Improving your credit score without gimmicks
News from CBS News:
(MoneyWatch) Chat boards and web sites are filled with tricks and gimmicks to improve your credit score.
One gimmick that gets a lot of attention is the practice called credit piggybacking. This is where one person, sometimes for a fee, agrees to add you as an approved user on their credit account. This is typically an account with a good history and lots of available credit. The result is that their credit account and history is added to your credit report. This increases your credit score and in some cases the increase can be dramatic. It amounts to buying another person’s good reputation and posing that it is your own. While I’m sympathetic to the folks who want to improve their credit score, it’s simply the wrong way to go about it.
But what if you have a few late payments or other negative information on your credit report? First, get a free copy of your credit report. Don’t assume your credit score is doomed. There are steps you can take that can boost your credit score. Some of these steps can increase your score by 20 points or more in a single month — and best of all is that you don’t need to hire some credit repair shop to d…………… continues on CBS News
Strategies to improve your credit score
News from The Times of Trenton – NJ.com:
By Kurt Rossi
FOR THE TIMES
A solid credit score is essential as you navigate through your financial life. From obtaining mortgages, auto loans and credit cards to background checks from a prospective employer or landlord, your FICO score can have far-reaching effects on your ability to achieve your goals.
While improving your credit rating is no quick or simple task, the strategies outlined below, along with some discipline and patience, may help add points to your score over the long term.
First, let’s examine what comprises a credit score and how it works. A FICO score is a number that most lenders use to assess your credit risk and is derived from each of the credit bureaus: TransUnion, Experian and Equifax.
Scores can range from 300 to 850 depending upon the credit bureau reporting the data. Remember, a higher number is better as it represents to lenders that you are a low credit risk.
The criteria that account for your score are…………… continues on The Times of Trenton – NJ.com