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11/21/2017

7 ways to improve your credit score on purpose.

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  1. Lower credit utilization ratios This method will have the quickest impact on your score. Reduce "proportion of balance to limit" on credit cards and home equity line of credits (HELOC) to 25% or less individually and in the aggregate. There two ways to do this. Pay down the balance. Obtain a limit increase on your accounts. It will cost you an inquiry, whether approved or not. A hybrid strategy is also useful. 
  2. Do NOT close any accounts in good standing.
  3. Close all inactive accounts that have a derogatory record.
  4. Challenge any negative accounts with a DLA ( Date of Last Activity)  longer than 7 years at a credit bureau.
  5. Negotiate collections off your credit report. Paying a collection could lower your credit score. If the DLA changes, you also refresh the seven years the derogatory information will remain on your report. Remember, from a FICO credit score standpoint, it is the fact that you went to collections that hurts you. The damage is virtually the same paid or not.
  6. Start paying your bills •On time •Every time •All the time• This one takes longer to impact your scores, but it is necessary for MAX credit and a MoneySmartLife style going forward
  7. Stop applying for credit No matter how tempting the multitude of easy credit offers with incentives you get, don't apply. The offers can be tempting and appear financially prudent with the promise of further savings by just applying. But they can really mess you up.
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    Mansa Musa is a homeownership counselor and homebuyer educator. He is currently the Principal at MoneySmartLife.org. He blogs and speaks on subjects of financial well-being and financial capability. Helping working class families live a sustainable MoneySmartLife through pragmatic solutions and behavior changes.

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  • Home
  • Take Control Tuesday
  • Blog Money Smart Lifestyle Moments Blog
  • About us
  • Money can be Funny Gallery
  • Trusted Advisor Sign-up
  • Discover Your Money Personality Game
  • Other Blogs and Voices
    • How Much Does It Cost You To Work
    • Detroit Praise Network Blog
    • Better Money Habits