How do you improve your credit score?

Answer 1

* Pay your bills on time - get current and stay current. * Pay off debt rather than moving it around. * Pay down your debts and consider charging less to credit cards. * Keep balances as low as you can on credit cards and other "revolving credits," and don't close old, paid-off or unused credit cards - the higher ratio of available debt to total debt balance the better. * If you have been managing credit for a short time, don't open a lot of new accounts (e.g., credit cards) too rapidly, but open them gradually over time since rapid account buildup can look risky if you are a new credit user and can actually lower your credit score. * Opening new accounts responsibly and paying them off on time will raise your credit score in the long term though. * Don't let potential creditors check your credit score too often if not needed, only credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers won't affect your score. * If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor to come up with a debt repayment plans which won't lower your score but help you mange your situation * Stay out of bankruptcy if you can, bankruptcies stay on your credit report for up to 10 years. By having 4 to 5 credit cards people think they are doing their self a Fame of favor....If you us all cards monthly and pay them off monthly Great your score will go up, But if you only use 1 or 2 and keep the others For Clout. Watch your credit go down down down!!!!!!!!! Yes the others report same as the ones you use, and it will bring your credit score down. There is a few ways, but the best way is to pay any outstanding debts. Get a few credit cards if you don't have any yet, usually this would have to be secured ones. If you have credit cards already pay down what you owe on them. For me so far the best way is to pay outstanding debts, and pay off credit cards, use them still and pay them on time. I am still working on mine, but I am in the mid 600's and I started from 0. It has also been a year. The one thing you need to help your score, is time. Unfortunately you can't buy that, or work on time, but you can wait it out. Good Luck!!

ANSWER : Make Payments on Time: if you pay your bills late, you're not only incurring late fees, but you're also damaging your credit. And if you miss a payment, it's even worse. Your payment history, even for minor items such as utilities and Cable Television, is reported to a number of different credit bureaus, so any missed or history of late payments is recorded and weighed against your credit. If you want to build and maintain your credit rating, pay your bills on time and don't miss any payments. If you have missed payments in the past, get back on track. Your recent payment history counts more than ancient history, so be sure to get back on track… and then stay there.

Pay Off Your Debt:If you have debt, pay it off. Don't transfer it all to a credit card and then transfer it from card to card to card. If you just move around your debt, you're not doing anything to pay it down. And even though all your debt might be on your credit card, your credit is still in danger. So, start budgeting to pay off your debt. Pay off that credit card and your other debt payments until nothing remains. If you ignore it, it's going to haunt you for years to come.

Establish Credit History: Your credit rating is established partially on your credit history. Your credit history is based on the information that your creditors have reported to credit bureaus, including credit cards, loans, and even some utility bills. If you have little to no history, there's nothing to go off of to establish your rating, so your credit will be established at a lower rate. There are no prior indicators whether or not you're a delinquent or on-time payer. So, if you want to build your credit, get a credit card, charge a few things, and pay off the majority of the balance. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt.

Don't Apply for or Take on Too Many Credit Cards:Having and using a credit card wisely can be beneficial to your credit rating. However, if you're constantly applying for new credit cards, it can hurt your rating, especially if you're getting turned down for them. Applying for too many credit cards, in a way, shows that you don't have enough capital to afford your cost of living on your own income. And if you're getting turned down by creditors, it's an indication that your credit standing just isn't up to par, and other creditors will weigh these rejections against you.