Jack Igan asked:




You Should Know Something About Your Personal Credit Score and understand how a low personal score can affect your ability to secure a credit loan.

The prospect of applying for credit unnerves many people unnecessarily. Just be truthful when you answer the questions and you should not have any problems. In our everyday lives we fill out “applications” rather frequently. Aside from the more obscure employment application we fill out more familiar forms for people several times a week. At least I do.

I spend a lot of time on my computer and the Internet and I am always requesting information. Usually they require your name, password, username, but quite often they will ask for additional information such as your address, date of birth, telephone number. Try requesting a telephone or cable service or posting a certified letter with a return receipt without first filling out a form.

The day you are born you get a birth certificate and a social security number; both follow you for life. Everytime you do a search on Google a record is made and saved in a database somewhere in California. This record includes information from your computer so they can trace that search right back to you and your house or your office.

So, by the time you get around to requesting credit, you are already in one or more databases and your personal information is usually available to anyone who wants to buy it. Everyone already knows who you are. So breathe easy and just go ahead and fill in the form.

What does this have to do with credit scoring and how does it affect me? All I want to do is buy a new (fill in the blank).

Any company that is in the business of lending money to its customers has to know with reasonable certainty that the borrower will pay it back. Credit risk is the name of the game but managing that risk is a science and a skill combined.

If any company makes it a practice to take unnecessary risks by approving bad loans it increases the likelihood they will loose money. If that same company only extends credit to no-risk or prime risk borrowers they will ignore a sizeable group of hard working, honest, and responsible people who need credit. This group will fall somewhere between the high risk groups and the low risk groups but represents an enormous amount of profitable business. Not working with this ‘average’ group will cost any lender a sizeable amount of business income and opportunities for commensurate profits.

To help make it more profitable for companies to work with these borrowers a system of credit scoring was developed about twenty-five years ago in an attempt to forecast an assumed credit reliability model against which any single person applying for credit would be rated. Basically, whenever you buy anything on time, that purchase and your record of repayments is recorded in a database under your name and social security number. These records are constantly updated each time you make additional credit purchases or repayments on a loan.

Your personal credit score is a fluctuating number based on your individual record of prompt on-time payments to satisfy your loans, the number and amounts of loans you have made, the number and amounts of your current outstanding loans, and how quickly or how slowly you have lived up to your obligations to repay each of those loans, your total debt, how detailed you credit history is, information found in public records, and other factors.

Opening a new account or making a payment could operate to change your score. Your information is categorized, sorted, and analyzed against previously created statistical credit models. The result of all of these reports and comparisons represents a predictive analysis of your credit worthiness, or your personal credit score.

The major credit reporting agencies are using a recently consolidated scoring system called FICO, developed by The Fair Isaac Corporation. Experian uses a proprietary version of FICO called “The Vantage System”. Vantage has a scoring range from “501 to 990″. The older FICO system has a range of scoring from “300 to 850″. In a nutshell, the higher you’re score, the lower your risk, and all other things being equal. The problem here is that all things are not equal.

Interpretation of the results is pretty much up to the lender and it is hard to get a consensus on what is an average score. Not all credit companies interpret the available information in exactly the same manner. Suze Ormand, a CNBC financial guru and television personality quotes “703″ as an average FICO credit score. A personal loan credit score of 500 would probably place you at the lower end of the scale.

Your credit score affects every aspect of your financial life. Your ability to repay a loan and the probability or your repaying that loan are the highest considerations for any lender and he uses your personal credit score to determine your credit worthiness.

It is a paradox that the major credit reporting companies all use the same credit scoring models or a proprietary version but none are all that willing to tell you what threshold, or “point score” they use to deny you credit or what the “number” is that dictates the interest rate they will charge when you buy that new car, HDTV, or boat. For a more complete personal credit report that includes the actual credit score assigned you by that reporting company and a chart comparing you to other borrowers nationwide, you have to pay a fee, usually about $15.00.

There are many websites where you can get a free personal credit report. Just do an internet search using the phrase “free credit report”. I would suggest using one of the top credit agencies only because their reports may be more up to date. you should note however that the free credit report you will receive is not the same report you would get as a paying customer. Unless you have a serious problem with your credit it should be adequate for your needs. If you need a more detailed report you can always order one if you think it’s needed.

I have no interest or affiliation with any of them. They are listed here as a convenience to you, only. One caveat when visiting these websites; they all offer a free credit report but each site has enhanced additional services that do cost money.

