Print Article
  BookMark Article

Author Login    Author Login

Existing members will have to use the lost password facility to get new username and new password

Welcome Guest! Please login or create an account.



If you do not have an account yet, you can register ( Here ), or you may retrieve a lost user/pass ( Here ).

Navigation    Navigation

   10 newest articles RSS

Author Highlights    Featured Author

Tamilee Camerarusso
Amelia Island

"I've been in the Computer Science field for more than 20 years and love sharing knowledge..."

View My Bio & Articles

Joanne Jones

View My Bio & Articles

anghor relstemph
San Antonio

"IT Consultant - San Antonio, TX."

View My Bio & Articles

Other Websites    Websites of Interest

Improve Your Credit Score By Repaying Your Debt In Time

Author : Ask Bill

Many people tend to neglect the fact that credit score can be very important in today's society. This simple three-digit number could significantly affect how you live your life and also your financial status. A credit score is the result of a mathematical equation that evaluates many types of information that are on your credit report. Lenders with whom you applied will usually review your credit and credit score along with other factors such as your likelihood and ability to repay debt.
Credit scores are often also called 'FICO' scores because most credit scores are produced from software based on a model developed by Fair Isaac and Company (FICO). By having a good credit score, you may be able to have access to the best loan and credit card deals available today. If you don't pay your bills on time, you will have a bad credit score or credit rating. This may be because creditors will report to credit reporting agencies about your activities regarding how you pay your bills. A bad credit score can be improved by taking bad credit loans. A borrower can improve his credit ratings by paying off some of his previous debts with the loan amount.

In order to improve your credit card scores, it's important to know where you stand currently. The three-digit numbers, which range from 300 to 850, are the key to your borrowing costs. Now you may be ready to take the seven steps to a speedy credit repair
1) Pay down your credit cards. Paying off your installment loans (mortgage, auto, student, etc.) can help your scores, but typically not as dramatically as paying down or paying off, revolving accounts such as credit cards.
2) Use your cards lightly. Racking up big balances can hurt your scores, regardless of whether you pay your bills in full each month or not.
3) Check your limits. Your scores might be artificially depressed if your lender is showing a lower limit than you've actually got. Most credit-card issuers will quickly update this information if you ask.
4) Get some goodwill. If you've been a good customer, a lender might agree to simply erase that one late payment from your credit history. You usually may have to make the request in writing, and your chances for a "goodwill adjustment" could better your record with the company and your credit in general.. It can't hurt to ask.
A longer-term solution for more-troubled accounts could be to ask that they be "re-aged." If the account is still open, the lender might erase previous delinquencies if you make a series of 12 or so on-time payments.
6) Dispute old negatives. You could say that a fight with your phone company over an unfair bill a few years ago resulted in a collections account. You can continue protesting that the charge was unjust, or you can try disputing the account with the credit bureaus as "not mine." The older and smaller a collection account, the more likely the collection agency won't bother to verify it when the credit bureau investigates your dispute.
7) Blitz significant errors. Your credit scores are calculated based on the information in your credit reports. So certain errors there can really cost you. However, not everything that's reported in your files matters to your scores.

There are several different factors that go into your credit score. You may want to improve your credit score but are unsure of where to start. Since your credit score is based on your credit report, this is where you could start. You need to review your credit report to make sure all the information is correct and there aren't any inaccuracies. Fixing errors could be one starting point to improve a credit score. As you review your credit report, you could make a list of items you would like to dispute. The first step could be to get a copy of your credit score reports. You have three different reports and you are entitled to one free copy per year. You can go to the credit bureaus’ websites or there are a couple sites you can get them all in one. You might have no errors on your credit reports, but chances are you have at least one if not several. Each credit report comes with a form to dispute errors and the credit bureaus are required by law to investigate all disputes. They must also report back to you within 30 days of receiving the dispute. When investigating a dispute the credit bureaus may contact the creditor and ask them to check their records. If the creditor does respond or can't backup their claim it may be removed from your credit report. This process does give the power to the creditor. If they check their records and say the item is accurate, it will stay on your account even if it is clearly not. If you have errors and get them removed, that could be a quick way to improve your credit score and is the true starting point.

Author's Resource Box

Article Source:

Tags:   credit score, credit card score, credit score reports

Author RSS Feed   Author RSS Feed     Category RSS Feed   Category RSS Feed


  Rate This Article
Badly Written Offensive Content Spam
Bad Author Links Mis-spellings Bad Formatting
Bad Author Photo Good Article!




Submitted : 2010-10-13    Word Count : 848    Times Viewed: 667