| There are different ways to clean your credit report. | | | | closer to the ideal ratio. |
| The strategy embraced by most Americans with less | | | | Another thing you have to keep in mind is that your |
| than perfect credit requires times, financial effort, | | | | FICO score is time sensitive. The more current the |
| budget planning and dedication. The combined effect | | | | items on your credit report, the bigger their impact on |
| of these factors produces gradual credit score | | | | your overall score. In other word-focus on the most |
| increase. There are, however, shortcuts to a better | | | | current items. |
| credit score. Little known credit secrets and loopholes | | | | 2 How to manage older accounts in your credit report. |
| in the system can boost your score in a short period | | | | When it comes to credit repair, older accounts can be |
| of time. Once you start thinking outside the credit box, | | | | tricky. Paying off an old collection account can |
| you'll be surprised at the various opportunities for quick | | | | sometimes lower your score significantly. Where is the |
| credit repair. | | | | logic here? Normally an adverse account will fall off |
| Here are some tips that will help you understand how | | | | your credit after 7 years. Paying off an older account |
| fast credit repair works. | | | | will upgrade its status to "current". The bad debt (albeit |
| 1 The major "currency" in the credit world-your Fico | | | | now paid) will stay on your record for another 7 years, |
| score | | | | because the date of the last activity is now changed. |
| By far the three digit FICO score is the best predictor | | | | As it turns out the best strategy with old accounts is |
| for your future bill paying performance. It is a numerical | | | | "deleting" them as opposed to simply "paying them off". |
| measure of your credit worthiness which determines if | | | | Negotiate with the debt collector and promise to pay |
| you will get approved for a loan.The growing | | | | only after they agree to delete the adverse item from |
| significance of the three digit FICO score is reflected in | | | | your credit report. |
| the fact that more and more employers require a | | | | 3 How to manage the length of credit history. |
| credit check as a standard part of the hiring process. | | | | The length of credit history is the third major factor |
| The logic here is that someone who has managed his | | | | accounting for roughly 15 % of your FICO score. In |
| finances responsibly is more likely to act responsibly in | | | | order to keep your history long, never close old credit |
| the job setting. | | | | cards or department store cards. Older cards mean |
| The mysterious three digit FICO score breaks down | | | | longer credit history. You can also try piggybacking |
| into 5 factors- payment history, balance to credit ratio, | | | | someone else's credit-find a trusted person(relative, |
| length of credit history, new credit obtained and types | | | | spouse, close friend) with longer credit history than |
| of credit obtained. Of those 5 factors payment history | | | | yours and convince them to put you as a co-user on |
| and balance to credit ratio account for more than 70 | | | | some of their credit cards. The strategy has proven to |
| % of your overall score. That's why if you want to | | | | work, but has one downfall-finding a trusted person is |
| raise credit fast, you have to focus on those 2 areas | | | | not easy. |
| fist. Taking care of any recent late payments should | | | | These are just some of the ways to clean your credit |
| bring an immediate increase in your score. The ideal | | | | report. The more you know about the inner workings |
| balance to credit ratio is about 30 % and this takes into | | | | of the credit system and the various loopholes in it, the |
| consideration each of your credit cards individually as | | | | better your chances to raise you score fast. There is |
| well as your overall debt to credit ratio. If you have | | | | just one requirement for fast credit repair-star thinking |
| maxed out certain cards and haven't used others, | | | | outside the box first. |
| transfer the balance among the cards so that it gets | | | | |