Erin\’s Blog

May 10, 2006

Fastest way to increase your credit score

Filed under: Mortgage Finance — jenkins @ 8:55 pm

A customer came in today and she wanted to know how much money to pay down on her credit cards to increase her credit cards.  Now I’m not a credit repair professional but here is what I have learned.   Most increases to your credit score take place over time and require an ongoing effort from you. The only true credit score quick-fix is to pay down debt.  The idea is to only use 40% or less of your credit limit.  For example if your credit limit is $1000 then use $400 no more.  This customer had used $1,000 on a $1,000 credit card.  She was going to pay that down $600 to $400 which is a great idea unless it put’s you in a bind.  (Like it was going to do her.)  But instead, she called her creditor and got her limit raised to $1,500.  This allowed her to pay down just $400 saving her $200 out of pocket just by making a phone call.  Do you have any tricks you’ve used to improve your credit score?  How about a question?  I’ll be glad to answer to the best of my ability.

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