subject: About Improving My Fico Score [print this page] You should realize that raising your Fico score is a little like losing weight, it takes a bit of time because there is no quick fix. Most quick fix remedies are bound to go wrong. You will need to learn to get your credit under control over time. Here are some tips to improve your Fico score.
* Pay your bills on time your score goes down when you make late payments.
* If youve missed payments, make them up and stay current, the longer you keep your bills current, the more improved your Fico score will become.
* Paying off a collection account will not remove it from your credit report, this will stay on your credit report for seven years.
* If you are having any problems keeping up with your payments, let your creditors know they may have a solution.
* Re-establish your credit history if you had any problems.
* You should keep track of your credit report by ordering it at least once a year,
Some tips for your current accounts:
* Keep your balances down on credit cards and revolving credit, when your outstanding debt is high your Fico score is affected.
* Pay off all debt instead of moving it around, the best way to improve your fico score is to keep your revolving credit paid down.
* Closing credit card accounts will not help your score.
* You should not have more credit cards than you need, this could lower your Fico score in the long run.
* If you have managed your credit for quite some time, dont open new accounts too quickly.
* Open new credit accounts only as needed.
* It is okay to have credit accounts as long as you pay them on time.
* It is fine to have installment loans and revolving credit accounts as long as you pay them on time.
You are entitled to a free credit report each year, from each of the three major credit bureaus. You will, however , need to purchase your Fico score as it does not automatically come with your credit report.
