How To Improve Your Credit Score
By John Cooper
Improving your credit score can seem like an impossible
task. This is because there is so much contradictory
information and the scoring model makes you feel as though
you have no direct control over your credit score.
Well they are wrong. No matter how bad your credit score is
you can take a couple easy steps and improve it.
1. Dispute and remove negative items on your credit report.
This can be done yourself or you can hire a service to do it
on your behalf.
2. Pay off any verified bad credit item on your report. In
exchange for your payment have the lender remove the item
from your credit report.
3. Pay your bills on time. It is alleged that missing one
monthly payment can cause your score to drop by up to 50
4. Open a new credit line. This is best if it is a revolving
line of credit, for example an unsecured credit card.
By paying your monthly bill you will develop a positive
payment history. This is a heavily weighted factor when your
score is being calculated. If your score is currently to low
to get an unsecured credit card then open a secured card
just make sure it reports to all three bureaus.
Your score will get a bump if you can keep your balance at
approximately 10% of your credit limit. This shows that you
do use your credit and that you use it responsibly.
5. Pay your large debts down. This is called your available
credit to debt. The bureaus need to see that you are not in
over you head and that you do have credit that is not being
These five factors are the only things you need to concern
yourself with when trying to improve your credit score.
There is one last factor however it is shadowed in
6. Piggyback credit, this is where you become an authorized
user on a high credit limit credit card. The benefit is this
account is now reported on your credit report and adding a
This tactic was widely abused and the scoring model has made
some changes. It is said to have removed the benefit however
it is debated as to if those changes have taken place yet.
In sum by doing step one through five you will improve your
score dramatically. With an improved credit score you will
finally be able to have the quality of life you truly
To learn more about how to remove a
charge off or for
more tips on credit repair
Copyright 2008 Mirroreyes Internet Services Corporation.