5 Tips to Boost Your FICO Score
Your credit score or FICO is very important as you are defined by this ever changing number attached to your name. It can affect your ability to get a loan, your chance of getting a job and even increase the interest rate you pay.
If your credit is less than perfect, you are probably seeking sound ways to boost your FICO Score. This is a very easy problem to solve but first you need to be educated on what you need to correct to boost your FICO Score.
Here are five steps you can take to boost your FICO.
- Keeping your balances low on your credit cards and not owing more than 50-percent of the maximum.
- Don’t make any late payments as even one delinquency can drop a high FICO Score by 100 points.
- Don’t let too many people check your credit report as allot of inquiries could mean you’re taking on too much debt or you’re probably in financial trouble.
- If you haven’t used a credit card for more than six months the creditor may start reporting the account as inactive. When an account is inactive it isn’t factored into all FICO formulas.
- Keep all your monthly bills including rent or mortgage, car payments, credit cards, etc. to no more than 35 percent of your monthly income.
Don’t forget to check your credit report for any mistakes. If you find some, report them immediately to the three credit reporting agencies, Experian, Equifax, and TransUnion.
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