Can I Close My Finance Account And Pay On It Common Questions About Credit Scores!

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Common Questions About Credit Scores!

If you are interested in learning more about credit scores, then you will want to read on. We will be answering some of the most common questions that people have about credit scores.

What is an average credit score?

The average American score is believed to be around 680 according to a recent report by Experian. While this is average, 58% of the U.S. population has a credit score of 700 or higher.

I have some collections that are five years old. Will paying these off improve my credit score?

No! Chances are that paying off these accounts will actually lower your FICO score. What you want to do is call the creditor and let them know that you want to pay off the account. Tell them you will pay in full if they will agree to delete the account from your credit file or delete all negative history associated with the account. If they agree to this, (which they probably will) ask them to fax you a letter that outlines your agreement.

Once you have the letter, review it carefully. Often, creditors will try to confuse you and put that they will report the account as being current. This is not what you want. You want all negative history completely removed from your credit file. Once you have a letter that says this, go ahead a make the payment. You will want to keep a close eye on your credit report after you do this. If the creditor does not update it properly, you can use the letter to dispute the account with the credit bureaus.

What is the best thing that I can do to raise my FICO?

The best thing you can do to improve credit scores quickly is to pay off your revolving debt. How much you owe versus your total available credit accounts for 30% of your overall credit score. Simply paying off credit card debt can raise your credit score by 60 points or more. (Assuming that you are currently near 100% revolving utilization.)

How to errors in my file impact my score?

An estimated 89% of all credit reports have errors in them. While an incorrect address will not hurt you, there are many errors that can! Did your creditor send you something in the mail offering to let you skip a month at Christmas and then report your payment as late? Or perhaps you have an account that is more than seven years from the date of last activity that is still reporting. The credit bureaus never verify any information that they report, so it is up to you to clean up your credit report errors.

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