Tracy

Jess O'Neal asked:




A business loan is one of the most popular methods for those starting a business and they are a relatively simple way to gain the funds you need to get your business up and running. When looking to build a business, a large majority of entrepreneurs will need a business loan, and these are a great way to get your business idea off the ground if you don’t have a lump sum sitting around (and let’s face it, not many of us do!)

There are a few different types of business loan, such as short term loans, term loans and equipment financing, and the type people choose depends on factors such as the amount they need to borrow, the duration they think it will take to pay it back and what the money is actually needed for.

A particular concern that many small business entrepreneurs raise, other than whether they will actually be approved for the loan, is whether applying for a business loan will impact on their own or their partner or spouses personal credit rating. It’s understandable as even though we expect our businesses to do well, there are factors beyond our control and so it is sensible to look after our private affairs well.

The recommended way to ensure your business credit has little or no effect on your personal credit rating is to keep the two separate. If you make sure your business has a separate identity by registering it for its own Tax ID with the IRS, opening a separate bank account and registering the business at an address other than your home, you build the foundation on which you can build on your business’ own credit rating.

For a brand new business the bank or other lender will often take your personal credit into account, as they have no business credit score to use, and so in this case a business loan may affect your personal credit score and can lower it slightly.

In cases of an existing business it is more likely that you will be qualified for a loan by the lender on the basis of the business’ credit rating.

Like most issues relating to finance, with business loans there is no single rule that applies for everyone, as a range of factors can affect your application and these vary quite widely from case to case. However as a guideline, loans for a new business are more likely to affect your personal rating than borrowing money for an existing company.

Alana

Dave Dinkel asked:




How does a foreclosure affect your credit report is an interesting question. Yet this is the most frequently asked question we get. The method of calculating a credit score (FICO Score) is proprietary information. What complicates the issue even further is that all credit information is calculated into the individual’s credit score as it is entered by creditors and is only updated whenever there is an inquiry.

The second most asked question is “How soon does the foreclosure go on my credit report?”. This depends on the lender but in the vast majority of cases, as soon as the homeowner is 90 days late (30 days in some states), the foreclosure info is filed with the credit reporting agencies. It will not be “reversed” by a short sale or a deed in lieu of foreclosure unless negotiated by the homeowner, and often that doesn’t work.

So with the foreclosure question, the homeowner’s credit score is first decreased by his late payments. Usually, he is also late on other bills because of his financial crisis and has additional late payments, collections, or even judgments that all lower his credit score. So if he had his credit score of 680 on a specific date before he started his personal financial decline, after he has been served with his foreclosure notice or even after the foreclosure is completed; his new score could be 420 or lower. He is usually shocked and dismayed, but the real problem is how much more interest the lenders want because of his low credit score. For example, an auto loan to an “A+’ credit customer could be 0% interest while for a “D” credit customer, it could be 11% or higher. What does that actually mean? It means that the “D” credit individual will pay $7,500 to $13,000 more for the same car as the “A” credit buyer! The collateral for the loan is the same car, so the “D” credit person is unfairly penalized for his credit situation.

The foreclosure’s actual point impact on an individual’s credit report is estimated to be from 125 to 175 points. The bigger impact is from the late payments on other bills which quickly mount up. The net effect is generally considered to be about a 240 point decline counting his late mortgage payments. Ironically, the lower your credit report to start, the less the impact of additional late payments, and if you get into the 400’s, it’s really hard to get much lower without almost trying to hurt yourself. Many of the items on any credit report can be removed over time. It requires persistence and it’s estimated that 30% of all items on credit reports are incorrect and can be removed just by an inquiry or showing a paid invoice. Also the credit score reduction for the foreclosure is reduced as time goes on, until it settles at a minimal deduction (50 to 75 points) after a few years.

It is absolutely untrue that once you have had a foreclosure you can never buy a home again, as we see people buying a new home within a year of losing theirs to foreclosure. There are even homeowners who legally buy homes within 30 days of their foreclosure using legal techniques with no cash and no credit.

Foreclosure victims, who want to do conventional financing in the future, will have to pay a higher interest rate (approximately 1 and a half to 2%) unless their down payment could be 10% to 20% of the purchase price. This sizable down payment can often be obtained from friends or family members and carried as a second mortgage or second deed of trust on the property.

