3 Tips to Improve Your FICO Score

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By Going2Oahu


Improving Your FICO Score is Easy

So what can you do if you have a low credit score? I'm going to give you some tips and tricks for improving your credit score with the big three credit reporting agencies, Transunion, Experian, and Equifax.

Tip #1 Don't Close Old Accounts

If you have old accounts that are already paid off, don't close them! Remember, you want to keep your available credit as high as possible - and for as long as possible. Having more credit available compared to the total amount of credit you utilize will improve your credit score. Try to keep your utilization at 50% or less.

Tip #2 Don't Pay Your Credit Card Balance in Full

If you have credit cards with an outstanding balance, don't pay them off right away. For example, you have a $5000 credit card and every month you charge about $2000 to it - but you pay off that $2000 balance before the end of the month. Although this won't hurt your credit score, it won't do anything to help it either. It's best to carry some portion of that balance over to the next month, even if it's only $100.

Remember, it's regular payments over time that improves your credit score.

Tip #3 Never Ever be Late - the Credit Bureaus are Watching

Never be more than 30 days late on a credit card payment, and never be late at all on a mortgage payment or a car payment. If you can only make one payment, pay your mortgage first! Followed by installment loans like your car payment, then your credit cards. When you have multiple payments of the same kind, (i.e. two car payments, five credit card payments), pay the one with the highest interest rate first. Even though nothing feels better paying off a small balance and seeing $0 due, you will save more money in the long run paying off the higher interest rate balances sooner rather than later. This in turn will leave you more money to pay off the small balances. Manage your credit report or the credit reporting agencies will manage you.


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