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Top 10 Ways To Raise Your FICO Score

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Top 10 Ways To Raise Your FICO Score

Author : Nikitas Tsoukalis

Submitted : 2014-01-07 17:18:12    Word Count : 508    Popularity:   Not Rated

Tags:   credit score help, dispute credit items, collections, charge offs

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Copyright (c) 2014 Nikitas Tsoukalis

Your FICO credit score can affect your life in many ways. It determines whether you can borrow money, what interest rate you qualify for and even whether you can open utility accounts in your name. You can raise your FICO score using a variety of strategies, but some of the most effective methods are detailed below.

1. Opening New Credit Accounts

One of the most important factors affecting your credit score is your total available credit. The higher this limit, the better your credit score will be. You can increase your overall credit limit by opening new credit accounts. However, keep in mind that each time you open a new account, another hard inquiry will appear on your credit report, which may have a negative impact on your FICO score.

2. Lower Your Utilization Rate

Another factor that affects your FICO score is your credit utilization rate, which is the percentage of available credit you are currently using. To lower your credit utilization rate, pay down the balance on your credit cards as much as you can.

3. Make Payments on Time to Creditors

Creditors typically report your monthly payments to the major credit bureaus. Late payments will lower your credit score, while timely payments will raise it. To maximize your FICO score, make sure that all of your monthly payments are made on time.

4. Dispute Errors on

Your Credit Report If any negative entries are listed on your credit report by mistake, dispute them immediately. You can remove errors from your credit report by submitting a written dispute to the major credit bureaus.

5. Make Sure All Creditors are Reporting Your Timely Payments

Some creditors only provide information about your payments to credit bureaus if your payments are late. Check your credit report and make sure that all of your creditors are reporting your timely payments. If any of your creditors aren't making regular reports, call and ask them to start reporting.

6. Don't Close Credit Accounts

Closing out credit accounts lowers your total available credit, which in turn decreases your FICO score. Avoid closing credit accounts whenever possible, even if you aren't currently using them.

7. Ask for Credit Limit Increases

Call your creditors and ask them to raise your credit limit. Higher credit limits lead to higher available credit, which raises your credit score.

8. Resolve Delinquencies

Delinquencies or judgments appearing on your credit report can dramatically lower your score. If possible, pay the amounts you owe and ask the creditor in question to update your credit report accordingly.

9. Use Your Credit Cards

Although it's never wise to run up large balances on your credit cards, it's also a bad idea to ignore them completely. Periodically make small purchases with your credit cards to prevent them from becoming inactive.

10. Open a Joint Account

If you can't qualify for your own credit accounts, ask a friend or family member with a good credit score to add you to one of his or her accounts. Each time the primary account holder makes a timely payment, your FICO score will benefit.

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