Is it possible to dilute your bad credit with good to boost your score? The Credit.com News & Advice Blog …
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boost credit score
What is the best way to raise my credit score? Is it paying off old debts or is it paying on time that raises it? I have old debts and my credit report and I have old items on it. I was told if I cleaned it up it would help me. How do I do this?
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One of the most important credit score factors is your credit card debt-to-credit limit ratio (aka debt utilization ratio). Keeping your credit card balances below 10% of your credit limit can do wonders for your credit score. Inversely, having higher balances can really hurt your credit scores.
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Simple question, complex answer (isn’t that always true with credit?). The first question I had for Deb is where she got her credit score from. A 692 on the traditional FICO consumer score scale of 350-800 isn’t too bad and should be pretty easy to improve. However a 692 on a different credit scoring scale (500-900, 100-900) might represent a much more significant credit problem. It’s important to know which credit score you are purchasing and what scale the score is based on.
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And the part about it taking six to 12 months to improve your credit scores? That’s crazy talk! There are a lot of corrections and improvements that you can make within 30 to 60 days. Since credit scores change in real time with the data on your credit reports, improvements can be fairly quick in many situations. For example: if you spot a fraudulent account on your credit report, the process of reporting and disputing the record can take about five weeks. Some mortgage lenders even offer “rapid rescoring” which allows you to dispute inaccuracies in days, not weeks.
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