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Improving Your Credit Score
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[+] Pay Off Mortgages and Other Debts in 1/2 to 1/3 the Time

[+] Truth About Budgets

Tips for Improving Your Credit Score:

Now that you know how your score is calculated, you can begin making changes to your current financial planning. The best things you can do are simple.
  • Pay all of your bills on time. Sounds simple, but this is the biggest thing you can do to keep your score high. Delinquent payments and collections have a major negative impact on a score.

  • Keep your balances low on unsecured revolving debt and other open lines of credit.  This includes accounts like credit cards, department store credit cards, HELOC's (Home Equity Lines of Credit), PLOC's (Personal Lines of Credit), BLOC (Business Lines of Credit). High outstanding balances can effect a score. As a general rule, never charge more than 30% of your total available credit on any revolving or open-ended credit line. For example, if you have a credit card with a $6,000.00 limit, never charge more than 30%, or $1,800.00 on that card.
  • The amount of your unused credit is an important factor in calculating your score. You should only apply for credit that you need.
  • The older your credit is, and the more positive your older credit accounts are, the better impact it has on your score.  Therefore, keep your oldest lines of credit open.
  • Make multiple payments on your open-end or revolving lines of credit monthly.  Creditors like to see payment frequency and this calculates positively in your credit score.  All of your payments combined throughout the month should equal a minimum of the "minimum amount due".
  • Make sure the information in your credit report is correct. If it's not, dispute it with the credit agencies and/or with the creditor directly.
Removing inaccuracies on your credit reports can have an impact on your FICO score when done correctly.  If there are negative items on your report that you believe are not accurate, you have the right to have those items removed.  Generally, negative items stay on your reports for seven years. You can request to have inaccurate information removed yourself, however, our experience has shown that your results will be limited. CAUTION:  Attempting to remove inaccuracies on older items may actually damage your credit score.  If you have a low credit score, contact us.  We'll help you understand the in's and out's of proper credit score management.  We'll help you sign up for our Credit Score Management program or direct you to where you can hire a "legitimate" professional credit report repair law service such as Lexington Law Firm or Ovation Law to work on your behalf. There are certain laws that you can try to understand.  One of them is that you have every right to attempt to correct your reports on your own. Unfortunately, the credit bureaus don't always cooperate with your request (that's the politically correct way to say rarely, seldom, almost never... you get the point) and you may find your efforts fruitless. For our clients, having professionals work on their behalf has proven to be much more effective and time/cost efficient. Our program, Lexington Law Firm and Ovation Law are industry leaders in cleaning up the inaccuracies in your credit report.  Again, we do not advocate credit repair, but rather credit score management. If you belong to our Credit Score Management program, our experts will automatically verify the accuracy of the information in your credit file and will challenge the appropriate items on your behalf.  If you would like more information on how to sign up for our Credit Score Management Program, call us Toll Free at 1.888.DebtEdge (332.8334).

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The Debt Free Project is NOT a Consumer Credit Counseling service, Debt Consolidation Company, lender, investment adviser, Certified Financial Planning Service, Certified Public Accounting Service, Licensed Mortgage Broker, or a member of any real estate organization. Although many of it’s affiliates and/or members are licensed and/or certified in these areas, the information discussed on this web site should be considered general information only and not specific to any person and/or party. The Debt Free Project does not directly provide accounting, tax, legal, real-estate, mortgage, or investment advice. Any person and/or party interested in specific advice should seek and consult with persons or entities licensed in his/her state and qualified in those areas for advice relating specifically to those matters.


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