Welcome to the LindaSecrist.com Blog

2013-01-04 09:01:25
Help for your Credit Rating

There's no quick route to better credit. Below are tips for improving your credit rating for the 5 areas that make up credit scores.


1. Payment History

Pay your bills on time.  late payments, even if only a few days behind, can harm your FICO (Fair Isaac Corporation, www.fico.com) score.
If you've missed payments, get current and stay current.  The longer you pay your bills on time after being late, the more your FICO score should increase. 
Paying off a collection account won't remove it from your credit report.  It will stay on your report for 7 years.

2.  Amounts Owed

Keep balances low on credit cards and other 'revolving credit.'
Don't close unused credit cards to raise your score.

3.  Length of Credit History

If you've had credit for a short time, don't open a lot of new accounts rapidly.  New accounts wil lower your average account age, whicb will have a larger effect on your score if you don't have a lot of other credit information.

4.  New Credit

Re-establish your credit history if you've had problems.  Opening new accounts responsibly and paying them off on time will raise your credit score in the long trerm. 
Ordering your credit reprot won't affect yoru score, if it's provided by a credit reporting agency or an organization authorized to provide credit reports to consumers.

5.  Types of Credit Use
Apply for and open new credit accounts only as needed.  Opening accounts just to have a better credit mix probably won't raise your credit score.

 

 

 

 

LINDA SECRIST - LINDA SECRIST & ASSOCIATES - EVERYTHING THEY TOUCH TURNS TO SOLD!



 
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