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Fix Your FICO Credit Score
Do you have a low or bad credit score that you would like to fix?
If so, follow these five tips to fix your FICO score quickly.
The first step is to request a copy of your credit report from each of the three major credit bureaus ... TransUnion, Experian and Equifax. You can contact the three by mail, telephone or through Internet.
Their individual FICO score is based on the information contained in your credit report, which contains a history of past debts and repayments. Before you begin to fix your credit score, you need to get a copy of your reports to see where you are now and what to do.
Check your credit report
Once you have received the reports, you can see information that is being your credit score and on the basis of what their problem areas can be. If you have a low score, look at your credit report and try to figure out what accounts and information that could be causing the problem.
Any dispute errors
You want to ensure that all elements mentioned in your report is accurate.
Look for any mistakes, especially with their credit card bills ... as they are given more weight in calculating your FICO score.
If you find any error, have to contend with the credit bureau that created the report you are viewing.
Credit Card Limits
One of the things you want to confirm is that the credit limits on their cards are being accurately reported to all three credit bureaus.
If your credit report only shows your current balance and not their limits, give the impression that lenders are the best in their accounts. And, as we know, is the most in any account does not send a good message to a new lender.
Keep your balances low
A tip that goes a long way in determining your score is to keep the balance you carry on your credit cards below 50% of their limits ... preferably in the range of 30-35%.
If your current balance is greater than this and plan to apply a large loan, you want to pay their balances from 2 to 3 months before you apply ... to give your credit report long enough to show a "history" of being the lowest.
Check for missing accounts
You always hear about the advice that says to the dispute and remove negative items that are on your credit report, but what about the positives?
You want to make sure all of your "good credit" is being reported to credit bureaus. Since different creditors may not report to all three agencies, a good has a long history of payments is not shown in one of them.
This is important because when your credit score is calculated, any account that failure can cause your score to be lower than it should be.
When potential lenders pull your credit report and see that your score is low, it looks like more of a credit risk to them. This can make it denies your loan application either in whole or approve a rate much higher.
Find more info at www.globalfinancelifeexpert.blogspot.com
If so, follow these five tips to fix your FICO score quickly.
The first step is to request a copy of your credit report from each of the three major credit bureaus ... TransUnion, Experian and Equifax. You can contact the three by mail, telephone or through Internet.
Their individual FICO score is based on the information contained in your credit report, which contains a history of past debts and repayments. Before you begin to fix your credit score, you need to get a copy of your reports to see where you are now and what to do.
Check your credit report
Once you have received the reports, you can see information that is being your credit score and on the basis of what their problem areas can be. If you have a low score, look at your credit report and try to figure out what accounts and information that could be causing the problem.
Any dispute errors
You want to ensure that all elements mentioned in your report is accurate.
Look for any mistakes, especially with their credit card bills ... as they are given more weight in calculating your FICO score.
If you find any error, have to contend with the credit bureau that created the report you are viewing.
Credit Card Limits
One of the things you want to confirm is that the credit limits on their cards are being accurately reported to all three credit bureaus.
If your credit report only shows your current balance and not their limits, give the impression that lenders are the best in their accounts. And, as we know, is the most in any account does not send a good message to a new lender.
Keep your balances low
A tip that goes a long way in determining your score is to keep the balance you carry on your credit cards below 50% of their limits ... preferably in the range of 30-35%.
If your current balance is greater than this and plan to apply a large loan, you want to pay their balances from 2 to 3 months before you apply ... to give your credit report long enough to show a "history" of being the lowest.
Check for missing accounts
You always hear about the advice that says to the dispute and remove negative items that are on your credit report, but what about the positives?
You want to make sure all of your "good credit" is being reported to credit bureaus. Since different creditors may not report to all three agencies, a good has a long history of payments is not shown in one of them.
This is important because when your credit score is calculated, any account that failure can cause your score to be lower than it should be.
When potential lenders pull your credit report and see that your score is low, it looks like more of a credit risk to them. This can make it denies your loan application either in whole or approve a rate much higher.
Find more info at www.globalfinancelifeexpert.blogspot.com
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