Question:

What is the quickest way to improve my FICO credit score?

Answer:
Most people know that paying their bills on time is important if you want
a good credit score. But paying your bills on time is not always enough
to ensure a strong credit score.

The median FICO credit score is 723.
But FICO scores above 760 are ideal for getting the best credit offers.

If you have reviewed your credit and your FICO score and find yours is
lower than you’d like, here are the 3 fastest ways to help improve your score.

1. Pay down on credit cards that are closest to their credit limits.
If you are using more than 30% of your available credit on any individual
credit card, your score will likely be brought down by that balance.

Try to pay down cards that are getting close to their limits as quickly
as you can. Pick one card with the least balance, and pay an extra
$100 - $150 per month until the card is paid off in full.

After you do pay off the credit card, don’t close the account.
The longer you have an account, the more it helps your score.

2. Dispute mistakes that may be dragging down your scores.
Many credit reports contain errors. When you dispute them, keep your
letter short and to the point, and file a copy for your records.

If you request an investigation online, print out a copy of the page
for your records, before you send it in , and be sure to note the date
that you submitted it.

By law (the Fair Credit Act), Lenders and credit reporting agencies
must get back to you within 30 days to tell you whether they are
correcting the information or confirming it.

TIP: Don’t dispute old accounts that still appear open
on your credit report. Doing so may lower your score!

3. Use credit wisely. Many people who have had credit problems in the past
are scared they will get in trouble if they start using credit cards again.
That may be true, but avoiding credit altogether hurts your credit score.

You don’t have to carry balances to build up credit, but you should use a
major credit card now and then to keep your account active.
This helps build a positive credit reference.

If you can’t qualify for a major credit card, you can get a secured credit card
which will get you started on the road to a high FICO score.

If you are just getting started and need credit, here is a website
that can help You Get Approved For The Credit They Deserve.

http://plus2000.credit4you.hop.clickbank.net/

This entry was posted on Friday, October 12th, 2007 at 3:03 pm and is filed under Credit Reports, Credit Card Debt. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.