I am often asked if doing a “Deed in Lieu of Foreclosure” or a “Short Sale” with the lender reports the same as a foreclosure. Unfortunately, depending on how the lender reports your foreclosure, it could stay on your report even if the lender accepts your deed to resolve the foreclosure. The foreclosure action does not have to be filed in the courts to be considered a “foreclosure” by the lender. If your lender accepts a “Deed in Lieu Of Foreclosure” or a “Short Sale, always them ask for a letter explaining they have accepted your deed in exchange for your home, and that they will retract or not put a foreclosure notification in your credit record. If they tell you they have to, it’s not true, ask for a Supervisor until you get your letter.



Coleen

Jeff D. Thomas asked:




Credit score plays the most vital role in almost all the loan approvals. So it is always better to maintain a decent credit rating. But people find very hard to manage their finances and do not maintain a good looking credit. Young people are the ones who are most affected. Frugal living is very important in these situations. There are many solutions for people with a bad credit score to get a personal loan. Horrible credit scores are not going to prevent you from getting the 5000 dollar loans from the lender. The best way to get these loans would be through the usage of a collateral. The lenders are always willing to lend money to people who are placing a collateral. So if you have any assets, getting the secured personal loan is the best solution. Do not worry about losing the property. By managing your finances properly and through a family budget, you will be able to make the payments promptly.

The private lenders will be the most willing people to lend money to people with horrible credit. But a major disadvantage of getting the private money loans is that they would have a very high interest rate. The credit unions are another option available to you. Since the bad credit personal loans have very high interest rates, waiting for a little more time and doing credit repair would also be great. Getting new secured credit cards and paying the lenders regularly would increase the credit scores. Once several payments are made, the horrible credit score will vanish. You can become eligible for a low interest personal loan.

Micheal

Steve Diamond asked:




Banish these myths from the way you handle your credit! Your score will be as good as it can be when you know the truth about how these actions affect your credit score.

Damaging Myth Number One: Closing inactive accounts will raise your score.

This is a widely held belief, but it’s false. Closing accounts, whether or not they have zero balances, whether or not they’re inactive, will often lower your scores. Why? Because part of your credit score is based on the ratio of your credit card debt to your total available credit. If you close a zero-balance account with significant available credit, this ratio gets smaller. It’s as simple as that.

On the other hand, you can also have too much of a good thing (too much available credit compared to your ability to pay). If you’re concerned that this may be true in your case, then you can close zero-balance accounts that you don’t need. If you plan to close more than one zero-balance account, wait a few months in between. Each closing will initially affect your score adversely, and it can take months for the scores to be adjusted upward.

Damaging Myth Number Two: It doesn’t matter what balance is on each card; it’s the total that counts.

Again, this is untrue. Another part of your score is calculated by looking at the debt to available credit ratio on each card individually. Ideally, keep this under 30% on every one of your cards. For example, if your credit line on a card is $2500, keep the balance below $750.

Pay your debt down instead of moving it around to other revolving accounts. Moving it around (for instance, moving balances to zero or low interest credit cards) can lower your scores. With all the offers for low initial rates, many consumers are moving their credit card balances over and over again, trying to keep their accounts at the lower rates. If you’re moving balances among accounts that you already have open, and if you can do it without going over 30% on each account, then this is okay. But if it means applying for a new account each time, don’t do it. Each application will lower your score.

Damaging Myth Number Three: More accounts and greater available credit always means a higher score.

Not true. Don’t open new accounts you don’t need trying to increase your available credit. It can backfire. You need only four open and active accounts to establish great credit scores. Apply for credit only as you truly need it.

Many folks fall for department store promotions. The offer to get 10 or 20% off if you open an account may look like a great deal, but the activity can be detrimental to your credit scores. Don’t open accounts thinking it will raise your score, as it may not help at all. Have credit cards, but use them wisely. It is actually viewed that someone that has a good history of responsible credit use is a lower risk than someone with no credit cards at all. For the best score, ideally you should have a mix of installment credit (cars, furniture, etc) along with credit cards and mortgages.

Damaging Myth Number Four: Your credit reports are complete and accurate, even if you never make sure of it.

