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This is an easy answer but proves more difficult in reality:1 of 1 people found this helpful
I have lived and worked in the US for 13 years. Born and raised in Northern Ireland and worked in the United Kingdom for 9 years before relocating to Seattle. I could not transfer my credit report, driving record or career track record. I started from scratch and as a result learned a lot from the process.
I am lucky enough to have a little education in this area and can speak from experience with a credit score of 725. This easy answer is as follows:+
*open a banking and checking account
*open a credit and pre-paid debit card
*always pay your bills on time
*always pay your credit or pre-paid card account on time
*always pay more than the minimum balance
*try and pay the full balance every month
*the credit card companies will continue to increase your credit limit if you follow the above
*if they do and you need to take advantage of the higher credit lines...use the higher credit lines
*but make your payments on time and make more than your minimum payments
*pay the full balance if you can each month
*seek the on-line support of a credit monitoring solution
*I use the www.Costco.com solution for $8 per month
*view and monitor your credit profile monthly for accuracy
* do the above monthly and with 18 months you'll ahve a 700 credit score...probably 750++
I hope this helps.
Patrick Kane - Patrick@PeoplePawn.com
FICO is a credit score developed by Fair Isaac Corporation.1 of 1 people found this helpful
to represent the creditworthiness
of that person, which is the perceived likelihood that the person
pay debts in a timely manner. A credit score is primarily based on credit report information,
typically sourced from credit bureaus / credit reference agencies.
and credit card companies, use credit scores to evaluate the potential
posed by lending money to consumers and to mitigate losses due to bad debt. Lenders use credit
scores to determine who qualifies for a loan, at what interest rate, and what credit limits.
The use of credit or identity scoring prior to authorizing access or granting credit is an
implementation of a trusted system.
mobile phone companies,
insurance companies, employers, and government
departments employ the same techniques.
If you can, pay off all credit cards every month. Pay all bills on time.1 of 1 people found this helpful
Look at your debt to equity ratio that is how much credit line total for all of your cards (ie: 65,000 total credit with 4 credit cards and other open debt as well like autos.... versus how much revolving debt you are carrying. You need to be at about 8% debt every month.
How many cars are you financing? If more than one..that will hurt...
Any late payments on a mortgage? (NOTE: This will severely damage your score)
How much junk is on your report? Go online and look at your report(s) with all three agencies, if there are things that are wrong, dispute them. I recently had 12 old items removed that were wrong. You have to dispute online. The agencies do not take telephone calls from consumers.
The FICO alogrithim was changed in January 2008 to reflect consumers that pay all of their credit card balances in full each month. But for every improvement they make in one area...the other areas are affected negatively.
Bottom line...pay your bills, stay out of debt, dispute, and hope for the best.