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A Quick Guide to Assist you in Improving your FICO Score
Your credit score is important to ensure that you are able to make large purchases such as an automobile or even your first home. Do you have a low FICO credit score? There is no quick fix to improving your credit score but if properly managed over time, it will get better. I have put together a few tips that will help you improve your credit score and may save you some money along the way.
First and foremost, always attempt to pay all of your bills before the due date. Delinquent payments and collections can have a major negative impact on your FICO score. It is quite simple actually; if you have missed any payments get current and stay current! The longer you pay your bills on time, the better your credit score will be.
If you find that you are having issues making ends meet each month, then I highly suggest that you first contact your creditors to let them know what is going on and make an appointment to visit a credit counselor. These professionals are available to assist people in getting back on top of their finances. Of course, this alone will not improve your credit score overnight, but it will improve over a period of time.
Keep your balances low on credit cards and other 'revolving credit' accounts. You can accomplish this by only borrowing the amount of money that you need and by paying more than just the minimum payment each month. Work on paying down your 'revolving credit' accounts first, as this will effectively improve your credit score.
It is very important to avoid opening several credit accounts too rapidly! New credit accounts can lower your average account age, which in turn will have a larger effect on your credit score. This is especially true for people who do not have an established credit history. Many creditors consider several newly opened credit accounts to be 'risky'.
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