If you have ever had a collection account, judgment or tax lien, don’t assume that the creditor, collection agency or taxing body will report the resolution to all three bureaus. That goes for erroneous reporting you find on your report too. Don’t assume that because you paid off a collection, judgment, or lien that it is immediately reported to the bureaus. Even when you close an account, it is often not efficiently reported as such to all bureaus. It is not uncommon to see such activity reported to just one bureau, even when the adverse account was being reported on your credit report by two or all three bureaus.

Unfortunately, agencies and creditors are quick to report you when you owe them money or have made a recent mistake, but they can be very slow to report the final resolution to that account when you have paid them. This problem is magnified when there has been a bankruptcy. Accounts that have been involved in a bankruptcy may have been moved between the creditors and various collection agencies long before the filing for bankruptcy protection. The creditor is reporting the account as delinquent and is likely reported it as a charge-off.

But the creditor has also sold the account to a collection agency, hoping to get a small percentage of their loss back if the agency can collect anything. This goes for credit cards, department store accounts and even installment loans like auto loans. The account is sold back and forth between creditors and agencies.

The problem is that after one files for bankruptcy protection, and after the time has passed that it takes to successfully bankrupt the debts, the accounts may be sold multiple times. In addition, it is not uncommon to see an account go to collection after it has been discharged in a bankruptcy. You are thinking that you have a fresh start to rebuilding your credit after the bankruptcy, yet there may be new collection accounts dated after the discharge which has a huge impact on your already damaged credit scores.

What’s the remedy? Watch your credit reports like a hawk! No one else cares nearly as much as you do about making sure they’re accurate. You have to follow up with each individual bureau and supply them with copies of your discharge and lists of creditors to insure that everything is reflected accurately on your overall credit report. It can take years to see a rise in your credit scores if you don’t follow through with this. It is your responsibility to watch any such activity and make sure that all three bureaus have the most recent and accurate information possible. You can write and/or file online disputes with each individual bureau and supply copies of paid receipts and any correspondence you may have to insure that your record is recent and correct.

Resources

You have the right to one free copy of your credit report per year from each of the big three credit reporting agencies. They don’t have to be requested at the same time. For more information go to AnnualCreditReport.com.

These are the big three credit reporting agencies:

Experian

NCAC

PO Box 9556

Allen TX 75013

888-397-3742

http://www.experian.com/

TransUnion

Customer Disclosure Center

Trans Union Consumer Relations

PO Box 2000

Chester, PA 19022-2000

800-888-4213

http://www.transunion.com/

Equifax Information Services

P O BOX 740256

Atlanta, GA 30374

800-997-2493

http://www.equifax.com/



Audra

Helen Hecker asked:




Of course you don’t want to make any late payments on your credit cards or loans and affect your credit report and score unless you absolutely have to, but what happens if you’re unable to avoid it? It all depends on whether you’re 30, 60 or 90 days past due. If it’s only one late payment you may be able to dispute it and get it removed from your credit report but if it’s more than one that may be difficult to do. And it depends on whether it’s currently past due or long term past due, and other factors.

Understanding how FICO credit scoring works for late payments will help you avoid late payments and understand which late payments will show up for the long term and which payments won’t.

Put simply, FICO credit scores are used by credit card companies, loan and mortgage companies, utility and insurance companies etc., to predict how reliable you’ll be as a customer and how much they can trust you make the payments.

If you’re 30 days late on a payment it will affect your credit score only when it’s reported to the credit bureau. The same applies to 60-day late payments. However these are considered short term and may not cause any lasting damage to your scores. If this happens over and over then this will not be the case. Also a one time late payment of 30-60 days may never be reported to the credit reporting agency. You can avoid a lot of worry by finding out if the creditor reports a currently 30 or 60-day late payment or not. Many do not.

If you’re 90 days late it’s another matter. This can damage your credit report and score for seven years, unless you can get it removed. If it was in error or you had some special circumstances and your credit history has been good then it is worth a try by writing a letter to the credit report company. The three main credit bureaus are Experian, Equifax and Trans Union.

Credit card companies and other creditors look at 90-day or 120-day late payments as a red flag. They can no longer trust you to make your payments on time so your credit score will go down. Their purpose is to determine whether you’ll be able to make your payments on time or at least before 90 days have passed. It doesn’t matter if the payment was for $25 or $1000, they will look at it the same way.

Also sometimes late payments may cause a rise in the interest rates on your credit cards.

If you can avoid making any late payments you’ll dramatically improve the scores on your credit report. And if you haven’t gotten your copy of your personal, annual, free credit report online yet then get one now. Study it and then find out how your current creditors look at late payments. Call them up and find out if they report a 30 or 60-day late payment to the credit reporting agency.

