How can I raise my credit score

**Coleroo** · 07-24-2007, 05:11 AM

At 37, you should focus more on learning to save money instead of learning to get credit. There is no reason why a 37 year old man shouldn't be able to save cash for a wedding ring - and if you can't pay cash for it, then its too expensive to begin with. Focus your energies on learning to save and cut back on unneeded expenses and fees.

If you're determined to get everything on credit, you should focus on what led you to the low credit score in the first place and resolve those issues. To begin with - applying for many differeng types of loans / cards within a short time frame (a few months to a year) lowers your score (creditors see you as a risk! they start to think, "why do you need so much, so fast?").

You need to start first and foremost by checking your credit reports from all 3 bureaus (trans union, experian, equifax) and learn to read those. Depending on your state, you can probably get one free report a year from each at www.annualcreditreport.com

Factors that help you raise your score:

History of good payment (NO late marks)
Long credit history on file (3+years)
Variety of accounts open (revolving, term, mortgage)
Utilization of less than 50% of your credit line
Staying away from your credit max
Not going over your credit limits
Having no accounts in collections
Having no negative public records

Remember, accounts you may not normally think of as credit can negatively impact your report and score if they go unpaid - utilities, medical, insurance, membership book / dvd clubs (if they have your social), etc.

Again though, you should focus on how to save and spend cash instead of wasting time worrying about obtaining more and more credit. Both methods take time - saving for cash and obtaining credit. The former can lead to a lifetime of wealth... the latter can lead to debt and bankruptcy.

**Harrison** · 07-24-2007, 05:37 AM

I just write a post about Improve your FICO Score to achieve Financial Freedom Faster. Inside there I share 6 ways to increase your credit score:

1. Pay your bills on time. I think this is the best way that you can take

2. Keep credit balance low. Leave some breathing room between the amount of debt and your credit line. Keep it below 25% is the best.

3. Do not open a lot of new accounts over a short period

4. Do not open too many credit account that you have no intention to use

5. Pay off your debt instead of debt consolidation.

6. Keep and mange your credit card properly because having credit card and installment loan that you pay on time can help your FICO score.

**disneysteve** · 07-24-2007, 06:10 AM

Originally posted by Tyberius View Post

HELP!!(wedding rings aren't cheap)

The answer to "how do I raise my credit score?" is to figure out why your score is low. Did you overdraw accounts? Were you late with payments? In default on any loans? Too much outstanding credit? Apply for too many credit accounts? Exceed 30-50% credit utilization ratio?

Once you have determined why your score is so low, you can start working to correct those issues. DO NOT take on any new credit accounts, loans, etc. Pay all bills on time. Cut out all unnecessary expenses and use every spare penny to pay down your debt.

I quoted you above because that statement greatly concerns me. Your credit score has absolutely nothing to do with buying wedding rings. Why? Because you will be paying cash for them. If you can't afford to pay cash, you can't afford to buy them. Under no circumstances should you ever finance a total luxury purchase like jewelry.

If you'd like more help, list your income, expenses and debt info and there are plenty here who will be happy to help you work through things to improve your situation.

**more freedom** · 08-01-2007, 10:20 AM

When you repay back your debts you will have higher credit..

**Dave Rowtree** · 08-02-2007, 08:02 AM

Try getting a credit report (the UK equivalent is Equifax or Experian) and see what is bringing your credit score down. IT may be a forgotten credit card or loan which you can easily clear. It is also in your interest to challenge most entries since if the credit companies cannot provide evidence within a certain time the entry is removed (many times the administration costs of finding your file to prove your debt is more than the debt itself)

You may also be living at an address that has a bad credit score, or if you have missed payments in the past the only real way of repairing a credit score is the traditional method of actually paying back your debts, although even then it can take a few years to get back to high credit scores.

**n_vizion** · 08-03-2007, 02:59 AM

Make sure that you pay back any outstanding debts you owe, pay your bills on time and start small. Something as simple as a cell phone bill payment paid on time month to month can increase your credibility (pun intenented)

**mekish** · 08-03-2007, 01:37 PM

Originally posted by Coleroo View Post

At 37, you should focus more on learning to save money instead of learning to get credit. There is no reason why a 37 year old man shouldn't be able to save cash for a wedding ring - and if you can't pay cash for it, then its too expensive to begin with. Focus your energies on learning to save and cut back on unneeded expenses and fees.

while i agree with most of what you're saying, i think you're being a bit judgemental. there are various reasons why people can have poor credit scores, maybe he's never had a credit card before, maybe he's never needed to borrow, maybe he's self employed etc..

How can I raise my credit score