Raise your score
Hi, some tips on raising your credit score. Raising your credit score is a bit like losing weight, it takes time and there is no quick fix. In Fact, quick fix efforts can backfire. The best advice is to manage credit responsibly over time. Follow these suggestions from Fair Isaac Corp.
Improve your payment history by paying your bills on time. Delinquent payments and collections can have a major negative impact on your score.
If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your score. But also be aware even if you pay off a collection account, it will stay on your report for seven years.
Contact your creditors or a legitimate credit counselor if you're having trouble making ends meet. This won't improve your score immediately, but if you can begin to manage your credit and pay on time, your score will get better over time.
Lower your amounts owed- Keep your balances low on credit cards and other revolving credit. High outstanding debt can affect a score.
Pay off debt rather than moving it around. The most effective way to improve your score is paying down your revolving credit.
Don't close unused credit cards as a short term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.
Don't open new credit cards you don't need, just to increase your available credit. This could backfire and lower your score.
Have a great day,
Adam Tarr and Sharon Kotula
Your Phoenix area Real Estate source
Excerpted from Wells Fargo