Improve Credit Scores
What you do affects your credit score or FICO. First of all, there is no perfect credit score. The average FICO consumer credit score today is right around 678. Credit scores are not affected by race, creed, education or religion. Credit scores are individual, meaning married couples do not share a score. But what we must remember is that you can improve your credit scores.. in all 3 bureaus.
What affects your credit score negatively? Ughhhh Bad Credit.
- Foreclosures
- Bankruptcy
- Tax Liens
- Late Payments
- Percent of Credit Use to Available Credit
- Too Many Requests for Credit
- Having No Credit
So, on a daily basis, what do you need to do to stabilize or improve your credit score? Woohoo Positive Credit.
- Make Payments on Time
- Keep Your Balance on Each Card at or Below 30% of Available Credit
- Make Use of Credit. Do Not Have A Zero Balance
- Keep Those Credit Cards (Credit Age)
It all sounds so simple but in life, we realize that payments can’t always be made on time. There is job loss, you might move and the bills might not catch up to you, and credit issuers may lower your credit limit and push you past the use of 30% of your credit on any one card. Look, at least 1/3rd of all credit reports have an error in them. Again, forget about the elusive perfect credit score. You should be asking… how do I increase my credit score? What’s a good credit score? Our goal is to get our FICO into the 720+ area. We might as well look at our credit reports and credit scores and right any wrongs in those credit reports.
Questions and Answers
Your credit score plays an important role in your financial and personal life. It has the power to determine your sanction to take a loan. It is a mathematically calculated number developed by Fair Isaac Corporation (FICO).
There will always be a measure of hope for any person that wants to repair their credit rating in order to be able to buy a vehicle, or perhaps make an application for a credit card or possibly even submit an application for a home mortgage.
Although the repayment mode is predetermined, many a times there may be a default in making the payment due to various reasons. Credit score is a 3 digit numerical figure that reflects your creditworthiness.
Nowadays, almost everything operates on credit; more and more people own their very own credit cards that may be used to buy virtually anything. However, very few people take the time to assess their financial situation and find out how their credit score stands.
Learn some facts that show you some simple ways to improve or keep your credit score good, without paying a company to help repair or raise your credit score
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