Wednesday, May 26, 2010

My Credit score?

How do i better my credit?

My Credit score?

The first thing you need to do is get a copy of your credit report. You%26#039;re entitled to one free per year from each of companies, so that means you can get a free one every four months if you plan it right. You%26#039;re also entitled to a free credit report from the reporting company that the card issuer used every time that you get turned down.

Make sure that everything is in order. Names (I was married over a year before my married name was on a credit report), addresses, accounts, limits. Correct anything that%26#039;s wrong. For example, Capital One is known to report credit limits as $0, so your ratio of debt to credit limits gets skewed, making it look like you owe more than you can borrow. (Their excuse is that they consider your credit limit proprietary information, that could tell their competitors how they determine your credit limit in relation to your credit score.)

Keep making on time payments. That%26#039;s got to be the #1 thing.

Then remember that if you make minimum payments on everything, it takes like 40 years to pay off a big credit card debt. Put as much as you can into the card with the highest interest. (Exception to this is if you have a card you can pay off in a few months.) Once the first debt is paid off, use the money you%26#039;d pay to that and add it to the payment of next highest.

Do not close any accounts. It%26#039;s better to leave it at $0 owed than to close it. Even if you decide to chop up cards to not get in debt, it%26#039;s best not to close the accounts because having accounts for a longer period of time increases your score.

Of course, all those things are assuming that you have debt. If you have bad credit and no debt (you%26#039;ve declared bankruptcy, for example), do a search for high risk cards. There are a number of companies that specialize in giving credit cards to people who can%26#039;t get them from other places, for a price- namely, higher interest rates.

Alternately, you can get a secured credit card (you give them a deposit equal to the credit limit you%26#039;ll get) for as little as $250 or finance something relatively small like a piece of furniture. (Probably not Ikea, though, they turned me down and I have pretty good credit, just not a long enough credit history.)

Don%26#039;t forget, though, PAY ON TIME. Using the internet to pay is normally a very good idea. No checks lost in the mail, no having to mail your payment a week before the due date. Just log on the weekday before, and it%26#039;s on time.

Typically, I go to the web interface for my credit cards when I get a statement (they email me when they send it too, so I know it%26#039;s out before it arrives at my house). On the day the statement is sent, I make the minimum payment. That means that even if I don%26#039;t think about it again until they email me again, I%26#039;ve still made an on time payment. Then later in the month, normally after a paycheck, I make a further payment to each of them based on my long term debt reduction plan.

Remember, your FICO score is based on:

* 35%, punctuality of payment in the past

* 30%, the amount of debt, expressed as the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)

* 15%, length of credit history

* 10%, types of credit used (installment, revolving, consumer finance)

* 10%, recent search for credit and/or amount of credit obtained recently

My Credit score?

1. Pay your bills on time every time.

2. Pay off all credit cards as soon as possible.

3. If you have many credit cards, cancel all but three.

4. Do not apply for credit unless it%26#039;s totally necessary.

There are others but this is a good start.

My Credit score?

There are ways to manipulate your score, but the simplest thing to do is to borrow money and pay it back on time, every time.

My Credit score?

NO LATE PAYMENTS!!!!! Especially on a mortgage. Pay down any high balances. Get copy of your credit report. Write letters to dispute any derogitory remarks. They can stay on report for 7 years. Some companies will remove if you pay up account. But, you need to ask them to. If you don%26#039;t recognize a company listed on your report write all three credit companies and dispute entry. If you only write to one, next time a different one may list same negative remark.

My Credit score?

PIGGYBACKING: Despite its%26#039; virtually

unlimited potential, piggybacking is

not used by nearly as many consumers as

it should be. It%26#039;s easy, effective,

and extremely fast. Unfortunately,

it%26#039;s mostly used among parents and

siblings while those who can really

benefit stay in the dark.

How it works. Almost every credit

card or credit account will allow the

primary account holder to add on (at a

later date) what%26#039;s known as an

%26quot;Authorized User%26quot; or %26quot;Secondary Account

Holder%26quot;. In most cases, when this is

done, the entire account history

(retroactively) gets posted to the

authorized users credit report

regardless of their current age or

credit history!

For example. If it%26#039;s a credit card

with a $10,000 limit which has been

paid as agreed for the last 10 years,

then that complete history will be

posted to the authorized users%26#039; credit

report. I once saw a clients%26#039; credit

report who used this technique with his

mother. He was only 24 at the time and

he had a $15,000 Gold credit card on

his report with history going back 11

years! I laughed as I thought to

myself that this kid would have had to

be approved when he was 13 years old

for this account to be his!

As you can see, this strategy is

usually only used by parents and their

children and in most cases with no

regard to the benefits the children are

reaping credit wise! In fact, in

recent years, due to its%26#039;

effectiveness, this technique has led

individuals with excellent credit

scores to %26quot;rent out%26quot; authorized user

accounts on one or even multiple credit

cards in return for a fee! I once

recall seeing an ad in USA TODAY for

just such an opportunity. Like most

good credit loopholes, I%26#039;m sure this

methods%26#039; days are numbered much like

what may be the case with...

For more information on the CREDIT

SECRETS BIBLE you may visit:

My Credit score?

In order to get credit, you must show a number of stabilizing attributes. Most notably, your report must prove to the lender that he will get his money back.


Open a bank account and use it responsibly. This is the first step in establishing a financial history.


One way is to piggy-back onto someone who already has a good credit history established and is willing to co-sign. Once the co-signing has occurred, you simply make payments on or before the due date. In time you will have established a credit history.


Apply for a credit card. Shop around and only apply for a card if you can meet the lender%26#039;s requirements. Responsible use (spending within your budget and paying your bill on time) will help you build a good credit history.


Since gasoline credit cards are not revolving (cannot carry a balance forward month-to-month), often they are easier to obtain than regular credit cards. Similarly, some department stores offer revolving credit for a specific purchase and this is sometimes easier to establish. It is also a great way to establish credit.

for more options you can take a look at:

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