Are you, or do you know anyone who is struggling with credit or who needs to bring their credit score up? Here is an easy 7 step guideline to MAKE IT HAPPEN!
Ways to Build Your Credit and Raise Your FICO Scores:
1. You MUST use the credit cards, responsibly.
2. Always make your payments 5-10 days ahead of the due date.
3. Always pay $5.00 more than the minimum amount due. Never pay off to zero!
4. Always keep the balances under 25% of the available limit. (For the best credit scores keep your balances to 1% – 9% of the credit limit & never to zero)
5. NEVER go above 50% of your high credit limit.
6. NEVER pay the balances completely to a zero balance.
7. NEVER close any of the cards/or accounts.
You will want to have 2 -3 revolving/credit card accounts and DO NOT have anyone pull or inquire about your credit while we are working for you. If you do have inquiries and/or have anyone pull your credit then you will run the risk of having it effect negatively on your personal credit file. Each inquiry lowers your FICO scores, which will result in additional credit repair.
1st month: Use your revolving lines of credit, by charging something small ($50 or less) on it. (For example: a tank of gas, some groceries, movie tickets, a utility bill, etc.) However, always stay below 25% of your credit limit. Only pay the minimum amount plus the $5.00 extra. Let the balance stay on the credit account until the next billing cycle. Pay 5-10 days ahead of the due date. Never pay off to zero.
2nd month: Use your revolving lines of credit. Never charge more than 25% of your credit limit. During this second month you are going to pay the balance down and only leave a $5.00 balance. Do not pay the whole thing off. Pay 5-10 days ahead of the due date. Never pay off to zero.
3rd month: Repeat month 1 & 2 for 6 months. On the 7th month you are going to call each creditor and ask for a credit line increase. Then do the whole process all over again and again. Pay 5-10 days ahead of the due date. Never pay off to zero.
Thanks to Gene Davis with 911 Credit Builder for these credit tips.