Wednesday, September 16th, 2009

What can I do to raise my credit score?

to raise credit score
Virginia asked:


My credit score is currently 650. I need to raise it to 720 by next Sept/October.

What can I do to raise my score?
Is it possible to raise my score to 720 by next year?

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This entry was posted on Wednesday, September 16th, 2009 at 12:00 am and is filed under Credit Score Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

8 Responses to “What can I do to raise my credit score?”

Hugh Janus Says:
September 16th, 2009 at 7:17 pm

start paying your bills and it will go up

hobbit0299 Says:
September 18th, 2009 at 3:35 pm

pay your bills on time

alymad Says:
September 20th, 2009 at 1:41 pm

Get a credit card and use it every month. When you get the bill, pay all except one dollar. This makes you attractive to agencies who can see that you keep a balance on the card (so they’re making money off of the interest) but are also paying more than the minimum (means you are financially responsible and not likely to get in over your head).

Corey F Says:
September 21st, 2009 at 5:49 am

Honestly, what you should do is go your a local bank and take a loan out for $100, then pay it back in like a week, you can do this acouple of times if you want but ultimately the idea is that it shows on your credit report that you can be trusted to pay back debts. But you should also pay your bills on time.

golferwhoworks Says:
September 21st, 2009 at 11:20 am

April look at the posting in your report. Are you maxed out on credit cards? if so pay them down to less than 1/3 of the limit and pay on time all the time. If you have any open collection accounts or charge offs get them satisfied as well. Your score right now is average it reflects a willingness to pay. If 720 is a benchmark for something big like a home you qualify now with FHA
I am a mortgage banker in TN & KY

chatsplas Says:
September 23rd, 2009 at 1:39 pm

Sure you can do it. . .YOU need to make good decisions, get out of the pattern of making poor financial decisions. . . .
Pay every bill in full and on time. . . .pay down credit cards. . .pay 2-4 times minimum every month. . . .stop using credit cards unless you can pay in full when bill comes. . . .reduce spending. . . .pay any old debts off. . . . .take care of any delinquencies. . . . .reduce number of credit cards. . ..don’t apply for new credit. . . .you have too much debt or a record of bad payment, fix it, and you’ll be golden

chessmaster_ultra2004 Says:
September 25th, 2009 at 11:00 am

the only advice people give here is to make timely payments.

However, no one actually suggested for you to lower your debt ratio…if you owe $800 on a credit card worth $1000, then you need to pay off close to $500, for the debt ratio to lower, once down to $300, start making monthly payments…

remember as a rule of the thumb, never use more than 30% of your authorized limit, if credit limit = 1000, use only $300, and for 2000 credit limit, double it, so $600 is usable… etc etc.

hope this helps.

haley1604 Says:
September 25th, 2009 at 8:53 pm

Developing a credit score is somewhat arbitrary in my opinion. But, the best way to raise a credit score is to not apply for more credit, do not close current accounts, and pay down current debt to a ratio of about 15% balance. Basically, you want to show you have credit, but you want the balance to only be 15-20% of what your limit is. Also, you want to have a good debt to income ratio. If possible under 50% is desireable. Good Luck!

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