Homebuyer Tax Credit Buying is an investment Appreciation Paying cash vs. getting a loan The Debt Ratio Tax breaks are actually free credit report card Terre Haute welfare for the rich Other Links to helpful sites Fan Mail Michael Bluejay's home page Email Me « Back: Credit Reports & Credit free credit report card Terre Haute Scores « » Next: Establishing credit, or Find a lender » This page will tell you everything you need to know about improving your credit score. If you haven't already read my introduction to Credit Reports & Credit Scores, I strongly suggest you read that first. Myth: Checking my credit score or getting my credit report hurts my credit score. Inquiries about your report for the purpose of establishing new credit can decrease your score a little bit, but inquiries to just get your score or a copy of your report never hurt your score. And even though inquiries for the purpose of establishing new credit reduce your free credit report card Terre Haute score, they don't reduce it by very free credit report card Terre Haute much. Myth: Closing credit card or merchant accounts will help my credit score. FACT: Closing accounts generally won't raise your score. People have heard, quite correctly, that sometimes having too many open accounts can hurt your score. That's true, but once you already have the open accounts it's too late. If you close accounts now then your ratio of outstanding debt to credit available will rise, which will probably negatively impact your score. credit agency Now, if your lender asks you to free credit report card Terre Haute close an account or two as a condition free credit report card Terre Haute of getting the loan, then go ahead and free credit report card Terre Haute do so. You're not doing so to raise your score, because it doesn't, free credit report card Terre Haute you're doing so because your lender says that what it takes for you to get the loan. The reason they might do this is because they're afraid if free credit report card Terre Haute you max out all your various cards you'll be spread too thin and won'free credit report card Terre Haute t be able to pay back the mortgage.
So they may want you to close an account or two to reduce your ability to rack up more debt. But you should close accounts only if your lender says free credit report card Terre Haute you need to do so in order to free credit report card Terre Haute get the loan. If a mortgage broker suggests you do so, ignore them. business credit reports Make sure free credit report card Terre Haute you pay every bill on time from here on out. Taking steps to bring your score up does you no good if you do things that send it right back down. Also, the older a late payment is on your credit report, the less it hurts you.
So a late payment you made last month hurts a lot right now, but in two years that same late payment won't hurt your score as much.
If you make no more late payments, your score could improve 50 points within a year.
That won't remove it from your credit report, but it will still help your score, because a late payment is not nearly free credit report card Terre Haute as bad as an unpaid debt.
If there are any errors on your report (such free credit report card Terre Haute as late payments when you weren't late), write a letter to the CRA in question and ask that the error(s) be free credit report card Terre Haute removed. The CRA has 30 days to investigate; they'll write to the creditor and ask them to verify the payment info. If they don't, the CRA will remove the negative info from your file. Make sure negative info older than 7 years isn't reported. By law, negative information in your credit report must be deleted after seven years (10 years for bankruptcy). If your report free credit report card Terre Haute contains negative info that's more than seven years old, write the CRA and ask them to remove it. Also note that if free credit report card Terre Haute you missed a payment 8 years ago, but it took the creditor 2 years to report it to a collection agency, it will likely show up on your report as a 6-year-old debt. your credit history In that case, write to the CRA and explain that the debt free credit report card Terre Haute is really 8 years old and should be removed. Include a copy of any paperwork that supports your claim.
If there is negative free credit report card Terre Haute info in your report (such as non-payment of a debt), but you have a good reason for not paying the debt (merchandise not received, legitimate dispute with the merchant who would not negotiate in good faith, etc.), write to the CRA and ask them to add your short explanation about the matter to free credit report card Terre Haute your file.
If the lender pulls your credit report they might see the statement you added.
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