Raise My Credit Report
From the out-set it should be noted that your credit score is a long term calculation. Your credit report or FICO (Fair Isaac and Co.) number is calculated by a number of things on your credit-report. It’s used by many creditors as the starting point to base your credit potential. Many creditors only use it as a starting point though. The score will include pertinent info in their final decision.
A major factor in calculating your FICO or credit score is your payment history. This is a huge amount of your score and it is simply based on any late payments listed on your credit report. You can probably already see why this is a long-term number. The next major factor in the score is the amounts that you currently owe. This will include balances on credit cards, loans and any other debts. Length of credit is the next factor of importance. What this refers to is the amount of history in your credit line.
Some more favorable examples of credit length would be an individual credit account that has been in use for years or decades with no late payments or negative flags. Another important factor is the new credit. With new credit comes the introduction of an unknown on your credit report. Will you be able to pay the new credit line and the current credit line you may already have outstanding? There are all kinds ranging from credit cards to mortgages & too much of some has a negative impact on your rating.
As you are now aware your credit score is calculated based on information on your credit report. This means that the quickest way to influence your credit is simply to correct all of the information on your credit report. You will want to begin with the more major things.
Incorrect info is generally the starting point. Beyond that you can clean a number of things to create a positive impact on your score. You may want to begin by requesting creditors remove older reporting of delinquent payments. This is usually more practical with creditors that you have a long history with and the older the late payment the more likely it is to be removed.
Something else to keep in mind, when clearing up your credit score is that closing accounts won’t really improve the score. You actually get credit for having a long-term history in your credit report. What can help to improve your score is paying off accounts. This works to reduce your present debt, a major factor in figuring your score. Also, don’t open new credit lines. The more recent credit lines that you have the more negative impact they may cause. Only open the credit accounts that you need and can control your use of them.
With this info you’ll know how to navigate and understand to be certain your score’s going in the direction you want it to.
For more information about credit-reports, visit us at CheckFreeCreditScore.net
http://checkfreecreditscore.net
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