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How to increase my credit score

Posted on: 14th Dec, 2005 12:33 am
I am looking to buy a home. I have consulted a few mortgage lenders and have been suggested so many things for fixing my credit. My credit score is 550. It has jumped 80 points since last years March. But my problem is that I have various charged off credit cards on my account. I want to consolidate my debts as soon as possible.

Brian
Hi,

Once you are able to pay off all your debt to your creditors. Then you can expect an increase in your credit score. You can benefit from a consolidation program and make your repayment process easier.

However I can give you some tips to increase your credit score.

It is mandatory to check your credit report for any mistakes in your credit report from all the three credit reporting agency.

It will be considered a very good practice if you meet your bills on time. This is very important as prompt payment will put you in a very good position before you apply for a loan.

It is advisable not to close any unused accounts just before applying for a loan. And also at the same time it is suggested not to open any new account. It is said that because you are having short credit history or less number of accounts, the credit score gets lowered.

Thanks,
Jerry
Posted on: 14th Dec, 2005 12:51 am
Hi Brian,

When a credit score is evaluated, research is conducted on the following areas of your credit report.
  • Your Payment History

  • The amount that you owe will be taken into consideration.

  • Length of your credit is determined

  • They will look for the type of credit you have used so far.

Thanks,
Jill
Posted on: 14th Dec, 2005 01:07 am
Once you will paid your all debts it should be help to increas your cradit score.
If you all bills on time to time it gets help to you for increas your cradit score. For any application if you give all document cleare.
Posted on: 30th Sep, 2009 02:03 am
If you're interested in debt consolidation there are plenty of choices, especially where credit card debt is concerned.

It's not just credit score that matters of course, but it can't hurt to clean it up if you can.

[Promotional text deleted as per forum rules. Thanks.]
Posted on: 30th Sep, 2009 05:50 pm
it may be because of some old pending entries. need to carefuly go through the credit report.
Posted on: 30th Sep, 2009 07:11 pm
If you're looking to consolidate your debts, particularly credit card debts, there are many services around that can help. fixing bad credit can take a while, but if you can consolidate your debts and get your income to a good enough point to susstain the repayments and get them cleared you should see a gradual improvement ion your credit score.

I'm sure there are places that focus on boosting your score quickly, but I don't know of any reliable ones.
Posted on: 04th Oct, 2009 08:38 pm
Good suggestion thewretched02
Posted on: 18th Oct, 2009 02:32 pm
Knowing what your credit report contains before the banks do can help you a long way towards understanding what may be required of you.

Canadians by law can obtain a free copy of their credit report once per year per credit reporting agency. Aside from paying your bills on time, I would highly recommend taking a look at your credit report to ensure that there are no irregularties. A mistake on your credit report is no reason to waste an extra $10,000+ in 'credit risk premiums' from a lender.
Posted on: 18th Oct, 2009 07:44 pm
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