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Credit Report - How to Improve Your Credit Score
One of the great mysteries of life is how the three major
credit bureaus (Experian, Equifax, and Trans Union) score credit.
They all have secret statistical formulas for determining your
credit score, but they are unwilling to divulge exactly what,
exactly, constitutes your score. This can make it difficult for
people with problem credit to try to improve their score in hopes
of obtaining a home or car loan later.
While the exact formula is a secret, there are a few things
you can do that will undoubtedly improve your score:
Pay off a home equity line of credit. These loans, which allow
you to borrow more than once against your home's equity, are
considered revolving credit, much like a credit card. Pay it down
or pay it off; either should help your score.
Check your credit
report regularly; you are entitled to a free copy of your
credit report once a year. By looking over your credit report,
you can make sure that debts you have paid on time are shown on
the report, such as student loans, or auto loans that have been
paid in full. You can also make sure that your credit limits on
your credit cards are reported correctly. Lenders look at the
ratio of debt to available credit, and if your reported credit
limit is low, it could make it appear as though you are nearly at
your credit limit.
Check for duplicate information on your credit report. If your
mortgage has been sold to another firm, make sure that your
report doesn't show your mortgage twice.
Keep balances on credit cards and other revolving accounts
low. You do not want to be seen owing too much money to too many
different lenders.
Don't have too many open credit accounts. Ten Visa cards will
not help your credit rating. Try to keep a maximum of three
revolving credit accounts.
By checking your credit report regularly, and by eliminating
unusual entries, you should be able to increase your credit
score. And with credit, every little bit helps.
©Copyright 2005 by Retro Marketing. Charles Essmeier is
the owner of Retro Marketing, a firm devoted to informational
Websites, including http://www.End-Your-Debt.com/
and http://www.HomeEquityHelp.net/
MORE RESOURCES:
Credit - Google News
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