and keep it up to date.
  • Even if you pay off a bad credit judgment or debt to a collection agency and close the account, the negative information will stay on your report for as long as seven years.
  • Keep all your credit card balances low. Some financial experts recommend keeping each balance under 25% or 30% of your limit.
  • Pay off your debt rather than moving it from one credit card to another.
  • Don't close your unused accounts. Leave them open so that you prove that you have available credit that you have not used.

As you begin to reestablish your credit and solve your credit problems, be sure to occasionally check out your options for debt relief by completing the form on this page.



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