Any tips on increasing your credit score?

[MuffD]

As you guys know, I'm planning on buying another house and have been reading about the importance of credit scores. What have some of you done to increase your credit score?

Thanks in advance.

 

[kranky]

First, find out what your score is. If it's good enough, there's no point in wasting time trying to increase it.

 

[badet77]

I know that if you have credit card debts and you've been paying them monthly that would increase your score..

 

[Spooner]

Pay stuff.

 

[conjur]

Get a copy of your report and scores from all three bureaus.

Dispute any inaccurate information to remove that.

Close accounts if you have too many open. Get your open balances down to $0 (or close to it)

And, most importantly, PAY ON TIME!

 

[Ausm]

Sneak into the credit bureaus and run a magnet over their hard drives

Make sure you get mine too...


AUsm

 

[royaldank]

Pay everything on time. Missing one payment can drop a bad credit into disaster. I saw a customer's CR the other day from six months ago. Scores were around 580, so nothing great. He was advised to pay everything on time and wait half a year to see how his scores were. He was fine until the fifth month and got a car payment in late. His scores dropped to around 530 from that missed payment alone.

Other than that, keep only necessary accounts open. Keep your CC limits down as low as you can. Try not to carry large balances.

 

[RossMAN]

Originally posted by: conjur
Get a copy of your report and scores from all three bureaus.

Dispute any inaccurate information to remove that.

Close accounts if you have too many open. Get your open balances down to $0 (or close to it)

And, most importantly, PAY ON TIME!

You want to keep a few credit lines open (lowest APR, longest standing, etc.)

Credit doesn't get better overnight or in a few weeks, it's a long painfully slow process.

 

[alkemyst]

The whole credit scoring thing sometimes unfairly penalizes those with good credit too.

There is alot of debate about it.

I am part of a class action suit (got a letter in the mail) now due to a cosignor of one of my loans who later filed bankruptcy . That bankruptcy was not filed by me, and the car they cosigned for was paid off early and never late...but whenever my credit report was pulled it showed up as me having the bankruptcy and also the car was part of it. It was as if I filed bankruptcy myself. The reporting agency said if they requested the 'long form' or whatever they will see it wasn't mine, but no one uses the more expensive report.

This kept me for decent credit for 7 years which were also my first in college....credit is important in college for car repairs and emergencies. Luckily I already had a Sears card and a couple real CC's or I would not have been able to work that out.

 

[Vic]

http://www.myfico.com

 

[holden j caufield]

does paying your phone bill late matter? Registered for sbc ebill and it took awhile for them to even let me pay my bill online. 2 months late. They don't seem to mind though

 

[royaldank]

Originally posted by: holden j caufield
does paying your phone bill late matter? Registered for sbc ebill and it took awhile for them to even let me pay my bill online. 2 months late. They don't seem to mind though

My utilities and cable have never shown up on my report. I've been late numerous times (even had the power cut a few times b/c I get lazy and forgetful) and it wasn't anywhere on my report.

If you go to a doctor and forget to pay it (or don't pay it) and it gets turned over to a collection agency, it will be on there. Anything through a collection agency is going to be on there.

 

[Grey]

I doubt utility bills go to collections until it is seriously past due and they cut your service.

 

[batmang]

the best/easiest/fastest way would prolly be to just get a credit card, use it like when you can, i use mine for a gas card and make payments on it. if my minimum is say.... $10, id pay $15. the goal is to not pay the min., but not pay too much either, that way you pay for some interest and make the cc company money. you pretty much pay for credit scores.