How to Raise Your Credit Score

[Msann1116]

Please tell me how

[DR23]

After paying on time for at least 6 months to a year, check with your credit card company to see if you may be eligible for a credit limit increase. 

[Tl1]

I had pre-approved financing when I went into the dealer to buy my truck. They still ran my credit six times. My credit score took a huge hit. Don’t let dealers run your credit. I asked about this, and told them I already had financing, and they still did it. I’ve spent 7 months getting it back up. Just be careful at dealerships!!!

[Robert-Cohen]

I thought paying in full was a good thing, now I am not so sure. But you are definitely right about the keep the balance low. They bang you right away for that

[mistyqzq]

You'll need different types of credit to raise your score. I suggest buying something that you need from Fingerhut. They give you a fresh start line if credit and after you pay that off, They'll give you a revolving credit acct. Another tip is to keep your credit card usage below 30%. If you've had the card for more than 6 months, ask the creditor for an increase in credit line. Get another card with no annual fee and cut it up as soon as you get it. Just by having it your score should go up. Also, try to settle or delete any derogatory remarks. I've done all this and my score has gone up more than 140 points in less than a year.

[mistyqzq]

You'll need different types of credit to raise your score. I suggest buying something that you need from Fingerhut. They give you a fresh start line if credit and after you pay that off, They'll give you a revolving credit acct. Another tip is to keep your credit card usage below 30%. If you've had the card for more than 6 months, ask the creditor for an increase in credit line. Get another card with no annual fee and cut it up as soon as you get it. Just by having it your score should go up. Also, try to settle or delete any derogatory remarks. I've done all this and my score has gone up more than 140 points in less than a year.

[vn]

When I purchased my car in 2016, I financed $16k+ for 5 years at the usual interest rate.  In order to afford having a car, my plan was to pay off the $265/month payments ASAP, which I did in 25 payments.  Later, my rent was increased and I obtained a personal loan from my bank at low interest to pay off all debt.  That payment is $244/month now, but I have 1.5 years remaining.  My CS is 808.

[mokina89]

I agree with the paying off your statement every month. I was told that as long as you wait to pay off until your statement actually drops/ processes, then your payments will count towards being a "credit worthy" person vs if you pay off your debt in the middle of a statement cycle and there is a zero balance that processes from your credit card company. In my eyes, the point is to show that you have debt that you can afford it ie pay it off. I never quite understood where the "carry over a balance" comes from...

I also have a few lines of credit lines open, a medical CC, store CC, and a "regular" CC for my day to day expenses. I've heard the same advice you gave... don't have too many open lines but have a few and keep them active. Sometimes closing a line of credit will hurt your score but only because it messes with whatever ratio they look at. My personal opinion would be to close the line if fraud was an issue any maybe reopen another but I'm not sure how that would affect your score ??

I've been following a few of the tips that you listed and I have also have a good credit score! Kudos to us, hopefully others will follow and it'll help them out as well 🙂

[Joe]

How can l

[esther_zee]

Hello,
I really like what you had to share about raising CC, but can you go into a bit more detail about the whole minus $1 thing please?
Thank you so much

[Anonymous]

So, what happens to the $1 for the CW reasons. I understand showing credit worthy but explain what happens to that $1.00 left as unpaid in your account.?

[vn]

I don't apply a "-$1" approach.  I think that is used to keep the account open, but none of my cards require that to remain open.

[vn]

I don't like the "-$1" plan because that mere $1 becomes subject to interest!

[notinterested]

I am not interested

[TheOneOnTheMove]

Just simply pay enough of the listed bills significantly!