Improving your credit score takes time and there is no quick fix to the situation. The best thing to do is to properly manage your credit responsibly over time.

Here are some suggestions that could help in improving your credit score:

You should try to pay your bills on time as late payments and collections can have a negative impact on your score.

Pay balances down as this will help in reducing your debt to income ratio. Also try to keep your balances within 50% of the credit limit as this can help to increase your score.

Try to get current and stay current with missed payments, as the longer you pay your bills on time, the more your score will increase.

Avoid taking on any new debt as all the new inquiries will appear on your credit report along with any new debt. In both instances it can decrease your score.

Fair Isaac and Company list these examples of ways to increase and decrease a FICO score:

How to increase your FICO score:

By paying your bills on time for 6 months you could raise your FICO almost 20 points.

By paying down the balances on your credit cards by 34% you could raise your FICO score almost 20 points.

How to decrease your FICO score:

By missing the due date on your credit card monthly payments you could decrease your FICO score between 75 to 125 points.

Credit cards that are maxed out to the limit could decrease your FICO score between 20 to 70 points.

The Credit Counseling Foundation
3350 NW 53 Street, Ft Lauderdale,
Florida 33309
Phone: 1-800-790-3882
Fax: 954-590-1221
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