What is the fastest way to increase your FICO SCORE?
Hello! I have no credit and would like to establish good credit with
TransUnion, Equifax, and Experian. I would like my credit score to reach minimum in the 720 range or higher, and would like to do this fast and waste no time to increase my credit score. Thank you,
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- Tags: credit score, equifax, transunion
August 1st, 2010 at 1:54 pm
Hate to have to inform you but so far the answers are incorrect.
You can have 5 store cards and pay every month and it would still take at least a year to have any affects on a first time creditor.
Only time and your payment history and types of accounts are what is important.
To find the truth go to FICO and read what they say regarding your question. Here is a link to their web site.
http://www.myfico.com/CreditEducation/
Hope this helps answer your question correctly.
August 1st, 2010 at 1:54 pm
Pay off all bills before they are due. Make payments on time or before.
August 1st, 2010 at 1:54 pm
Open a credit account with a local store, by 1 inexpensive item. Pay it ALL off as soon as you get your first bill. Repeat with other stores, gas stations, credit card companies at a rate of one per month. After 6 months, open no more accounts, keep a zero balance on all accounts. Buy NOTHING on credit for a year. You FICO score will be great.
August 1st, 2010 at 1:54 pm
You have to get a credit card first to establish credit. You can get one and charge a piece of gum once a month and pay off the bill on time. And don’t use the card for anything else.
August 1st, 2010 at 1:54 pm
http://credit.about.com
August 1st, 2010 at 1:54 pm
Checking accounts, credit cards, student and car loans, mortgages, and other financing avenues will build your credit. Depending on the amount of credit you assume and paying all debt on time or before due dates, your FICO score will increase.
Now, it takes a while for this to happen. It will not over night. I am 30 years old, and have held an Excellent credit rating b/c I did the following:
Open ANY credit card you can AT first with no fees and NEVER CLOSE IT! Your credit score fluctuates based on length of credit history.
Do not open too many retail cards. Fine one that will give rewards on the clothes and/or items you like most.
Examples: I used my SONY card for years to get free electronics. I used my AMEX to fly me around the country. My Discover pays me back b/c I use the card for everything.
That leads me into one final but crucial point. Swipe only what you would reach into the piggy and pay out right, e.g. gas, essential food.
A credit card is not a REASON to spend. It is simply a convenient and rewarding way of working consumer angles. Be patient and responsible.
One last thing, if you got the dough to pay a note, buy a car or finance a house…if you are that impatient.