Learn To Increase Your Credit Score
Increase your credit score by first getting copies of your credit report
. You may qualify for a free credit report if you have not requested a free
report in the past 12 months. The other way you can get a free credit report is to have been denied credit recently. The law provides you the
opportunity to request the credit file from each of the three major credit reporting bureau's.
There are several ways to increase credit scores and most of the are within your control. But critical to higher credit scores is the way you spend
money. This is important and is an integral factor in calculating your credit. For instance, if you finance purchases at jewelry stores or furniture
stores, your credit scores will be affected in a negative way. If you seek and get financing from lending institutions that are considered "last
chance" lenders, you will also have lower FICO scores.
When you order your credit reports make sure you
also pay for and get the credit scores. You really can't do anything without the credit scores, because you have no benchmark without the number. The
credit bureau's will not give you these scores for free, so be prepared to pay extra for them. Once received, examine the reports carefully. Errors
occur in every aspect of the report. Make sure your name is spelled right. Update your employment and address. These small details will ensure that
there will be no delays in the future loan process. Lenders want to see correct information, especially in light of what has occurred the past few
years.
Pay special attention to the area detailing your payment history as well as what
accounts are still open. Have you closed credit card accounts that are still being reported as open? If the account is older than 7 years you can
request that it be deleted, but the time period is from the last activity, so if you have been paying $50 per month and the account is closed, the 7
years starts at the end of last activity.This means that as long as you are paying on the account, the account is still active as far as the credit
reporting agencies are concerned.
If you want to increase your credit score you do so by means of writing a dispute letter to the three major credit reporting
bureau's. These are Equifax, Transunion and Experian. These three gather consumer information from lenders and calculate a credit score used to rate
your risk of paying bills in the future. many people think that credit scores define them, but they do not. This is all about risk evaluation and they
use soecialized software that predicts if you will pay on time, pay late or not at all. This risk is associated with interest rates and the greater
risk you are, the higher rates you will pay. Of course, all these predictions are based on your past performance. that's why it is important to remove
all negative or erroneous information that may be causing your scoresto stay low. remember that all three agencies will not get the same information
so you will have to get each report and dispute every account individually.
by: robert ludrige
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