7 Steps To Get Your Credit Score Over 700
Having a credit score over 700 can save you BIG TIME in interest rate charges. Knowing how to avoid the pitfalls of a decreasing credit score is not all that difficult.
By following a few simple guidelines you can bring up your credit score significantly.
Print this article and post it on your refrigerator - It MUST be followed consistantly to be of any benefit - You can DO IT!
*** You may need to borrow short term funds at a high rate - to avoid missing credit, auto, or mortgage payments - but do it anyway. In the long run it's MUCH better option. You will end up saving your credit score which leads to lower interest rates - which leads to lower payments - you can do it!
Step 1. Pay Recent Past-Dues:
If you have very recent LATE Payments ( auto, charge cards, student loans etc...), your credit score will take a NEGATIVE hit for sure. It's extremely important to pay off any revolving credit / bills that are 1-2 months behind. Do it ASAP!
Step 2. Request Good Faith Adjustment:
This will work many times, BUT you must approach creditors with tact and courtesy - never DEMAND. Request that after you bring your accounts current, the creditor make a good faith adjustment which removes the late payment information from your credit report files. Be persistant but polite and most times the bad mark will be removed.
Step 3. Payoff Collections if Negative information is Deleted:
You can actually negotiate with these annoying collection companies! As a condition of paying off the bill ask that any reference to negative credit be removed. Believe it or not, they'll likely honor your request because successfully collecting any monies owed is their MAIN objective.
Step 4. Spread out credit card debt:
This one's pretty easy...Try to use several cards if you are carrying a large balance. Of course you must try to find the lowest interest rates and the highest limit. Never use only ONE credit card for all your debt.
Having an account nearly maxed out can severely lower your credit score !. So, make sure to have no credit card over 50% of the maximum limit at any one time.
** TIP -Why not ask a creditor to increase the limit on your card if it's approaching 50% of the maximum limit ? Many times this simple request works.
Step 5. Report Credit Limits:
Make SURE all your creditors report your credit limits to all bureaus. If your credit limit is not reported, it's simply logged as "maxed out". This is basically "missing information" and hurts your cedit score - big time.
Step 6. Use the Correct Credit:
Regular credit ( VISA, MC, DISCOVER etc..) opened for a good length of time are the best types of credit to have. The typical revolving department store credit has lower limits - which means higher debt-to-limit ratios which can also lower your score if used a lot. Use your major credit card for dept store purchases.
Step 7. Limit New Credit:
Try to limit opening NEW CREDIT CARDS.
Here's why.
Your credit score increases the longer your AVERAGE length of time your accounts have been open. By opening up a new line of credit you are decreasing your AVERAGE length of time your credit accounts have been open.
Try not to be enticed into opening department store credit just to get coupons or 10% discounts etc...These end up lowering your credit score.
Keep Your Credit Score on Track
Following these guidlines can only help move your credit score higher so the sooner you can adjust to these guidlines the better. More on Quick Cash Loans