My score is 658 now. I have 6 open credit cards with about 20,000 balance. I do make all payments on time every month.
I want to raise my credit score to above 700 level. I am in the process of refinancing my mortgage. Please Help.
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What is the best way to Improve my Credit Score.?
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This is what makes up your score:
1. Payment history 35%
2. Total debt vs, available credit 30%
3. Length of time establishing credit 15%
4. Types of credit established 10%
5. Inquiries and new credit accounts 10%
The most important thing obviously would be to pay on time. Any late payments will have the worst effect on your score.
Another thing would be to make sure that your balances on all your credit cards collectively is at or below 30% of you combined available credit for all of your credit cards.
Have you recently applied for credit at all? If so, a "hard inquiry" is created which drops your score considerably. Be sure not to apply for any unnecessary credit unless you absolutely have to.
Go to the heading that says "What can I do to improve my credit score?" in link below. (It is far too much to post here).
https://www.econsumer.equifax.ca/ca/main?forward=/view/common/template.jsp&body=/view/education/credit_ed.jsp?show=score_basics_llaanngg.jsp#25
to raise credit score
1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3. keep your total potential debt to earnings load low – If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
4. I was told by an underwriter that having just two cards, a major credit card (VISA, MC) and a consumer card (Sears, best buy, etc…) is the best mix for revolving credit.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
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well right now u are at 658 and if u keep paying your bills on time and by the end of they year u should u cool..
Having a good credit rating, helps a consumer get a loan or credit at better rates and for larger amounts.To know "How to improve credit rating, credit score" plz follow link-
http://k7c.info