|
Articles » Fico Score | | Dos and Don'ts That Can Effectively Raise Your FICO Score Quickly |
|---|
Do’s
1. Always pay your bills promptly.
2. If you have missed bill payments, get them current and stay current.
3. If you’re having a hard time paying your debts, contact your creditors and see if they can help you with payment arrangements that will make it easier for you to pay your bills and other debts.
4. Always keep the balances on your credit cards and other revolving accounts low.
5. If you have a debt on your cards or any other line of credit, pay it off rather than moving it to another credit card.
6. If you’ve had credit problems in the past, review your credit report and see that problems seven years or older are no longer reported, and that your credit report is accurate and up-to-date.
7. Apply for new credit only if you need it. Taking advantage of a pre-approved card offer may not improve your Fico score.
8. If you do apply for new credit, make sure you pay your bills promptly.
9. Periodically check your credit report by ordering it from any of the three major credit agencies or MyFico. If you get your credit report and Fico score from these agencies, it won’t hurt your Fico score.
10. Have a good mix of credit. A responsible debtor would have different credit lines, all of them managed responsibly. It’s better to have a credit card or two that you pay on time, rather than not having a credit card at all.
Don’ts
1. Don’t close your unused credit cards just because you hardly use them, or just to raise your Fico score. It won’t; on the contrary, it could bring your Fico score down.
2. Don’t apply for new credit cards just to raise your available credit. Opening new credit accounts tends to pull Fico scores down.
3. If your credit history is relatively short, don’t apply for several new credit cards within a short period of time. Too many credit card or revolving credit applications is a sign to creditors that you need additional credit and are probably not able to manage your debts. If you need to go shopping for a loan, do it within a short period only, say for two weeks.
Comments
Jeff February 26, 2009 02:44:56 PM 2:44 PM I think Donts are more important than Dos. It's really helpful to know what can harm your credit ratings because you can build a good credit and it takes so many years but it takes only one or two stupid actions to ruin it all.
Billy March 7, 2009 11:11:27 AM 11:11 AM I am sure if everyone follows do's and dont's as you mentioned here there will be no bad credits at all. Jeff is correct dont's are most important than do's. Thank you for writing such a nice article.
|
|
|
|
