Get Your FICO Score Before It's Too Late

Getting your FICO score is the first step in understanding how lending institutions decide on how much money to lend you. What interest rate they want you to pay, and how you can make the changes to start becoming in control of your own credit rating. By being in control of your credit rating and knowing how to increase the score, you can walk into any institution and seek a loan. The first step again: Get your FICO Score!

FICO scores are readily available either through the Fair Isaacs website or the three credit reporting companies. These companies also offer services in which you can view your credit report and FICO score periodically, so you can understand which credit decisions have caused positive or negative changes to your overall score.

This score is important because mortgage companies, credit card companies, online retailers and other lending institutions regularly use this FICO score rating to understand which customer's will pay them back on time. The higher the score, the better for you!

If you know your FICO score is low, don't worry and don't take drastic measures. There are ways to increase this score. But, beware of companies that promise what they can't deliver. If a company promises to erase your credit history or repair your credit in a short amount of time for a fee - run - don't walk - away from there. You cannot repair your credit history instantly. Here are some tips to help you slowly and safely, repair your credit:

  • Carefully review your credit record from all three agencies. Look for mistakes, errors and misinformation. If you find any, call the agency and dispute the information. This is the easiest step to take, but also can be the most effective.
  • Make sure you pay your credit bills on time - especially your credit cards. This is the best and fastest way to help increase that low FICO score.
  • Because the score considers the unused credit on credit cards, if you have one card that is maxed out and one that is not used, you may wish to transfer balances to show that you are a responsible borrower. Of course, before you do this, judge whether any interest rate changes are worth moving debt dollars.
  • If you have one lender where you always pay on time, except for that one month 3 years ago when you were sick or your mother was in the hospital, call the lender. If you explain the situation and what you are trying to do, some lenders will remove valid information for good paying and responsible customers.
One final note: The last thing you want to do is start closing unused accounts. Although this may sound backwards, the time you have your credit history does factor into your FICO score and can help improve the final score number you get.

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