Facts About Raising Your Credit Score

Help me raise my credit score! Somebody, anybody please help me get by credit score increased (FICO Score)…

Alright, let’s learn some facts about getting your credit back on track with the following tips.

Do You Know Your Credit Score?

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Raise My Credit Score – Tip #1

Improve Your Debt to Credit Ratio
The first thing you need to understand is the debt to credit ratio. Your debt to credit ratio plays a major role when you want to improve your credit score.

Your debt to credit ratio is calculated by taking the debt used by the amount of credit you have available. Banks and lenders will use this information determine how good you are at managing the credit and loans you already have.

For example, let’s say you have a total credit limit of $10,000 on all your credit cards and you have a balance owing on those cards of $10,000, your debt to credit ratio would be 100%.

If I wanted to raise my credit score in that case I would want to lower that ratio to improve my credit score. Let’s say you managed to pay off $9,000 on your credit cards leaving you owing just $1,000 on your credit card, now your debt to credit ratio would be $1,000 / $10,000 x 100 (to get percentage) = 10%.

When your debt to credit ratio is lowered you will raise your credit score basically because banks and lenders will see that you are capable of managing credit issued to you.

Raise My Credit Score – Tip #2

Pay Bills in Full
Make sure your bills are paid in full each month. In order to raise your credit score you will need to make sure you never get in over your head with your monthly payments because if you start to fall behind on any of your bills such as utilities or services such as phones, internet or television providers. If you continuously fail to have your bills paid in full each month then your service providers will report these to the credit bureaus adversely impacting your credit report.

Raise My Credit Score – Tip #3

Pay Bills on Time
It probably sounds redundant to repeat this but not only do you have to get your bills paid in full every month but you also have to make sure your bills are paid on time. If you have a tendency to pay your bills late, you have to break that habit immediately to increase your credit score you must pay bills on time.
Since most of us have cell phones and gadgets with electronic calendars on them these days, you should set bill payment reminders on these devices to help you remember when your bill payments are due to lessen the likelihood of not paying your bills on time.

These three simple tips have helped me raise my credit score and if you follow this simple advice I am confident that is less than a 12 month period you too may see a jump of 100 points in your credit score.

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