Credit Report ? How to Improve Your Credit Score
One of the great mysteries of life is how the three major credit bureaus (Experian, Equifax, and Trans Union) score credit. They all have secret statistical formulas for determining your credit score, but they are unwilling to divulge exactly what, exactly, constitutes your score. This can make it difficult for people with problem credit to try to improve their score in hopes of obtaining a home or car loan later.
While the exact formula is a secret, there are a few things you can do that will undoubtedly improve your score:
Pay off a home equity line of credit. These loans, which allow you to borrow more than once against your home's equity, are considered revolving credit, much like a credit card. Pay it down or pay it off; either should help your score.
Check your credit report regularly; you are entitled to a free copy of your credit report once a year. By looking over your credit report, you can make sure that debts you have paid on time are shown on the report, such as student loans, or auto loans that have been paid in full. You can also make sure that your credit limits on your credit cards are reported correctly. Lenders look at the ratio of debt to available credit, and if your reported credit limit is low, it could make it appear as though you are nearly at your credit limit.
Check for duplicate information on your credit report. If your mortgage has been sold to another firm, make sure that your report doesn't show your mortgage twice.
Keep balances on credit cards and other revolving accounts low. You do not want to be seen owing too much money to too many different lenders.
Don't have too many open credit accounts. Ten Visa cards will not help your credit rating. Try to keep a maximum of three revolving credit accounts.
By checking your credit report regularly, and by eliminating unusual entries, you should be able to increase your credit score. And with credit, every little bit helps.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com/ and http://www.HomeEquityHelp.net/
Latest News
SEC delays action on credit rating agency rules Reuters - WASHINGTON (Reuters) - US securities regulators on Wednesday delayed action on adopting stricter rules to rein in the credit rating agencies until December ... SEC puts off vote on rules for rating agencies US SEC adopts rules to improve fund disclosures 2nd UPDATE: SEC To Require Summary Mutual Fund Prospectuses |
 International Business Times | Fitch Affirms Norfolk Southern IDR at 'BBB+'; Outlook Stable MarketWatch - Fitch's ratings apply to approximately $6 billion in outstanding unsecured debt and a $1 billion unsecured revolving credit facility. ... Fitch Rates DCP Midstream's $250MM Notes 'BBB+'; Outlook Stable Fitch Affirms Telmex IDR at 'A-'; Outlook Stable Fitch Rates Battle Creek TIFA, Michigan's LTGOs 'AA-'; Outlook Stable |
 PR Web (press release) | First California Financial Group Announces Passing of Chief Credit ... CNNMoney.com - First California Financial Group, Inc. (NASDAQ: FCAL) today announced that Walter Duchanin, executive vice president and chief credit officer of its ... First California Financial Group Announces Passing of Chief Credit ... |
Bond Risk Rises to Record in Europe, Credit-Default Swaps Show Bloomberg - 20 (Bloomberg) -- The cost of protecting European corporate bonds from default rose to a record, according to traders of credit-default swaps. ... EURO CORP-Crossover hits record wide; recession fear rises Australia Corporate Bond Risk Rises, Credit-Default Swaps Show Japanese Bond Risk Soars to Record on Concern Banks Weakening |
Credit crunch due to lack of borrowers: Lacker MarketWatch - By Greg Robb, MarketWatch WASHINGTON (MarketWatch) -- The credit crunch is more about lack of opportunities for good loans than concern about bank capital, ... |
 Reuters | Best Buy shares down after credit rating cut Reuters - On Tuesday, S&P Ratings Services lowered its corporate credit rating on Best Buy to "BBB-" from "BBB," saying credit metrics would weaken more than ... Best Buy Slides As S&P Sees Credit Picture Deteriorating Govt support for banks will come at a cost -S&P |
12 D-FW red kettles will take credit for Salvation Army Dallas Morning News, TX - By KIM HORNER / The Dallas Morning News For the first year, all that empty-pocketed shoppers have to do is swipe their credit cards on scanning technology ... |
Credit Markets Fall to Records as Confidence in Economy Wanes Bloomberg - 19 (Bloomberg) -- Credit markets from commercial mortgages to junk bonds fell to record lows as concerns grew that the slowing economy would overwhelm ... |
 HispanicBusiness.com | Target's Credit-Card Problems Could Lead To JPMorgan Role CNNMoney.com - s (TGT) big drop in credit-card profit in the third quarter has raised questions about whether the retailer may ultimately turn certain parts of the ... ABCPMMMFLF Spells Fed Relief for JPMorgan, Citi Shadow Banking |
DLF May Delay Projects as Credit Crisis Saps Demand (Update1) Bloomberg - By Bernie Lo and Sumit Sharma Nov. 20 (Bloomberg) -- DLF Ltd., India's biggest developer, may delay projects as growth slows in Asia's third biggest economy ... |
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