How can I add a few points per week or month to my credit score?

I keep my monthly debt-to-credit line ratio to no more than 2% on each of the two credit cards I got. I have a habit of paying them off online a few weeks before the due date. Monthly, I also tend to pay down a few months worth of my student loans. The only other spending/paying tools I use are my check card and bank account (balance is always positive).

My mom bought me a new car last Christmas. Of course, she takes care of paying the monthly financing even though my name%26#039;s on it. She pays everything owed on time or even little earlier. When checking my credit history and score between right before that purchase and now, my score dropped by 6 points and 3 inquiries were made. First, by the dealership. Second, by the bank they%26#039;re doing the financing through. Third, by mom%26#039;s bank because she signed up to get a quote on what APR we%26#039;ll pay them at if we agree to have them consolidate the car financing. My guess is 2 points deducted for each inquiry made?

How can I add a few points per week or month to my credit score?

Look at the website......

How can I add a few points per week or month to my credit score?

A couple points per inquiry is pretty average.

There%26#039;s ntohing you can do to %26quot;for sure%26quot; up your score 2 points each week or month or anything. Just continue what you%26#039;re doing. Dont pay off your loans to fast-- you want that good solid history for long term, if you have a limited file.

How can I add a few points per week or month to my credit score?

If you want to add points quickly (takes 10 days) you can go to this web site and opt out of getting certain mail. Opt out for 5 years - don%26#039;t opt out for life - This will raise your score 5-10 pts.

www.optoutprescreen.com

The other is an explaination of Credit: It will build if you do the following.

If you%26#039;re debts are under control now, but want to improve your credit history, the most important factor is to make your monthly payments on time. Use pre-addressed envelopes enclosed with your statements to mail your payments and call the company if you don%26#039;t receive your usual statement. Also send your payment as early as possible if you carry a balance. Most companies calculate interest on a daily basis, so the sooner they receive your payment, the less interest you%26#039;ll pay.

Don%26#039;t procrastinate. It%26#039;s the day your payment is received that counts, not the postmark date. Give the post office sufficient time (five business days is a good guideline) to deliver your mail. Late payments may mean late fees, higher interest, and/or a negative mark on your credit report.

Never send cash. Open a checking account if you don%26#039;t have one, or spring for a money order and keep your receipt. Finally don%26#039;t forget to tell your creditors your new address when you move.

If you are worried about making payments, make a list of your debts and when the payments are due. Contact your lenders immediately if you think you will have trouble meeting the monthly payments to arrange a payment schedule.

Taking money from your retirement account or tapping the cash value of your life insurance policy to pay bills or living expenses may have serious implications you haven%26#039;t considered, so try to get advice from an expert before you take any major financial actions.

Credit cards can be invaluable in a crisis, since they allow you to charge items and pay them off over time. But they can also be dangerous if you aren%26#039;t careful and charge more than you can afford. If you do use credit cards, choose those with the lowest interest rates and pay them back as soon as you can to cut your costs.

Credit Scoring - How it Works

. Credit scoring is a statistical method that lenders use to quickly and objectively assess the credit risk of a loan applicant. The score is a number that rates the likelihood you will pay back a loan. Scores range from 350 (high risk) to 950 (low risk). There are a few types of credit scores; the most widely used are FICO? scores, which were developed by Fair Isaac %26amp; Company, Inc. for each of the credit reporting agencies.

Credit scores only consider the information contained in your credit profile. They do not consider your income, savings, down payment amount, or demographic factors like gender, race, nationality or marital status. Past delinquencies, derogatory payment behavior, current debt level, length of credit history, types of credit and number of inquiries are all considered in credit scores. Your score considers both positive and negative information in your credit report. Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your score.

Different portions of your credit file are given different weights. They are:

35% - Previous credit performance (specific to your payment history)

30% - Current level of indebtedness (current balance compared to high credit)

15% - Time credit has been in use (opening date)

15% - Types of credit available (installment loans, revolving and debit accounts)

5% - Pursuit of new credit (number of inquiries)

The most important factor for a good credit score is paying your bills on time. Even if the debt you owe is a small amount, it is crucial that you make payments on time. In addition, you may want to: keep balances low on credit cards and other %26quot;revolving credit;%26quot; apply for and open new credit accounts only as needed; and pay off debt rather than moving it around. Also don%26#039;t close unused cards as a short-term strategy to raise your score. Owing the same amount but having fewer open accounts may lower your score.

Recent changes minimize the negative effects that rate shopping can have on a mortgage applicant. If there is a consumer originated inquiry within the past 365 days from mortgage or auto related industries, these inquiries are ignored for scoring purposes for the first 30 calendar days; then, multiple inquiries within the next 14 days are counted as one. Each inquiry will still appear on the credit report.

Every score is accompanied by a maximum of four reason codes. Reason codes identify the most significant reason that you did not score higher. The reason codes can help a lender describe the reasons for higher than expected rates or loan denial. Scores are not part of the credit profile and are not covered by the Fair Credit Reporting Act.

Your credit report must contain at least one account which has been open for six months or greater, and at least one account that has been updated in the past six months for you to get a credit score. This ensures that there is enough information in your report to generate an accurate score. If you do not meet the minimum criteria for getting a score, you may need to establish a credit history prior to applying for a mortgage when you get older.

When you do get there, and down the road want to apply for a home loan (mortgage) Please consider the following:

Talk with a broker, a broker underwrites for many company%26#039;s (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a %26quot;hard%26quot; pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

Good luck to you, in handling yoir debit - you are on the right track.

How can I add a few points per week or month to my credit score?

Are you paying the full balance of your credit cards off early every month? People will tell you that is the best thing to do, but it%26#039;s not the best thing to build your credit score. If you keep your cards charged up to half of your credit limit and pay your minimum payment every month, this will help increase your scores. You might want to start using those store cards that you have also.

The way you improve your scores is to use your credit and pay it every month. Having cards that you don%26#039;t use, don%26#039;t help your credit, even though you paid them off. Don%26#039;t worry about those inquieries, your scores will come back up.The key to good credit scores is to use your credit and keep your accounts open and active. If I were you I would just use the cards that you have, don%26#039;t get anymore. If you can afford it, use your credit cards and your store cards. Just remember not to run them up past half of your credit limit. Pay the minimum balance every month and pretty soon, you should see your scores going up.

How can I add a few points per week or month to my credit score?

Accounts in good standing for over 2 years raises your score. As someone stated earlier, don%26#039;t pay your cards off every month. If you have a card that has a $500 limit, keep the balance at around $150. You%26#039;re doing good though. You%26#039;re definitely in a good spot!