Raising Your Credit Score

Raising your credit score can be done, however it often can take time to accomplish a substantial change. The credit score is determined using your credit history taking into account whether or not you pay your bills on time, how much credit has been extended to you, and how much of that credit is still available.

There are some other factors as well. A good place to start to raise your credit score is if you do not have any credit cards then open one. Use it responsibly and pay the bill on time each month, preferably in full. Having that amount of credit extended to you and then keeping the balance paid off means that it is also available to you. This will help to raise your score. However, if you already have several accounts open, but they are all maxed out, then start paying the balances off. Do not close the account though once the balance is paid off. Keeping the accounts open while keeping the balance paid off will help your score, but closing the account altogether will hurt your credit rating.

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http://www.bankrate.com/brm/fico/calc.asp

Some people do not have a great credit score, not because they have been irresponsible but because they have never had any type of credit extended to them. If this is the case then getting some sort of bill in your name is going to help as long as you pay it in full and on time. This can be done with a credit card, a store credit card, store credit, a cell phone in your name of by financing an automobile. The last may require a co-signer though because a large purchase made by someone with no credit history could come with an inflated interest rate because a bank will consider them a risk. All it takes to raise a credit score is to be responsible and to work at it. If there is a friend or family member that can add you to a credit card with good standing then your credit can be helped by their good credit. Just make sure that they a responsible and will continue to be so or you could be looking at the opposite effect. Use these methods wisely and your credit score will continue to climb.

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