5 Top Ways to get a Good Credit Score!!

[elitesystem]

Simply read the following methods and apply:

1. Pay your bills on time.
The single most important factor in your credit score (but not the only important one) is your payment history. Missing payments, or paying the minimum due each time on credit cards, will lower your credit score, and it can take years of improved payment activity to increase it. If you have used debt management plans or filed bankruptcy, your score will be severely impacted for years.


2. Be careful about how you borrow.
The amount you owe is the other major component of any credit score. Most credit score algorithms look at whether or not your credit is "maxed out." So if you have a line of credit on your home that is borrowed up to the maximum allowed, or you have borrowed all you can on your credit cards, then your score will be lower.


3. Be careful of too much credit activity.
Even inquiring about borrowing from different lenders can lower your score. If the agencies see a lot of activity, they deduct points from your credit score. Every time you open a new line of credit, your score is impacted. So, when a store offers you a deal for signing up for a new credit card, do not do it!


4. Maintain many different types of accounts.
Lenders like to see someone with experience at handling different types of loans, like car loans, mortgage loans, and installment plans, as well as credit cards.


5. Live long and prosper.
The length and variety of your credit history is also important. If you are one of those people who pays cash whenever they can and hates to borrow, your credit score will be lower. Lenders want to see a history of paying many different bills, it convinces them that you'll pay theirs as well.

[alec11]

there are many thread in this forum about this one.
check this thread : Ways To Improve Your Credit Score

[admin]

Maintain many diffrent kind of account-don't believe everything what Fico say, if you have a mortgage, credit card, personal loans, student loan, charge card or store credit card or any other financial obligation and you apply for new credit card because , New credit give you 10% increase on your credit rating.. this is not true why? because of:

-New credit card make you new inquire it make inquire on Trasunion, Experian and equifax or only on one of those 3 credit report agency

- New Credit is a new credit card and it lower your average age of account, if you have old account it indicate your have long relationship with creditor and you are less risky than a person with a new account

- New account mean less relationship with credit card company as I say before you are more risky to a creditor and probably you don't have high credit card limit

how new credit card improve your credit score?
- you have new credit card so your available credit limit is high , credit-debt ratio is low for example if you was having only 1 credit card and spend $300 out of $1,000 available your credit ratio was 30% pretty low.. as for average American Person, so let say you have your second your credit with another $1,000 limit and you spend $300 on both credit card with mean on one credit card you spend $150 and on another credit card you spend $150 so your credit-ratio is 15% pretty good? isn't?

Credit-ratio is another 10% and don't apply for a credit card because you want to improve your credit-ratio why not to call current creditor and ask to increase your credit limit if creditor don't increase your credit limit it only indicate that a new creditor will not give you a new credit card on this time

[pranith]

credit score is very typical subject and people should learn how to increase credit score, if people don't know much about credit score how they will get a good interest rates on they credit card, they need to work to improve they credit card credit score rating