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how can i make my credit score higher

  • January 24 2010 - Cleveland
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Answers (7)

Profile picture for hpvanc
While maybe I should have read this before I purchased since I fell a couple of points shy of the God/Superb category in Pasadenan's link.  However I found that paying my bills and using a limited amount of credit very judiciously over the years was enough to put me at the top of the Emperor/Excellent category.

Have you considered paying your bills on time every time?
  • February 08 2010
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Profile picture for blue screen exile
Found this nice list of what high FICO score people do:
high achiever's FICO Characteristics
  • February 08 2010
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Profile picture for blue screen exile
Here are the FICO "reason" codes for why the FICO score may not be what you want:
FICO reason codes

Address each of those issues, and keep it that way, and your score should be quite good.

Here are the score ratings as seen in a humorous light:
FICO score ranges
  • February 08 2010
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There are several factors about your credit:

1) I would advise to get any revolving debt below 20% actually.
2) Do not payoff collections (I have seen this drop a score by as many as 90 points
3) See if you can do what is called "pay to delete" on collections

You can contact me for more information. I am a local lender and there is no cost for an initial review or any advice.

Franz
  • February 08 2010
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I work with a third party credit consulting company and according to them the magic number of credit card debt to credit limit is 30%.  So on a card with a $1000 limit carrying a balance of $300 or less would give you the maximum number of points on your FICO.
  • February 07 2010
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There are lots of places to learn about how your score is calculated - the best place I have seen is www.myfico.com - they're they ones that calculate your score, and they have lots of advice. 

35% of your score is payment history, and 30% of your score is the amount of debt you have.  As far as payment history is concerned, the last 12 months is by far the most important.  Late payments that are older than a year or 2 old can sometimes be overshadowed by a clean record during the most recent 12 months.  If your late payments are recent, it could take some time for them to fade into your history.

Most people don't realyze that the amount of debt you have weights almost as much in your score as your payment history - and it can especially hurt you if you're maxxed out on your credit cards.  Paying down debt aggressively and making on-time payments can dramatically increase your score fast.  If you want help with debt elimination plans like the "debt snowball" give me a call or google Dave Ramsey - there are no magic pills, but there is a "best way" to attack your debt and it's not cpmplicated.

Best of luck!

  • January 25 2010
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If you have no credit, open a secured credit card account and wait 6 months.

If your score is low, pay down the balance so that the balance is 50% of the available limit.

Hope this helps.
  • January 25 2010
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