Best of all find some emergency ways to completely avoid making any late payments. Try making your payments online a few days early to avoid payments getting lost in the mail. If at all possible find things you can sell or do some small part-time work from home and try to make a small emergency fund.

Do anything you can to avoid making a late payment. But if it happens, make it as soon a possible so it doesn’t go into a 90-day problem. Ninety days is the point where it’ll be difficult to turn things around and seriously affect your credit report and score and future borrowing opportunities. It’s best to spend a little time learning about credit reports, how you can fix or repair your credit report and scores now and how you can raise your credit scores fast. You may be doing some things you had no idea would cause your scores to drop.



Tamika

Justin Hutto asked:




Correcting credit errors such as charge offs and collections is not usually performed overnight. However, it is a quicker process if you dispute items in the proper order.

If your credit is a mess, chances are you have a variety of bad credit listings such as charge offs and collections. Some items are more damaging than others.

Ordered below is the list of negative items as they correspond to their severity.

Public Records/Bankruptcy are the most severe. Public records include tax liens and court judgments. These items are allowed to remain on your credit report for 10 years – as opposed to the seven years limitation rule that applies to other items.

When you file bankruptcy, you will have multiple negative credit items. You will have the bankruptcy itself as well as any items that were included in the bankruptcy case. All these notations are equally severe.

A single collection item can lower your score by as much as 100 points overnight. You should dispute any collection error as well as negotiate with the agency for a removal.

Foreclosure/Repossession are likewise very severe. These listings are severely damaging to your score and can keep you from getting the next mortgage or car loan.

A charge off is very severe. You may even have multiple listings on your report for a single charge off since it is bought and reported by third-party collection agencies.

A recent late payment surprisingly is equally bad as a charge off. The more recent a black mark is on your credit report, the more it lowers your credit score. Multiple late payments only make matters worse. The credit bureaus interpret multiple late payments as signs that you are having a financial meltdown.

Moderately severe items include a 30,60,90, or 120 day late payment. These items can either be disputed with the credit bureaus or negotiated with the creditor.

The credit scoring formula is biased more towards recent late payments. Older late payments should be given a low priority in your dispute process.

Incorrect Personal Information such as a wrong address or employer is not important. The credit scoring formula does not use this information to generate your score so it is less important compared to the items above.

In order to quickly clean up your credit report, you must challenge the most severe items first. It does no good to focus your time and effort on insignificant items like your employer or address.

To learn more about credit repair or a free credit repair letter to dispute negative listings visit us. To learn about lexington law a professional credit repair firm visit us.



Joann

John Phillips asked:




Credit piggybacking is using someone else’s good credit to raise your own score. It works like this: if you find yourself with a low credit score, you probably know how difficult it is to borrow money and how you are penalized by higher interest rates on borrowed money. So how do you raise your credit score quickly? Credit piggybacking. If you are made an authorized user on another’s account, one with a good credit score, your score will raise – pretty quickly – also.

This tactic has been used for quite awhile by parents that wanted to give their children a head start in building their credit history.

Trouble is, credit rebuilding businesses started taking advantage of this ploy, and matched people that wanted to build good credit with people that had good credit. The credit repair companies naturally would collect a fee. They found people with good credit that were willing to sell slots on their credit cards, paying them for those slots, and then selling the slots to people with less than desirable credit. The people buying the good credit didn’t actually have access to the account, but their score was lifted by being considered an authorized user.

Along came Fair Isaac, the company that determines your FICO score, in 2007 announcing changes to the way scores are determined. One of the changes was the elimination of credit piggybacking as a way to boost a score. Credit score booster companies cried foul, and challenged Fair Isaac. Long story short, Congress, the Attorney General, and the FTC agreed with the credit boosters.

Fair Isaac has revised its scoring method somewhat, being an authorized user will still boost your score, but you have to have a tie to the good credit holder. This means you have to be a spouse or child of the account holder. And, you have to have actual access to the account; you are an actual authorized user.

So is credit piggybacking a good idea? Perhaps if you are a spouse or child of the cardholder, but if not, there are better ways of improving your credit.



Mable

Ernie Gentile asked:




Who else needs to improve their credit score? Are you sick and tired of being rejected for credit on account of a FICO score that would make ANY banker balk? If you are anything like I used to be, the thought of sharing your credit report with strangers when applying for loans, credit or even an apartment to rent is enough to give you an anxiety attack for sure.

