How can I increase my credit
There are many ways that you are able to increase your credit score.
Making all of your monthly bill payments on time is one way. Keeping
the balance of total available revolving debt limited to approx. 30% of
your total credit limit is another way.
So to summarize, you can increase and keep your
scores high by:
-Paying your bills on time
-Keeping balances low on credit cards.
-Paying off debt rather than moving it between credit cards.
-Applying for credit accounts ONLY when you need them.
-Checking your credit report regularly for accuracy.
-Get current and stay current on all accounts. The longer you pay your
bills on time, the stronger your score will become.
Contact your mortgage expert for other ways you can improve your score
that are specific to your current credit profile.
If you don't currently have one working for you, call 415-617-5448 and
ask for Home Jones.
To increase your credit score you can also limit
the number of credit inquiries that you have against you by limiting
the amount of new credit applications you complete (stop applying for
the credit cards that offer a free gift giveaway when you apply). You
can also make sure that you don't close old accounts because the length
of your credit history plays an important role in credit scoring. A
long established credit history is much better than a short patchy
Avoid taking on consumer installment credit
accounts. These are the type of accounts offerred by retail furniture,
appliance, etc. type stores. Many offer "90 days same as cash" or "no
interest for one year" to sound attractive. Having these type of
accounts will have a negative effect on your credit score.
Also make sure that you do not let past due
accounts get turned over to collection. Not only will you lose a good
tradeline account you will also impact your credit score negatively
when the collection reports on your credit report.
Another good way to increase your score is to take
out a secured credit card. The credit card will show the creditors that
you have more available credit to you. The longer the card is open, the
better that it reflects on your credit as well. Also, since it is
already secured with your money, you will not be able to get yourself
into any sort of spending trouble or bad habits.
30, 60, and 90 day late payments hurt your score
more than anything else. A 30 day late payment occurs as soon as the
payment is late, not 30 days after it is late. Creditors will not
always report late payments immediately, if you make the payment soon
after the due date. However, you can't depend on this. The best thing
you can do is make all of your payments early, just to be sure they are
paid on time.
If you cannot afford to pay your crdit card
balances down to 30% or less, you may request that your creditor
increase your limit. This will accomplish the same thing, although you
can't rely on the creditor's willingness to cooperate. Do not try this
if you have a habit of paying for things with the card. You don't want
to get yourself into more trouble.