Learn The Secret of Raising Your FICO Score

By: Dr. Al Johnson - [business/finance]
Posted 06/23/04

(PRWEB) June 22, 2004 -- In todays market, we all need good credit. But how can we increase our credit score? It's not as hard as it seems. What if you're house hunting and you just need a few extra points to bump you over the line to the great rates?

Start by pulling your credit report and your credit score to see where you are. To get an estimate of your credit score, check out our Credit Score Estimator. If your score is above a 720, you're golden. Improving your score from a 720 to a 740 won't get you better terms.

What you're looking for on your report are factors that could be affecting your score. Look for errors in the report, such as accounts that aren't yours, late payments that were actually paid on time, debts you paid off that are shown as outstanding, or old debts that shouldn't be reported any longer (negatives are supposed to be deleted after seven years, with the exception of bankruptcies, which can stay for as long as 10 years).

After repairing errors, the fastest route to a better score is paying down balances on credit cards, says Watts and David Herpers, chief marketing officer for Atlanta-based Amerisave Mortgage Corp.

There's really no silver bullet, but I would think that over 60 days, it's possible to increase your score 20 points by paying down your credit lines, Herpers says.

Follow this advice and you should see improvement.

Dr. Al Johnson is the coordinator of a business group that teaches people how to easily attract wealth and reach their goals. The group only attract individuals who are 100%.com mitted to managing their energy of thoughts, feelings, words, and actions to explode their business and income. Additionally, Dr. Johnson is a managing partner of Maximum Reimbursement, a practice management company. He may be reached at 305-761-7643.

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