The truth? My credit was SO bad…..I literally avoided just about any scenario that would require me to having to reveal it, meaning I lost out on so many opportunities in life that it was truly sickening.

For example….I wouldn’t apply for a job when I knew my score would be pulled. I was afraid to go apartment hunting with my girlfriend…because I didn’t want her to think I was a “loser”. I simply curled up in a corner and thought I could “wait it out” and re-emerge BACK into society when my 7 years of credit purgatory and punishment were done.

Suffice it to say…..at some point, I was forced into getting my act together, simply because the people in my life at the time pushed me hard enough to get over it. I spent a lot of time, effort, energy and income on learning everything I could about credit scoring and credit repair…and endeavored to turn my situation around, and make it happen in a hurry.

Here is how I raised my score from the mid 550’s……to OVER a 640 in 90 days (and eventually got it well into the mid 700’s in less than 6 months!)

Step #1: I ordered my credit reports AND my scores. (you can do this all online)

Step #2: I made a list of ALL the derogatory items on my report…and listed them from MOST severe to LEAST severe. The most severe are public records like bankruptcy, liens and judgements, to charge off’s, and so forth. 30 day late’s and inquiries are at the bottom of the rung when it comes to “negatives”…..and therefore were listed as such)

Step #3: I compared the items on my report…with the actual hard copy records I had maintained of the very same accounts. Very often (in over 80% of the cases) the information I had was DIFFERENT than that which was being reported by the bureaus. When I was certain MY record was right (almost every time) I marked these items for dispute.

Step #4: I filed disputes on all of the erroneous information identified in step #3..:-) I broke it down a bit in a specific sequence that would be hard to explain here (I didn’t file everything at once) and waited for the results. Note: I used my OWN letters (never use the credit bureaus letter template) and hired NO expensive attorneys or credit repair clinics.

Step #5:Whatever came OFF my report per the disputes above… I celebrated with a little victory dance Whatever did NOT come off… I remitted a follow up dispute… using MORE aggressive language, and where appropriate, little bits of “proof” from the examples in my own records.

The bottom line is…

Within 90 days, enough bad items had been removed to increase my score a whopping 90 points. After 6 months of follow up? About 180 points or so of improvement…which as many of you know, is quite extraordinary and gave me EXCELLENT credit to boot! (for the first time in my adult life!) I used a credit monitoring service to keep “tabs” on my score going forward as well… just in case ANY negative items recurred, I’d be notified about them right away. (as time is obviously of the essence!)

You can do ALL of this for yourself…..and without having to buy any expensive information or hiring any expensive legal support. The ONLY thing you need is a copy of your credit report…and a genuine desire to have excellent credit! (even if you’ve got a humiliating score right now)



Esperanza

Ricky Lim asked:




Are you in a hurry to raise your credit score fast? Your credit score is nothing more than a mathematical formula actually. There are a lot of factors which can affect your credit score but there are also some ways to raise your credit score fast.

There are several credit reporting firms and they can come up with a variety of credit scores depending on your creditworthiness. Therefore, don’t fret if you chance upon these varying rates. Here are a few important things to keep in mind on how to raise your credit score fast.

Secure a copy of your credit report. It is usually given for free. Most online credit companies do offer a free credit report if you ask for it. Check if there are pertinent errors. You see, the assessment of your creditworthiness may contain errors too and they can terribly affect your credit score. Figure out if some late payments are recorded when in fact you haven’t incurred any.

Settle any existing debt. The fast improvement of your credit score can be done by paying off your current debts. Don’t close your present credit cards but make sure that you have paid for your debts. The longer span of time that you have your credit card, the more chances of raising your credit score.

Be in control of your shopping for credit cards or loans. In every application that you make, the credit score gets affected. I would not advise you to take out more than 1 credit card or loan unless you are sure you can repay on time.

Getting sub prime merchandise card is another good way to increase your credit score fast. These merchandise cards are usually keep track by credit bureau. It is important to do some research and find out which ones are reported to the credit bureau and have the lowest interest rates.

Don’t close old accounts. Old banking accounts actually have more creditability than new accounts since they have a history which credit bureaus go by. New accounts take time to increase your credit score and in my opinion are not worth it unless absolutely necessary.



Rosemarie