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Increasing one’s Credit Scores

By Brian Anderson
Published: Saturday, July 3rd, 2010

9To a person lost on ideas of increasing his or her credit score must not lose heart. Credit score advisers say there are quite several doable ways of increasing one’s credit score. However, credit advisers and experts warn consumers that there is no fool proof way of increasing credit scores. Accordingly, the best advice most worth following in increasing scores is to maintain a good credit history. Many people are misled to think that having a good credit history means not getting into debt altogether. This is a myth: having a good history entails getting loans and paying them promptly. Having a good credit history is the most advisable way of getting a good credit score.  Experts from Fair Isaac Corp. attest that being very responsible in paying loans and debts is an almost sure way – “the mantra” – of increasing one’s scores.

Experts are well aware that unavoidable circumstances and situations may render a person incapable of paying on time and following the well-worn advice stated previously. It is for this reason that consumers are advised to avail of loans only when completely necessary. Consumers are also warned of getting quick and easy credit score fixing services. Although they may seem legitimate, many of these services have more risks than benefits and may cost much.

In events when consumers need to take loans and hence require several more points to increase their credit scores, the advice is to first check one’s own reports and verify the points they need, or if their current score is enough after all to get them through a loan. More often than not, consumers fall into problems because they do are not cautious enough in checking their scores. A single point lacking may cost several thousands of dollars in a mortgage plan. Another point consumers may take for granted is the fact that each credit agency and bureau has a different scoring system and hence may require differing “passing scores”. Consumers must therefore check on the cutoff scores so as not to make mistakes of unknowingly falling below them.

Although it is not a requirement, credit advisers recommend viewing one’s credit scores from time to time. The Fair Isaac Corp. (FICO) provides its consumers of several services allowing them to view and assess their credit scores. FICO also provides explanations and analyses of how one’s scores may add up. Other credit agencies and bureaus may also offer similar services that one may avail of for a certain fee depending on the specifications of the services. One may opt not to view his or her scores; experts say this is fine as long as he or she is able to monitor the reports. The purpose of this is so the consumer may make sound decisions based on such information; also, it may serve as a warning in case he or she has been delinquent in his or her credit.

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