Increase your credit score

• 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. The best advice is to manage credit responsibility over time. See how much money you can save by just following these tips and raising your credit score.
• In a bad credit situation, one of the worst things you can do is continue accumulating debt by making credit card purchases. Put your credit cards away until you have more control of the situation.
• Blemish credit is both stressful and costly, but it’s not the end. As hopeless as the situation might seem, bad credit won’t last forever. There are things you can do right now to begin improve your credit score.
• The most effective way to improve your credit score in this area is by paying down your revolving credit. The goal is below 10% of the available balance for that particular account.
• You cannot begin to repair your credit score until you know exactly what you need to work on. Obtain a copy of your credit report from each of the three major credit bureaus to find out which accounts need work and which are just fine.
• If your credit report contains incorrect information, you have the right to have it removed or corrected.
• New account will lower your average account age, which will have a large effect on your score if you don’t have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.
• Opening new account responsibly and paying them off on time can raise your credit score
• As long as your credit is in repair mode, you should avoid making any more application for credit, unless it’s necessary to rebuild some tradlines. It’s likely that you’ll get turned down for credit and the application will only decreased your credit score.
• This won’t affect your score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers (most consumer web-based subscriptions)
• You might be tempted to close out credit card accounts that have become delinquent, but wait. Before you close any account make sure it won’t negatively affect your credit. This may cause a loss in history or aged accounts.
• In general, having credit cards and installment loans and paying timely payments will raise our credit score. Someone with no credit cards i.e. tends to be higher risk than someone who has managed credit cards responsibly.
• A closed account will still show up on your credit report, & may be considered in the score, dependant if this is closed by “consumer” or “credit grantor.”
If you have no credit history or a low credit score, a secured card can help you building credit if it reports information to the credit bureaus. You have to dish out an up front security deposit of at least a couple hundred dollars, which the card issuer holds as collateral. Some secured cards will extend you credit after you show responsible use for a minimum of six months. It’s important to make sure these cards report to all three bureaus, if your intent is to rebuild credit, and again on revolving accounts the goal is to maintain below 10% of the credit limit.