Question by qnh026: What is the best way to Improve my Credit Score.?
My score is 658 now. I have 6 open credit cards with about 20,000 balance. I do make all payments on time every month.
I want to raise my credit score to above 700 level. I am in the process of refinancing my mortgage. Please Help.
Answer by Answer G
When I was in a simalr situation last year, I 80% of my redit cards into a loan and payed them off. I still kept some credit cards cause its always good to have a couple. But I payed them off in full every month.
These are the guys I went through for the loan
They were excellent, great customer service, really helpful.
Know better? Leave your own answer in the comments!
Repairing the credit score is not that difficult provided you take these 5 simple steps into consideration.
1. Check your credit report regularly
This is a must to ensure that you know your current credit score, and what is ailing it. If there are any inconsistencies in your credit report get them corrected. Keeping bills of all the transactions you make can be very handy and helpful in correcting any errors in your credit report.
2. Get rid of those extra credit cards
The temptations to own a new credit card are so numerous in modern times that many of us end up with a purse-full of them without any real need. They stay there and cause a lot of problems in repayment. The confusion that comes with too many credit cards can easy lead to a missed payment and resulting penalties. Frequent defaults will reflect poorly on your credit score. So, keep only the necessary and discard the rest.
3. Repay on time
Every credit card transaction is a loan that has to be repaid on time with interest. Don’t ever miss out on any repayment. If you are not able to make full payments, make half, or even the monthly minimum, but don’t default. This will keep you in the good books of credit card company and help your credit score. If you are not able to pay anything to the credit card company, don’t shy away from them, call them, explain your problem and work out things so that a negative report doesn’t land up with the credit reporting agencies.
4. Keep your debt to balance ratio low
A low ratio means that you are repaying on time. This factor has carries a lot of weight while determining your credit score. A low debt to balance ratio goes in your favor while it hurts your credit report badly when this ratio is high. The high ratio says that you are not able to manage your finances well, borrow more than you can afford, and the repayment is not up to the mark– in short a good candidate to accumulate a lot of credit card debt. Always, avoid giving this impression to the credit card companies. Read more from: http://www.credit-card-gallery.com/article/239,Credit_score_repair_in_5_simple_steps
Having a good credit rating, helps a consumer get a loan or credit at better rates and for larger amounts.To know “How to improve credit rating, credit score” plz follow link-
To boost your credit score:
The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.
Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.
Then make sure you pay all your revolving accounts to below 50% of your credit limits.
Make sure that you make all your payments no more than 20 days from the date it is due.