A high Fico score is a very good thing. The higher the Fico score, the better your credit rating will be. The lower your Fico score, the more problems you will have getting good interest rates, or if your score is real low, you may not be able to get a commercial loan at all.
You should certainly purchase your Fico score, to see where you stand in the scheme of things when it comes to your credit rating. Because a high Fico score is a good thing, here are a few tips to help you raise your Fico score.
1. If you have no credit history, limited lines of credit, or bad credit, you should ask a family member or friend add you to their credit card as an authorized user. Make sure the account is at least two years old, and does not have a balance of over 50% of the credit limit. Of course your name will be on the card as a registered user, but you will not be using it, you are just interested in the credit history it can provide. If you can do this with more than one card, that will help the situation. You do not want to have a bad pay history or one with high payments because this will effect your score. Remember, a high Fico score is a good thing. The next time the card reports to the credit bureau it will show that you have been on the account from the beginning and the good pay history is yours too. You can raise your score up to 50 points by doing this.
2. Manage your own accounts and get them down to below 70% of the credit limit of the card. If you owe too much on your accounts your Fico score will be lower, as they believe you do not manage your credit very well.
3. Don’t transfer credit card balances more than once a year, choose the offer that will give you a year of 0% interest. The more new credit you open the lower your score will go. Opening a new card once a year should have no effect.
4. You should check your credit rating every 3 to 4 months, but not every week. Every time you run your credit you lose 2 points on your score, and your credit rating does not change that rapidly. A high Fico score is a good thing, so you don’t want to do something to take points away.
5. Do check your credit at least once a year to make sure there are no mistakes. You are allowed one free credit report a year, from each of the three top credit bureaus. There is no cost for this, but you will need to pay for your Fico score.
These tips should help to lower your Fico score, but you will need to be diligent in paying the proper amounts on your credit accounts, and paying them on time.
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