How can I improve my credit score?
I have two credit cards and I have a student loan. I have had them less than six months. I have been making on time payments in full. So, every month my credit card balances have been zero and my student loan payments have been on time. I know I have fair credit, and it would have been higher but I applied for several credit cards before getting the two I have now. I will have one payment ( about 30 days) on my record. But it will be paid off in full. So, are there any other ways that I can improve my credit score besides paying my bills on time (already do except for that one month) and going onto someone elses credit card (impossible for me).
Public Comments
- Always pay on time. Don't use it unless you are 100% sure you will pay it at the end of the month. Buy things you have to have and have the money for and use the money to pay it off when the bill comes in. Pay any utilities or any bills in your name on time. Over time it will look better and better. Just remember it is your name and a good name is worth more than money.
- pay your bills on time. that's all a score is how well you manage debt. do you pay on time or not. score tells them how responsible you are with your debt
- 1. There are a few things involving your credit score you can't do anything about. One of them is time. The length of your credit history goes into your score. So the first thing on your credit history started the clock. 2. Don't close credit cards that you have. It's true you don't want to have too many open credit cards because it gives you access to potential debt. But if you've already got them just keep them. You do better to put a little balance on the cards and pay them off like you're doing that you do to pay them in full and close them. if you pay them every month on time that gets reported. that buids history. 3. every time you apply for a credit card, cell phone, apartment, car, whatever requires you to put down your social security number they pull a credit report. that lowers your score. and those "hard inquiries" stay on your report for about 2 years. asking for too much credit is seen as a risk to potential lenders. 4. consolidate your student loans. for some reason every semester seems to be a separate student loan when it's reported. when you consolidate they "pay-off" your loans and make one new loan. so you score may improve from the paid off mini loans and then you can continue your good payment with the new loan. and you may get a lower interest rate (this of course assuming you haven't already) 5. Make sure everything on your report is correct such as name, address, birthday. It sounds wierd but sometimes they can have weird variations of your name or wrong addresses that can link you to incorrect info. call and request that any name that you don't normally go by is removed an any information associated with it should be deleted. 6. Give yourself time. There are a few things that can help you like having a mortgage. So unless you're going to buy a big ticket item like a house or a car just give your credit time to grow. Fair credit isn't bad credit. If you're doing the same things month after month your credit may just be at a plateu. It may even take something negative like getting a new car or house before you can have a chance to imporove.
- 1. Always pay on time or ahead of time. 2. maintain low balances on credit cards 3. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000. 4. I was told by an underwriter that having just two cards, a major credit card (VISA, MC) and a consumer card (Sears, best buy, etc...) is the best mix for revolving credit. 5. You should have a recent history of both installment or term (Car or house loans) and revolving credit. ------------------------------------ http://www.bestcreditrates.net
