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Nov 11, 2008
Fido isn’t FICO.  Different dog, same old tricks.

Fido isn’t FICO. Different dog, same old tricks.

Now more than ever, protecting your credit rating is crutial.  Borrow wisely, watch for identity theft, and the list goes on.  But what if you have had a credit ding and you want to improve your score?  Is it necessary?  Brian Faulk of Live Oak Bank recently stated that “credit scores below 650 are problematic.  Its better to have a higher score, even beyond 700.”  So how do you climb back up when you’ve stumbled?

Here’s a few tips from www.myfico.com, to help you climb back up the credit rating ladder.

It’s important to note that raising your FICO credit score is a bit like losing weight: It takes time and there is no quick fix. In fact, quick-fix efforts can backfire. The best advice is to manage credit responsibly over time. See how much money you can save by just following these tips and raising your credit score.

Payment History Tips

  • Pay your bills on time.
    Delinquent payments and collections can have a major negative impact on your FICO score.
  • If you have missed payments, get current and stay current.
    The longer you pay your bills on time, the better your credit score.
  • Be aware that paying off a collection account will not remove it from your credit report.
    It will stay on your report for seven years.
  • If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
    This won’t improve your credit score immediately, but if you can begin to manage your credit and pay on time, your score will get better over time.

Want to read the rest of their credit improving tips?  Click here.