Credit Scores
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Posted by FinnigansMom on January 31, 2005 at 06:48:14
In Reply to: Anyone have any info on raising your FICO credit scores? sm posted by Natalie on January 30, 2005 at 21:22:44:
There is no "fast way" to improve your credit scores overnight, but here are some things that can help: 1. Pay all debts on time.
2. Don't apply for any new credit.
3. Keep at least one bank card open.
4. Cancel any unused cards/accounts.
5. Do not exceed 50% of your "available credit limit". Having maxed-out or high balances on your credit cards gives the appearance that you are already living outside of your means.
6. If possible, pay off the balance on all outstanding credit cards (doing this can raise your FICO up to 30 points!)
7. Avoid any companies that say that they can "instantly clean up your credit". They do this by telling you to apply for a new SSN or Tax ID number and using that instead to apply for credit. This is illegal.
8. Remember that there are more than one credit reporting companies and each report may be slightly different. It is important to obtain copies from all three companies (Equifax, Experian, and TRW, I think) to make sure that the information is accurate on all of the reports. As far as books, I don't know anything about the specific FICO-related books, but you may want to pick up a copy of David Bach's "Smart Women Finish Rich" or "Smart Couples Finish Rich" as well as the "Finish Rich Workbook". It helps you to organize your finances as well as get on a savings plan. I started on his program about a year ago, and it has made a huge difference as far as organizing my finances. Best of luck to you!
:o) jennifer
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