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Posted on 15 September 2011 | 9,692 views

Raise Your FICO Score 50 Points in 72 Hours

Your credit score can have a major impact on your life. Not only do creditors typically check your score when deciding whether or not to approve your application and what interest rate to charge you if you are approved, but landlords, insurance companies, and even employers often check it as well.

Having a good credit score can help you achieve your goals quickly and at the lowest possible cost.

Because 30 percent of your FICO score is based on amounts owed on revolving credit, watch your balances!


35% payment history
30% amounts owed on revolving accounts
15% length of credit
10% new credit
10% types of credit

Being over your limit or near your limit on revolving accounts will erase points from your score. Revolving accounts are credit cards and lines of credit. I get asked all the time: what if I pay off my auto loan? It will make no difference. It will not affect your FICO score. FICO is only concerned with how consumers use their open lines of credit.

Paying down your credit balances to 20% or less of the high limit will give a boost to your FICO Score — sometimes as much as 50 points — this one step can increase your score within 72 hours!

Home equities are revolving balances, in other words, home equity loans do not report as an installment loan like a regular mortgage. Because paying down a home equity is not an option for most folks, consider asking your bank to recode your home equity as a mortgage. If they won’t, consider getting a second mortgage to pay off the home equity — it will make a difference in the long run.

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