How to Increase Your Fico Credit Score

This how-to guide will let you know what makes up your credit score and how to impact it.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Copy of your credit report
• will power

1. Get a copy of your credit report. You can obtain this once a year for free, through annualcreditreport.com.
2. If there is any false information, report it to the credit agency. False info can negitivly affect your fico score.
3. The biggest component of your fico score is your payment history, which accounts for 35% of your fico score. The easiest way to impact your score is to pay your bills and pay them on time.
4. The next largest is amounts owed. This category makes up 30% of your fico score. You can drastically improve your fico score by paying down debt. Revolving debt (credit cards) are the types of debt that will hurt you the most. Pay down your credit card debt!
5. Length of credit history makes up 15% of your fico score, and this is one of the few categorys that you can not impact in a quick fasion.
6. New Credit makes up %10 of your fico score and to keep this part of your rating in top shape, keep new accounts to a minimum.
7. Types of credit makes up the last 10% and this pretty hard to controll.
8. Credit inquirees will knock down your score, so do not apply for a lot of lines of credit when trying to improve your score.