credit score

There’s a lot of misinformation on the Internet surrounding the topic of cleaning up credit reports. In fact there is so much contradictory information that it can be hard to separate fact from fiction. In this article, I’m going to attempt to provide a lawful and factual approach that will help to clear the haze and assist with raising your credit scores 130 points in as little as 30 days.

Key Controllable Score Indicator #1: Available Credit

Even with all the secrecy around the private scoring methods of FICO and the other credit reporting agencies credit scoring methods, all of them have confessed that the amount of available credit in comparison to your credit limits is a key factor in how high or low your score is.

To see an immediate boost in your credit score, seek to keep your balances at 30 percent of the credit limit. As an example, a credit card with $1000 limit should carry a balance of no more than $300. I’ve seen this done with as little as one credit card which raised the credit score 24 points, instantly.

Key Controllable Score Indicator #2: Amount of Credit Inquiries

If your credit report reveals that you have multiple requests for credit over the past two years, this indicates a potential case that you may not be able to pay back all of your creditors. In other words, having zero to one inquiry would be fine, but once you have more than that over a two year period, it negatively impacts your credit score.

So in this step, don’t apply for any further credit until your finished cleaning up your credit report. Additionally, view each creditor that pulled an inquiry on your credit reports and if you don’t recognize the company as one you specifically gave permission to, absolutely dispute that inquiry with the credit reporting agencies.

Key Controllable Score Indicator #3: Validation of Late Payments

One thing that many consumers don’t check for on their credit reports is the accuracy surrounding any legitimate accounts. They may see an account listed that they know belongs to them, but unfortunately it doesn’t occur to check for accuracy in how that trade-line is being reported.

In this step, you can control accuracy by disputing any unverifiable or wrong late payment histories. Late payments, especially recent late pays, really weigh down your credit score, so be sure to dispute any late payments that you can’t specifically recall being accurate. The credit bureaus then have 30 days to go back to the original creditor and validate their information. If they don’t receive a response in 30 days, or they can’t find records to back up the late payments, by law, the credit reporting agencies must update the trade line per your request to, “never late.”

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Do It Yourself FICO Credit Score Repair Is Now Possible

When you are faced with a credit report crisis, the save your credit hucksters are ready to pick you clean of you last few bucks by promising to sell you miracles that will fix your FICO credit score or wipe out your debts. Read on to find out what you can do for yourself right now to get back on the path to good credit.

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The smartest thing you can do when trying to fix your bad credit is to find out what your score is and what it means. This is not hard to figure out on your own. Anyone has the smarts to do this or knows someone in the family who can help.

Now, let me share a little known fact for taking the time to get your credit report. A federal law called the F.A.C.T. Act that says all Americans get one absolutely free copy of their credit report every year. This report is not totally comprehensive and I’ll tell you why in a moment.

Your free report does give the highlights of your credit history including many of your current and past debts, your payment history on those debts, including bankruptcy going back up to 10 years. But, what you may not realize is there are likely one or more errors that affect your FICO credit rating that do not show on your free report. These are errors that you can find and correct yourself and give your credit rating an upward boost, yes, even up to 100 points if the errors are serious and not your fault.

Your free credit report will tell you to whom you owe money, how much money you owe, and whether you pay on time or pay 30 or more days late and so forth. All your credit history is computer compiled and evaluated to determine your FICO credit rating.

>From that computer analysis, a number is assigned to you as to what your credit fitness level is. This number if your FICO credit score. If that number is below 650, for example, you could be in trouble. You need to get your FICO score to 725 or more. We raised ours to over 800, so it is possible to raise your score by 100 points or more with the correct steps. Potential lenders look at your credit history and score to decide if you are a good risk to pay back the amount of money you are requesting to borrow.

Of course, there is more you need to know in determining and fixing your credit score. However, what should be important to you right now is learning how to read your credit report and how to raise your credit score with the right moves.

Remember: A good FICO score will help you buy the things you need and some of the things you want!

So, where do you get your credit report in the first place?

There are three major credit reporting agencies. Only one will provide you with one free credit report each year. The three are Experian, TransUnion, and Equifax. Access to your free report is available online. Just Google “Free Credit Report.” Be aware, however, that the free report may not give you your FICO score. It could cost something to get that number but you need to get it regardless.

That being said, you should get more than one credit report each year. If you are really concerned about your FICO credit score, you need to get a report from each of the three major credit reporting agencies. These will give you much more detail and expose errors you might miss with the free version. Each single report will cost you a small fee from from each agency. So, get your freebie to get you started then get the others soon after.

Why should you bother to get all three credit rating reports?

First, because of those errors I mentioned. Secondly, it is because lenders and creditors pick and choose which credit reporting agency they want to use. Some will report to all three agencies but many do not. Because of this you may find that what is included on one report is not shown on another. The reports can have different information because it is a voluntary system. Creditors pay to subscribe to whichever agency they feel is the best for their particular business so errors may be missed and will continue to affect your FICO credit score.

About The Author

Fixing your {{{FICO credit score-credit range score-credit score rating}}} yourself is easily done. Get the information you need here ==> http://www.jdanswers.com/Credit/index.htm or here ==> http://on-line-tribune-money-matters.blogspot.com from Jim DeSantis, Editor, OnLine Tribune.