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Credit Score Improvement

Since as a culture we’re dedicated to improvement, why not discuss: credit score improvement.

It’s important to note that 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. 

Here is some credit score improvement information:

Payment History Tips
Pay 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.

Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.

If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor. This won’t improve your score immediately; but, if you begin to manage your credit and pay on time, your score will improve over time.

Amount Owed Tips
Keep balances low on credit cards and other “relvolving credit”. High outstanding balances can affect a credit score.

Pay off debt rather than moving it around. The most effective way to improve a score in this area is by paying down revolving credit. In fact, owing the
same amount but having fewer open accounts may reduce a credit score.

Do not close unused credit cards as a short-term strategy of rasing a credit score.

Do not open new credit cards that you don’t need (to increase your available credit). This approach can backfire and actually lower a credit score.

Length of History Tips
If you have managed credit for a short time, do not open numberous new accounts too rapidly. New accounts will lower an average account age which could have a negative effect on a score if there is not adequate amounts of other credit information.  Rapid account build up can be viewed as increased risk.

Note that closing an account does not make it disappear. A closed account will show up on a credit report.  It may be considered for scoring purposes.

It’s OK to request and check your own credit report. This will not affect a credit score as long as the report is ordered directly from the credit reporting agency.

Information and Questions regarding credit score improvement will be answered promptly.

Also see:
FTC - What is Credit Scoring

By Jim Jump To Comments
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3 Responses to "Credit Score Improvement"

    Rhonda Webb says:

    can i have positive credit information such as owner finance of property that isn’t reported to credit bureau in the form of a letter from the person i am buying the land from; or a letter from a timeshare i am purchasing.(amortizatioin schedule) I own a home that is paid for that was set up as a collection note paid to my Mother.  could she send a letter stating the specifics on the loan?  I need to improve my score in order to buy a home.


    Posted on 11/04 at 6:03 PM
    James Moore says:

    Rhonda thank you for that question.
    Best answer is you must prove YOU made
    those payments.
    You need cancelled checks or bank statements showing the withdrawl of the specified amount of payment.
    Normally, 2 years worth of proof is acceptable.


    Posted on 11/05 at 5:40 AM
Rhonda Webb says:

Thanks for the guidance.  I think I can provide that.  What about rental of a storage space or rent from where I’ve been residing for the past year?  My landlord could write a letter stating I have paid on time for a year.  The manager of the storage facility said she would be more than happy to show on time payments for a year as well.


Posted on 11/05 at 9:26 AM

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