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Raising Your Credit Score
Raising Your Credit Score
By
Jessica Malitoris
on February 23, 2011
Having a good credit score can prove invaluable when you are attempting to get a loan, a mortgage, or make a big purchase. A
good credit history
can save you money by lowering interest rates. Unfortunately, even a small mistake or a bill paid slightly too late can really damage your credit score and will stay with you for years. Here are a couple of steps you can take to bring your credit score back up.
If you find yourself using
too many credit cards
and need to close a credit card, close the card you opened most recently. Or, rotate which credit card you use every month to keep the bills to a minimum.
1
Hire a credit counselor to perform a “rapid re-score”—correcting minor errors on your credit report. It can cost $100-200, but can be worth thousands of dollars off your interest rates for future loans. Keep in mind that this only works if your credit report does have errors on it, and be careful that re-scoring doesn’t end up working against you by catching negatives that weren’t represented in the original score.
2
Pay your bills on time. Late bills do have a
negative impact
on your credit score. The more bills you pay on time and in full, the more a single missed bill can be balanced out. Remember that this will not erase a late or missed bill.
3
Keep credit balances
well below the credit limit
. Your credit score will generally be higher if you have smaller balances on several credit cards than if you have larger balances—particularly if the balances are close to the credit limit—on only a few.
4
The
longer your credit history
is, the less of an impact one negative event has upon your score. Keep payments under control, pay in full and on time consistently, and your score will improve.
References:
1
Broek, Anna Vander. “How to Raise Your Credit Score.” Forbes.com. http://www.forbes.com/2009/03/19/raise-credit-score-markets-fico.html
2
“Rapid Rescoring Credit Report.” DebtHelp.com. http://www.debthelp.com/kc/50-rapid-rescoring-credit-report.html
3
“Tips to raise your credit score.” LendingTree.com. http://www.lendingtree.com/credit-resources/advice/credit-scores/tips-to-raise-credit-score/
4
Ibid.
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