Hi my credit score dropped from 620 to 529 within 6mo. How can i improve this asap?

Question

Hi my credit score dropped from 620 to 529 within 6mo. How can i improve this asap?

Answer 1

Credit scores are based on the following factors;

1. Payment history  35%

2. Time in bureau  15%

3. Types of credit  10%

4. New credit  10%

5. Debt to credit ratio.

Obviously number 2 has not gone down so it must be the other 4.

Pull your credit and find out what negatives are onn there a 100 point drop in 6-months is serious.

Dispute any information that is incorrect, pay all your bills on time, make sure your credit card debt never exceeds 30% of your limits and do not apply for more credit unless you really need it.

Answer 2

Hi Nika, listen, credit scores don't change overnight, it's over a period of time, up or down. What you can do right now, is evaluate what your doing that affects your credit, are you nearing your limit on a card, did you pay balances off all at once, where you late on even one creditor, did you close any accounts, these will negatively affect your credit score. Also allowing potential creditors to check your credit will affect your score as well. Keep balances very low, pay on due date or before, don't open any new accounts, over time it will go up, but not right away

Answer 3

How did you view your credit score?  Did you actually pull your credit report, or does your credit card company have a monthly fico score that you can view?  If you are viewing it from your credit card website, it's called a pfico score.  It's not accurate to what your credit score would be if you pulled TU or Ex report.

Answer 4

Start by finding out why it declined.  Have you examined your full credit reports?  What negatives are on them?

Answer 5

To raise your credit score you need to do two things:

1 - add positive things to your credit records.  Such as paying your bills on time!

2 - Remove negative things from your records.  These may be mistakes made by the credit report companies or bills you haven’t paid!

If your problems aren’t too bad or too complicated than you can do this yourself.  This review site gives you e-books to explain the process and guide you through it:

if your problem is complex - or you just don’t have the time or patience to do it yourself then you will want to use a credit repair company.  This review site will guide you to the three best companies to use:

Good Luck!

Answer 6

Pull your credit and see if there are any errors, get them corrected

Pay all your bills on time, every month

Pay down your credit cards, always pay at least 2-3 times minimums, eliminate any delinquencies by paying them off

Don't use credit for anything you can't pay off in full when bill arrives

Cut down your spending--no more hair and nails, new clothes, bling, cut down # times you eat out, cut out fast food