One of the key components of your credit score is the credit utilization ratio, which is how much debt you owe on all your accounts combined compared to how much credit you have with those accounts. Rather than close out an old credit card account that you don’t use anymore, leave it open; the credit limit on that card will help increase your overall credit availability, but you won’t add any debt. It also helps bolster a long credit history, which is also a good thing for your credit score.
A question that always tends to rear its head is “how do I quickly improve my credit score by several hundred points?” While you can’t increase your credit score tomorrow, it is possible to turn your credit around in a relatively short amount of time — usually give or take one year depending on the health of a person’s current score. Showing you can be diligent about your spending and debt repayments will go a long way in convincing lenders you are a low-risk customer.
If you’re thinking about filing for bankruptcy, be aware that bankruptcy laws require that you get credit counseling from a government-approved organization within six months before you file for bankruptcy relief. You can find a state-by-state list of government-approved organizations at www.usdoj.gov/ust, the website of the U.S. Trustee Program. That’s the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Be wary of credit counseling organizations that say they are government-approved, but don’t appear on the list of approved organizations.
This story is long winded and all, but the point is, it doesn't matter how bad you have screwed up. It happens to the best of people (I'm an alright kind of guy). But the only way to fix it is to put your foot down, get dirty and fix it. It won’t always be as quick as this and will most likely take a year or more to get in a good place. Then years of maintenance. But if you need a quick hit to your score in a good way, read through your reports carefully (with a credit advisor if you need to. Many personal banks will do this with your for free if you have accounts there in good standing) If it looks like there's something off or something you can fix, call your broker, go over the report with them and STRONGLY insist on a rapid rescore. They will get all your info and see what they can do.
You have a right to obtain a copy of your credit report from a credit bureau. You may be charged a reasonable fee. There is no fee, however, if you have been turned down for credit, employment, insurance, or a rental dwelling because of information in your credit report within the preceding 60 days. The credit bureau must provide someone to help you interpret the information in your credit file. You are entitled to receive a free copy of your credit report if you are unemployed and intend to apply for employment in the next 60 days, if you are a recipient of public welfare assistance, or if you have reason to believe that there is inaccurate information in your credit report due to fraud.
You may be wondering, what do they base these scores off of? It’s an important thing to answer since it could help you identify why your credit scores aren’t as high as you assumed they’d be. As outlined in Credit for Canadians, “Credit scoring involves assigning a value, usually points, to different factors that will be used to predict the likelihood of you paying your loan back as agreed.” And loan can mean any type of credit, such as a line of credit, credit card, mortgage, car loan, etc.

Help…….Had a Bk7 that’s 4 years old (kidney transplant) and 9 items that have reported late (2016) in the past. All have been current for the last several months though I’m needing to boost my scores (currently 600 across the board ) in the up coming months for mortgage processing. My oldest trade line on my credit is showing 16 years, how is this process completed moving forward?


Is your credit score below 760? That’s the score at which you are likely to get the best interest rates on a mortgage. If you’re not interested in buying a home but need to rent a new apartment, it will still be a challenge if your credit score is below 600-650 (higher for more expensive units), regardless of your income. In some cases, even your job may depend on maintaining good credit! While only time and good credit habits will boost your credit score dramatically, if you are close to your desired level, there are some things you can do now to improve your credit score over a period of a few months.
If you’ve never had a credit card before, your scores may be suffering because of that account mix factor we talked about earlier. Just make sure you make on-time payments — a new credit card account with a bad payment history will hurt you, not help you improve your credit scores. If you have a fair, good or excellent credit score, there are many credit card options out there for you. If you have a poor or bad credit score, read the next tip.
“An account that’s paid in full is a good thing; however, closing an account isn’t something that consumers should automatically do in the hopes that it will positively impact their credit score,” says Nancy Bistritz-Balkan, vice president of communications and consumer education at Equifax. “Having an account with a long history and solid track record of paying bills on time, every time, are the types of responsible habits lenders and creditors look for.”
There are many good reasons to know your credit score—it shows you where your credit stands at any one time and it’s a quick way to keep up with your credit health, among other benefits. Just know you’re not entitled to it free of charge at annualcreditreport.com. Whether you can get free scores somewhere else or how much you’d pay depends on the score, seller and a lot of other details.
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Trade lines may contain a variety of different data points related to the creditor, the lender, and the type of credit that is being provided. The trade line often contains the name of the creditor or lender, the account or another identifier for the type of credit being provided, the parties responsible for paying the loan, and the payment status of the account.
That depends what is in your credit files and the authorized user accounts you’ll be adding to your credit reports. This is why it’s important to let us help you select the appropriate credit trade lines. By the allowing us to assist you with your selection of we can make sure you select the right accounts that you need to help you achieve your goals.
Once you have your credit reports, read through them completely. If you have a long credit history, your credit reports might be several pages long. Try not to get overwhelmed by all the information you're reading. It's a lot to digest, especially if you're checking your credit report for the first time. Take your time and review your credit report over several days if you need to.
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