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curiousboi | Credit scores? |
whats the best way to raise my credit score? and also how does it work? does it matter if i paid off my vehicle and paid off my credit cards??? need some answers!! |
 |
 
$m¤¤v¥ £¤¢¤
|
Here's how your score is broken down:
1. Payment history- 35%
2. Total debt owed vs. available credit- 30%
3. Length of time establishing credit- 15%
4. Types of credit established- 10%
5. Inquiries and new accounts- 10%
Paying on time and keeping your credit card debt in check are the two best ways to raise your score. Some more ways to increase your score would be to request line increases on your credit cards. It's good practice to keep the balances at no more than 25% of your available credit on all your cards. It helps to have balance between revolving (credit cards/line of credit) and installment (car,furniture, appliance, personal signature, student loans, mortgages) accounts. 3 revolving (2 major and 1 dept store) and 2 installment accounts are an example of balance between accounts. Another tip is to not apply for any additional credit that's not necessary. Also, start using old accounts that you haven't used in a while, and don't close any, which could lower your score as well.
While it helped that you paid off your car to lower the total debt that you owe, once again it's important to continue to use all of your cards LIGHTLY, pay on time, and request line increases regualrly. An easy way to build credit with an installment account would be to take out a personal loan using a certificate of deposit(CD) as collateral. Then open up another CD with the proceeds from the loan. This way you not only gain interest from both CD's, but you insure that you're able to repay the loan if necessary.
Hopefully these tips will give you a better understanding
Good luck! |
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M P
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The more current your payments are the higher your score. If you pay off your debts too soon you will not build up a credit record. What companies are looking for is a steady paying record. |
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SPIFIMAN1
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Credit scores are based on the following factors;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credit 10%
4. New credit 10%
5. Debt to credit ratio 30%
As you can see 1,2&5 are the most important as far as score goes but you need much more then a good score you also need a good profile.
You need 3 credit card accounts (revolving) with balances below 30% of your credit limit and 2 cars, homes, boats, furniture or personal accounts (installment) all with good long pay history's.
This type of profile will give you the credit needed for just about any loan you may need in the future at the best rates.
A lot of people think that a great score is all there is to it. I am here to tell you that is not true. I look at credit every day and see people every month with 700 scores that can not buy a car because their score is based on 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.
While this type of profile produces a great score is does not show the ability or the willingness to actually pay anybody. |
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beauty s
 |
pay off all debt
pay bills on time |
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tonytbag
 |
the best way to raise your credit score is obviously to use your credit cards and pay off the debt 100% at the end of each month. also, its better to spread out debt amongst numerous credit cards than one. for example, its better to have $100 debt on 3 cards than to have $300 debt on just one card. also, there is credit repair. |
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Craig T
|
The best way to raise your credit scores is to use credit wisely. Your utilization % is the single largest factor in your credit or FICO score (35%) that being the percentage of your available revolving credit that you are using. Generally to be getting the best scores you want your UT to be under 30%(ie if you had $10,000 of available credit card line usage of $3,000 or less)
The next biggest factor is age, the longer you have and maintain an account in good standing the more it helps
and yes paid accounts ALWAYS help |
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dolly blaine
 |
Repairing the credit score is not that difficult provided you take these 5 simple steps into consideration.
1. Check your credit report regularly
This is a must to ensure that you know your current credit score, and what is ailing it. If there are any inconsistencies in your credit report get them corrected. Keeping bills of all the transactions you make can be very handy and helpful in correcting any errors in your credit report.
2. Get rid of those extra credit cards
The temptations to own a new credit card are so numerous in modern times that many of us end up with a purse-full of them without any real need. They stay there and cause a lot of problems in repayment. The confusion that comes with too many credit cards can easy lead to a missed payment and resulting penalties. Frequent defaults will reflect poorly on your credit score. So, keep only the necessary and discard the rest.
3. Repay on time
Every credit card transaction is a loan that has to be repaid on time with interest. Don't ever miss out on any repayment. If you are not able to make full payments, make half, or even the monthly minimum, but don't default. This will keep you in the good books of credit card company and help your credit score. If you are not able to pay anything to the credit card company, don't shy away from them, call them, explain your problem and work out things so that a negative report doesn't land up with the credit reporting agencies.
4. Keep your debt to balance ratio low
A low ratio means that you are repaying on time. This factor has carries a lot of weight while determining your credit score. A low debt to balance ratio goes in your favor while it hurts your credit report badly when this ratio is high. The high ratio says that you are not able to manage your finances well, borrow more than you can afford, and the repayment is not up to the mark-- in short a good candidate to accumulate a lot of credit card debt. Always, avoid giving this impression to the credit card companies. Read more from: http://www.credit-card-gallery.com/article/239,Credit_score_repair_in_5_simple_steps |
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bnick
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I AM A FINANCIAL ANALYST. YOU HAVE BEEN GETTING A LOT OF INCORRECT ADVISE. IT IS BEST TO HAVE A VARIETY OF CREDIT. (MORTGAGE, INSTALLMENT, CREDIT CARDS) OF COURSE MAKE ALL PAYMENTS ON TIME. AS FAR AS CREDIT CARDS GO, NEVER HOLD A BALANCE OF MORE THAN 30% OF YOUR LIMIT. MEANING IF YOU HAVE A LIMIT OF 1000 DON'T GO OVER 300. THIS SHOWS THE CREDIT REPOSITORIES THAT YOU HAVE ACCESS TO THE MONEY IF NEEDED, BUT ARE NOT TAKING ADVANTAGE OF IT. ALSO, THE LONGER YOU HAVE THE ACCOUNTS OPEN, THE BETTER. NEVER CLOSE OUT ACCTS. GOOD LUCK! |
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