5 Tips that helps Raise Your credit score

July 19, 2016

 

1.  Manage Your Payment History.

2.  Control Your Use of Available Credit.

3.  Age Your Accounts.

4.  Mix Your Credit Types.

5.  Minimize New Credit.

 

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Regarding on tip # 1 of the blog Manage Your Payment History, the way fico is evaluating this factor is:

 

1. How often have you failed to pay on time?

2. How far “past due” were you?

3. How much did you fail to pay?

 

- Use an automatic payment system for loans with fixed payments (installment loans, mortgages, etc.); and for revolving credit payments establish a reliable calendar or “reminder” system that you can count on.

- Never “skip” a payment. Even if you can’t pay a bill on the due date, don’t just let it go for a month. Creditors normally don’t report a “late pay” to the CRAs until an account is 30 days past due, but there is no guarantee that they won’t. If you find that you can’t pay a bill until it is 10 or 20 days late, make the payment as soon as possible. Above all, don’t let the account go unpaid for 30 days.

- If you’re “short” in a given month and you can’t pay all your bills, do whatever you have to do to come up with the necessary money. Borrow it from a friend, draw down on your savings if you have any, sell something of value on eBay, hock your guitar, whatever; just don’t let any of your creditors report that you are “late” on any of your accounts.

 

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