Tips to Help You Improve Your FICO Credit Score

Posted by: Lisa N. | Sep 27,2007

Improving your FICO credit score helps you get a better rate on a loan, might determine whether you get the apartment of your dreams, and may even affect your ability to get a job. If you have bad credit, there are some tips you can follow to improve your credit score:

 

• When you order your free annual credit report, check to make sure it’s accurate. If you see closed accounts on your report, follow up to get them removed.
• Your credit score will benefit from keeping your credit card balances low. Finance experts say you should only use 30% of your available credit. Maxed out credit cards will negatively affect your credit report.
• The old adage that you need to secure credit cards in order to build your credit history is true. As long as you use your credit cards wisely, make your payments on time and don’t max out your cards, your credit score will improve.
• Pay your bills on time and you’ll see an improved FICO credit score. If you have to miss a payment, contact your credit card company and let them know why you’re going to be late. They may be able to waive a late fee, depending upon the circumstances. Get caught up on missed payments as quickly as you can.

 

It takes time to improve your FICO score, especially if you have bad credit. Don’t panic if it doesn’t happen right away, and be wary of any company that says they can quickly clean up your score for you. Order your free annual credit report once a year and compare this year’s score to last year’s score, to see how well you’re doing.

 

Get more helpful tips to improve your FICO credit score.

 

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