what is the best way to get 5 more points to my credit score?
by Author on Sunday, May 30th, 2010 | 5 Comments
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Pay down your current card and set up a payment plan with the closed account. The 94% of available credit is hurting your score immediately and you can get 4-8 points just by bringing down that balance. But mortgage lenders will not like seeing an unpaid-inactive account on your credit.
pay off the credit card and close it out, open lines of credit increase your debt to income ratio which negatively effects your credit…
even if the credit line isn’t useable, if its open, it will effect your credit
I would say no — not worth much of a effort in today’s market. You need $1000 for an emergency fund anyway — esp, if you are going to try to buy a house.
I keep hearing horror stories from people with scores below 700 (technically 720) having a real difficult time refinancing and doing first purchases. It may not last — the the credit market is still quite ugly. Excellent to perfect credit is the only sure thing.
To raise credit score
1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3.To boost your score: Don’t charge anything for at least 60 days before applying for a loan
4. keep your total potential debt to earnings load low – If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
6.To boost your score: Don’t close unused accounts when you transfer debt.
7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.
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