Tips For Raising Your Credit Score

That last tip is really weird. I canceled the first credit card I ever had. Then I got a new one and that company gave me the biggest credit limit I had ever had. I have to admit though, I would cancel them anyway. I'm just too afraid that someone else would get that info and use that account. These days, you don't need someone's credit card to use their account. Ah, technology.

Thanks for these tips villageanne. My husband and I are trying to establish a credit so these sure will come in handy. I had not realised that if you spend more than 50% of the limit that your score goes down. I need to email these tips to my husband LOL thanks again!

One suggestion that I might make is not to let anyone pull your credit too often. Too many inquiries in the last 12 months is one of the options listed on a credit score information disclosure. Some others are: Time since most recent account opening is too short; Insufficient length of revolving credit history; Too many accounts with balances.

Hopefully these tips are helpful. Good Luck to you in raising your credit score.

Although this might sound like a strange one make sure if you use the public library to return books on time and pay any fees. Some systems will report to crediting angencies any fines owed. Yeah I know, you wouldn't think they would but some do.

If you have low credit score and have trouble getting credit check into the rent to own places. Get something small and do those and make sure you pay on time. They do report to the agencies and can boost your points.

i hope i got your point right. i am also a credit card holder and there was a time it ballooned coz there was no way that i can purchase but thru it. its a long story, but whats important was i tried to find out the liquid assets that were available, turned it to cash and paid off totally all credit card debts.
as far as increasing financial credibility, investment more than spending is the key to all these. we should look for liquid investments, ie mutual funds, properties, so as to increase our own credibility and then borrowing will come easy

I'm a HUGE proponent of Dave Ramsey's approach to debt management and financial planning.

I know you said you don't like loans or credit cars, but I used to work as an account manager for a company that handled Capital One's accounts. I have a couple of tips for raising your credit score.

Let's say I was going to buy a car. The car dealer offers financing through their bank. I apply and get approved for the price of the car which is $20,000. I then go to my bank and take out a $20,150 dollar loan which covers the cost of the car and the dealers financing fee. I use that loan to completely pay off the debt to the car dealer.

Another example of the same method would be:

I am going to France. I plan on spending $5,000 total for my flight, lodging, food, etc. To pay for this I was going to put it on my credit card. I go on my trip and spend the alloted amount. Once I return I take out a loan and completely pay off the trip on my credit card.

An easier way to build your credit is to take out a credit card with a policy like, "No interest on items paid off within 30 days of purchase." Then use this credit card for very small purchases, like a pack of gum or a soda. Then immediately pay off these purchases on your credit card.

I have a terrible credit score, but it isn't because I have done anything wrong. I just never used credit, and so I never built up any credit. I don't like the idea of credit cards and have never felt the need to have one, so I use only debit cards. I know that I should have probably built up some sort of credit over the years, but I have always felt that if I couldn't afford it, I should do without it.

That is interesting. I always pay my bills on time. I dont have any credit cards. A couple of years ago I took one out because I thought it was more like a storecard. I got upset about it and managed to go back to the store and get it cancelled. I wonder if that has made my score worse. I did check my score in the early part of this year and I thought it looked pretty good. I am not in any debt, I dont have a mortgage or any loans or credit cards.

I left my husband two years ago because he couldnt handle finances (and he had an anger problem). He had two credit cards and was finding it increasingly difficult to pay them off. His limit on the one kept being increased. I would have thought this would have made his credit score worse. He also has a mortgage, a loan secured against the house separately and another loan which was for a van. I always thought it was better to not have any credit cards and to only take out loans that you could afford to pay off based on your current income.

I guess living within your means helps you to avoid getting into more debt, surely this is going to keep your score at a good level.

Well, I do agree that paying down the cards with the highest balances first is one of the best things that you can do to boost your credit rating, but I've chosen to pay down the cards with the highest interest rates first. I have one card that has a 0% promotional interest rate for six months, and that's the first one that we're going to pay down because after six months it will go to a 24% interest rate, and we will be charged all of the deferred interest if there is still a balance on the card.

The only other thing that I can contribute to your list is to not cancel an account before it's been paid off, since that reflects badly on your credit score. You can call the issuing company and freeze the limit, and keep from using the card until the balance is paid off. And if you've got serious problems with self-restraint, you can just cut the things up. It's what I've had to do every once in a while.  :)