Improving Your FICO Score

Anyone who has been around for at least 20 years of their life should know what the FICO score is; everyone knows that it's a person's credit score

. For many people, their FICO score is one of the most important numbers they will have assigned to them throughout their lifetimes. Of course, a low FICO score will stop a person from getting a loan, a cell phone plan, and even a job at times. Through proper credit monitoring, a person can slowly begin to improve their credit score. Depending upon a person's credit history and credit report, this process can take a couple of months for people with a relatively clean history. People with bad credit and a history of poor credit management will find that it can take many months and even years to improve their FICO score.

Without a doubt, proper credit monitoring is the key to improving a person's credit score. They can protect themselves from identity theft, while making sure that there are no errors on their credit report. On top of this, anybody who has negative information on their credit score can contact the company that reported such information and see if there is any way they can get it removed from their report. As long as there is no negative information on the credit report, such as charge-offs, bankruptcies, or delinquent payments, then a person's credit score will improve quickly. Also, it should be noted that a person with a credit history shorter than 3 years will find that their credit score will improve very slowly over time because they are seen as having new, unpredictable credit. There are various ways a person can obtain their credit report in order to initiate credit monitoring. They can order a report from one of the three credit reporting companies or they can do it through their credit card company.

As a note, the best way to improve the FICO score is to pay all bills on time. Any late payments will be noted on the credit report and can harm a person's score significantly - depending upon the frequency of the late payments or delinquencies. Also, a person should limit the number of credit inquiries they have on their credit report. A company that runs a person's credit or credit score to see if they should offer them a loan or other service is initiating a credit inquiry, which will be noted on a person's credit report. Having more than 5 inquiries is seen as negative, and inquiries remain on reports for 2 years. Basically, an individual looking to improve their FICO score should simply pay their bills on time, keep their credit balances low, and avoid any bankruptcies or charge-offs.

Improving one's FICO score is a simple subject but can be complicated for people with rather poor credit history. It's important for individuals to practice credit monitoring by checking credit reports and credit scores often. The process can take time and hard work though.

Improving Your FICO Score

By: Millie Borris

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