How do I increase my FICO score?
Increasing your FICO score can can lower your interest rate on your Mortgage, bank and car loans, and also can improve or cut your insurance premiums! How do I increase my FICO score you ask? It is easier than you think! Here’s how to do it…
First-pay all your bills on time! Then-just as important as doing that, is to keep your credit card balances below 30% of your limit.
Next-you need to order a copy of your credit report and review it for any and all mistakes, and get them corrected. A recent survey found that 80% of credit reports have mistakes! Build a track record, and you are on your way to saving thousands and thousands of dollars.
You can order your credit report for FREE, once a year, from each agency-which is the key-there are 3 credit reporting agencies-all VERY independent from one another-and you must deal with each of them, separately. You will see just how different they are-when you compare how each agency has your credit reported. Go to: WWW.ANNUALCREDITREPORT.COM or call 1-877-322-8228 or write to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, Ga. 30348-5281 to get a FREE copy.
I found 13 errors on my report when I did this-and increased my own credit score by 68 points-right away! You can also ask the agencies to remove a single late payment off your report-if you otherwise have a pristine record. They often will. Bet you didn’t know that! It never hurts to ask.
Having a score above 700 will get you the best rates. You can also find out your score quickly-at a cost of $14.95 by going to HTTP://WWW.MYFICO.COM .
When applying for credit-make sure the person inputs your name with the correct spelling-having too many “alias’s” also affects your score-something that isn’t even your fault-yet, nothing you can do about it-once someone inputs your name with social security number-it is permanent record. So irritating when I was shopping for a car to see-all 3 companies had input my name WRONG, and differently-I have the double hyphenated name-one didn’t capitalize the second part, one didn’t use the hyphen…and one just got it all wrong, typing it in backwards…so I literally have a “list” of Alias’s, perse’-which I was told affects my score by as much as 20 points.
Good credit has many rewards-the difference between a credit score of 620-674 VS. 700-719 can be more than $400. in the amount of your interest payment each month-if figuring the rate based on a $200,000 mortgage-at today’s rates-for a 30-yer fixed rate loan-which over the life of the loan-is a savings of more than $80,000.
TOO many examples to give to make the point…I think you get it!
Don’t wait! Do it today! Take action! …and start saving THOUSANDS!!!