Can You Finance A Car With A 620 Credit Score 5 Ways To Raise Credit Score

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5 Ways To Raise Credit Score

It’s not as hard as you think to increase your credit score. It’s a well-known fact that lenders will give people with higher credit scores lower interest rates on mortgages, auto loans, and credit cards. If your credit score drops below 620 it’s just hard to get loans and credit cards with reasonable terms.

There are over 30 million people in the United States who have credit scores below 620 and if you are probably wondering what you can do to increase your credit score.

Here are five simple tips you can use to boost your credit score.

1. Get a copy of your credit report

Getting a copy of your credit report is a good idea because if there is anything incorrect on your report, you will increase your credit score once it is removed. Be sure to contact the office immediately to remove any incorrect information.

Your credit report must come from the three main bureaus: Experian, Trans Union, and Equifax. It is important to know that each service will give you a different credit score.

2. Pay your bills on time

Your payment history accounts for 35% of your total credit score. Your recent payment history will carry much more weight than what happened five years ago.

Missing just one month’s payment on anything can knock 50 to 100 points off your credit score.

Paying your bills on time is the best way to start rebuilding your credit rating and increasing your credit score.

3. Pay off your debt

Your credit card issuer reports your outstanding balance once a month to the credit bureaus. It doesn’t matter if you pay off that balance a few days later or carry it over from month to month.

Most people don’t realize that the credit bureaus don’t distinguish between those who have balance on their cards and those who don’t. So by charging less, you can boost your credit score even as you pay off your credit cards every month.

Lenders also want to see plenty of space between the amount of debt on your credit cards and your total credit limits. So the more debt you pay off, the bigger that gap will be and the better your credit score will be.

4. Don’t close old accounts

In the past people were told to close old accounts they weren’t using. But with today’s scoring methods that could really hurt your credit score.

Closing old or paid-off credit accounts reduces the total credit available to you and makes any balances you have appear larger in credit score calculations. Closing your older accounts can shorten the length of your credit history and make you less creditworthy to a lender.

If you’re trying to minimize identity theft and it’s worth the peace of mind to close your old or paid accounts, the good news is that you’ll only be down a minimal amount. But just by keeping those old accounts open, you can boost your credit score.

5. Stay out of bankruptcy

Bankruptcy is the worst thing that will destroy your credit score. Bankruptcy will drop your credit score by 200 points or more and it is very difficult to get back.

Once your credit score drops below 620, any loan you get will be much more expensive. A bankruptcy is reported on your credit record for up to 10 years.

The reality of a bankruptcy is that it will limit you to high interest lenders who will squeeze you for years of high interest rate payments.

It is best to get credit counseling to help you with your bills and avoid bankruptcy at all costs. By getting credit counseling instead of filing for bankruptcy, you can raise your credit score in a much shorter amount of time.

Copyright © 2005 Credit Repair Facts.com All rights reserved.

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