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HOW TO GET A BETTER FICO SCORE

By Antoinette Galindo

Real Estate Agent with Alain Pinel Realtors

February 10, 2009 08:14 AM

Pay down your revolving debt-don't move debt around to several credit cards

Be current on bills and stay current-if paying bills on time is an issue consider paying your bills on-line or consider having automatic payments

Don't open a lot of new accounts- instead maintain your current accounts

If you're having trouble making your payments- contact your creditors you would be surprised how willing they are to help you especially now in this economy. I once heard Donald Trump speak about when he was having all the financial problems and how he contacted the banks directly and worked things out you can do the same

GOOD LUCK!!!

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Team Honeycutt

Allen Tate - Concord, NC

Automatic bill pay was the best thing ever invented. You never have to worry about late payments as long as you have money in the bank!

Feb 10, 2009 08:20 AM

Erin Griffin

Corby Mortgage Services, Inc. - Chicago, IL

MBA - Vice President

There are definitely some unique tricks of the trade for improving credit scores, you are right on with these! The newer the account the worst they look, if too many are opend at once or remotely close together scores will drop. The key is to maintain your balance to limit ratios well. If you can request a credit increase on a card you have had for a while, do it, this will lower the percentage of debt to balances and raise scores. Always try to pay more than the minimum, even if it is $10. Also if you can come up with a larger payment, paying 36% of one balance will improve credit scores drastically.

Feb 10, 2009 09:03 AM

Rita Sinclair

Alain Pinel Realtors - Hillsborough, CA

Your Scottish Realtor

Thanks Antoinett, good points, if I never open another account I will be happy, just maintain the existing and pay on time.

Feb 13, 2009 11:18 AM