How Do I Improve My Credit Score?

Ways I can improve my credit score

How do I improve my credit score?

How Do I Improve My Credit Score?

How do I improve my credit score? Before you ask that question, you have to know exactly what that is. My credit score score is calculated by combining different types of personal credit and then using it to calculate my FICO score in percentages in the following ways:
• 35% payment history
• 30% balances owed
• 15% length of credit history
• 10% kinds of credit used
• 10% newly opened credit lines

My credit score does not include information about your sex, race, religion, age, marital status, your occupation, how long you have worked at your job or where you live. None of this is considered and has no effect on my credit score. Interest rates you are currently paying are not considered and neither are monthly lease amounts or child support monthly amounts. Information not found in your credit report cannot be included.

You cannot repair your credit quickly therefore you cannot raise your credit score quickly, either. You should not believe any company or person that says your credit score can be fixed overnight. The best thing that you can do is to work on your credit seriously by yourself. Slowly and surely you need to repay every bill, on time, and your FICO will go up accordingly.

In order to improve your credit/FICO score the first thing you need to do is to check your credit reports from the three major credit reporting companies in the United States.

• Check each report for errors, mark them, correct them, and return the information to that particular credit reporting company.
• You should make certain that the cards and accounts listed are actually yours and dispute them if they are not.
• Make certain your name, age, address, etc, are correct and correct them if they are not.
• Make certain the amounts owed on each account are correct.

Make arrangements to have your payments made automatically if possible so that they will always be on time. Then, if you have extra money, make an extra payment to pay down the debt.

Pay down your debt. Lowering your balances is one way to improve your FICO score and it may be the hardest to do. You should try to pay down your highest balances first by making more than the minimum payment and then pay off the lower ones in that manner.

Pay your bills on time all the time.

If you have been late, don’t do it anymore. If you have missed payments, catch up and stay caught up.

Any account that goes to “collection” will remain on your credit report for seven years. There is nothing you can do to get these removed. Don’t let your accounts go to collection.

If you get into a financial problem and have difficulty paying your bills, don’t hide it. Call your creditors and tell them your situation and ask if there is some sort of alternative payment plan you can agree to in order to keep your accounts current.

You can take your problems to a legitimate credit counseling company.

Keep your balances low.

Do not apply for new lines of credit and do not close old lines that you no longer use. Closed accounts can negatively affect your scores. Keep those accounts at a zero balance. In the long term this will help your FICO score. Closing an account doesn’t make it go away like pressing the delete key on a computer. The account remains on your credit report and anyone checking it can see what your payment history was on that account.

Asking for a copy of your credit report does not hurt your FICO score. Financial companies requesting your credit report in order to establish additional credit lines that you do not need do hurt your FICO score.

Recipe to Improve My Credit Score
Your FICO score is important for many reasons. Lenders use this score to determine what interest rate you pay. It can also affect the insurance rates you get. To make your FICO scores as high as possible just follow the easy recipe:
• Pay your bills on time
• Keep your balances low
• Pay your bills on time
• Don’t apply for new lines of credit just because you can
• Pay your bills on time
• Pay your bills on time
This is the only my credit score recipe that really works.

Monica Kowollik

Owner / Director at
Monica has covered credit card and personal finance news for over 15 years. From an early age, she developed an interest instilled by her parents, who immigrated to the United States, of financial literacy and saving money.
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