Improving Credit score

[DrWahoo]

How long does it take to improve a credit score ?

[KCwife]

Not sure. Have you tried contacting a credit counselor?

[SuzySunshine]

It really depends what is pulling the score down. I would recommend finding a credit counselor, talking to someone at your bank, or finding a book that explains it - there are a lot of aspects to a credit report.

Actually, you won't really want to do credit counselling if it's the type that will affect your report. BC that will bring your score down even more.

You need to figure out what is bringing down your score. You should get a free copy of your credit report and begin by fixing any inaccuracies (if any). Then take a look at your overall credit line and your debt to figure out what your debt:credit ratio is. If you have more than 50% of your entire credit line in debt, that is hurting you a lot. Try to pay off as much as you can to get it below the magic 50%. If you have tons of cards and do not use them (and are below the 50% ratio) close the ones you don't need (but keep your oldest one as that establishes your credit history). If you have lots of cards and an extensive credit line, you can be considered a risk for credit run (ie. you run out and go on a shopping spree on credit).

A big part of your score is your credit history length and your payment history. If you are new to the debt world, the only thing that will raise your score is time. If you have late payments, closed accounts (by creditor) or are in default, have BKs, etc, only time and on-time payments will resolve those issues.

Give it a couple months for the agencies to update your report. Your score is calculated at that given moment in time (not daily or monthly, just when you ask for it... it's a "snapshot" of that moment) so that will change frequently (and is different for each agency).

I just wanted to add a couple things--we have been with a credit counseling agency for 4 years and I have a good credit score, I did before too but we just had too much debt. Dh's score has actually gone up since being part of the CCS program b/c the balances are going down, etc.

Also, I got some great advice from one of my creditors, always pay over your minimum, if even only a $1 because that shows you "pd more than your minimum" and that helps your credit score.