Ask a Question
or
Create a Poll
  1. Home /
  2. Questions /
  3. Finance
  4. / Credit & Loans
  5. / Credit History

by kool on March 19th, 2008

kool

Question

Help answer this question below.

Whats the best way to clean your credit score and bring up your score?

  • Like
  • Report
Share:
Other

Answers. 1 helpful answer below.

  • by Doggie S on June 2nd, 2008

    Doggie S

    From:

    http://www.everyloan.com/library.php?article=151

    1. Sign up for automatic bill payment. Generally, you won’t be penalized for being a few days late on a bill, but if you’re 30 or more days overdue, your score can drop by as much as 100 points. Avoid late payments by automating the process.

    2. Watch the timing of your spending. If you’re planning to apply for a loan in the next few months, which means a lender is going to check your score, keep a lid on spending and try to reduce your debt. The lower the balance, including any current credit-card payments pending, the better your credit rating.

    3. Limit credit-card applications. Each time you apply for credit, a lender’s inquiry to view your report is noted, which can reduce your score. But don’t be afraid to shop around for a mortgage. Multiple lender inquiries made in a short period for the same type of loan count as one inquiry.

    4. Think twice before canceling cards. The more companies you owe money to, the worse it looks for you. But if you close accounts to boost your score, you’ll end up making things worse. That’s because you gain points if you’re tapping only a small percentage of the total credit available on all your credit cards. Eliminating accounts can reduce that ratio. Also, if you bail out of older credit cards, you will reduce the average account age, which makes up a good portion of your credit score.

    5. Make sure credit limits are posted. When creditors don’t report your available credit, as some retailers and credit-card companies do, Fair Isaac’s system might assume that those cards are maxed out no matter how much you’ve borrowed--and your score can be slashed by as many as 50 points. So ask lenders to report your credit limit if it’s missing on any accounts.

    No comments. Post one | Permalink

Want to attach an image to your answer? Click here.

Did this answer your question? If not, then ask a new question or create a poll.

More Questions. Additional questions in this category.

You're reading Whats the best way to clean your credit score and bring up your score?

Follow us on Facebook!

Related Ads

Related Questions

Professionally Researched

ANSWERBAG BUZZ

Best way to up your credit score
Best way to clean up credit report
Best way to clean up credit
How to bring your credit score up
Fastest way to clean credit

Answerbag

a Demand Media company