Dear Crofton Credit Consulting, What is the fastest way to improve my credit score? Answer: Most people know that paying their bills on time is important if you want a good credit score. But paying your bills on time is not always enough to ensure a strong credit score. 1) Pay down credit cards that are closest to their credit limits. If you are using more than 30% of your available credit on any individual credit card, your score will likely be brought down by that balance. Try to pay down cards that are getting close to their limits as quickly as you can. 2) Dispute mistakes that may be dragging down your scores. Many credit reports contain errors. When you dispute them, keep your letter short and to the point, and file a copy for your records. Lenders and credit reporting agencies must get back to you within thirty days to tell you whether they are correcting the information or confirming it. 3)Use credit (carefully). Many people who have had credit problems in the past are scared they will get in trouble if they start using credit cards again. That may be true, but avoiding credit altogether hurts your credit score. You don’t have to carry balances to build credit, but you should use a major credit card from time to time to keep your account active and build a positive credit reference. Thanks for asking
Posted on: Thu, 17 Oct 2013 19:42:05 +0000
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