by John Cooper,
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on the net: http://www.707creditscore.com
UNITED STATES, Dec 08 — Improving your credit score can seem like an impossible task. This is because there is so much contradictory information and the scoring model makes you feel as though you have no direct control over your credit score.This is incorrect. In sum, focus on steps one through five and you are on your way to a 700 credit score
I
mproving your credit score can seem like an impossible task. This is because there is so much contradictory information and the scoring model makes you feel as though you have no direct control over your credit score.
This is incorrect. If you take a few steps you can positively influence your credit score.
1. Disputing and removing bad credit items on your report. You can do this yourself or hire a service but it will help your score the most.
2. If an item is verified then work out a way to pay them in exchange have the item removed from your your credit report.
3. Pay your bills on time. It is alleged that missing one monthly payment can cause your score to drop by up to 50 points.
4. Open a new line of credit. You will get the most benefit if this is a revolving line of credit. We recommend an unsecured credit card.
This will also help you build a positive payment history by paying your monthly bill. However if you can not qualify for an unsecured credit card then open a secured card, but make sure it reports to all 3 bureaus.
Your score will get a bump if you can keep your balance at approximately 10% of your credit limit. This shows that you do use your credit and that you use it responsibly.
5. Pay down you large debts. This will help your ratio of available credit to debt. The bureaus want to see that you are not in over your head and the best way to show this to them is by having available credit.
These five factors are the only things you need to concern yourself with when trying to improve your credit score. There is one last factor however it is shadowed in controversy.
6. Piggyback credit, this is where you become an authorized user on a high credit limit credit card. The benefit is this account is now reported on your credit report and adding a tremendous boost.
This tactic has been widely abused by some credit repair services. The scoring model has changed to discount this method however it is disputed as to if that change has occurred or not.
In sum, focus on steps one through five and you are on your way to a 700 credit score. You don't have to live with bad credit you can increase your score and your quality of life.
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