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How to Improve Your Credit Rating by Increasing Your FICO Score

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					Presented by Daniel Toriola
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How to Improve Your Credit Rating by Increasing Your FICO Score By Joseph Feross

Your FICO score is an important tool that is used in determining your credit worthiness and how lenders look at you from a glance to determine if they should lend money to you or not. Basically a FICO score is a number and based on the range the numbers fall on is how you will appear to lenders, the higher the number the better your score. If your credit rating is in need of repair, the main goal you need to focus on is how to improve your FICO score. Keep in mind that if you pay your credit cards late, meaning at least thirty days past due, these late payments are reported to all three credit reporting agencies, Experian, Trans Union and Equifax. You need to get in the routine of paying all of your credit card bills and revolving lines of credit on time before they are due. One missed payment can drop your FICO score by several points and will take months to bring the score back up to a level that lenders will want to even consider lending money or credit to. Keeping your FICO score up will make repairing your credit all that much easier. If you can attempt to keep your credit card balances below 50% you will easily keep your FICO scores moderately high. This will show creditors that you are serious about paying off your debt in a timely manner and they will be more likely to extend credit to you in the future or offer you a lower interest rate. This is one of the best ways that you can repair your credit if it is need of assistance. Although this technique can be tricky for some consumers, being able to pay off your entire balances each month and then immediately spending the credit limit amount you just paid down and then pay off the balance again before you accrue finance charges is one of the best ways to increase your FICO score. Many consumers do this to earn extra points and advantages that creditors offer to some of their customers. It does take some technique but it can be accomplished. If you are working on repairing your credit this is one of the best ways to get the fastest results. It is always a wise financial choice to keep credit card applications to a minimum throughout the life of your loans. Many times multiple credit inquiries can bring your FICO score down considerably causing a derogatory credit rating even if you have been paying your bills on time. If you are in the middle of credit repair, applying to more lenders in not advised. If you attempt to pay off all of your debt, your FICO score will increase by several points bumping your credit rating up considerably. IF you have a bankruptcy or old judgments, it would be wise to pay off
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your debts in an effort to repair your credit and improve your credit score. By combining all of these tips and utilizing during every billing period of your credit card cycle you will find that your FICO score will improve over time making repairing your credit a simple process. Joseph FeRoss is a leading expert in credit repair and provide amazing credit repair services. Visit MSI Credit at http://www.msicredit.com

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FICO Score Simulators Online - An Overview By Paul J. Marshall

If you are not sure about how certain actions will improve or negatively affect your credit score, you can find out by using a FICO score simulator. A FICO score simulator is a calculator that will tell you how certain financial decisions will affect your score. It will allow you to make financial decisions and then it will calculate you new credit score. The simulator won't actually change your score, but it can give you some idea of how you can either improve or damage it. For example, you can. Some simulators will also give you some suggested actions that will help increase your credit score. To begin, you simply plug-in your current FICO score into the simulator. Next, you pick a scenario, i.e, I'm going to be late on this month's car payment, I am planning on decreasing my credit card debt by 40%, I have paid my bills on time for six months straight. The simulator will then estimate how much your FICO score would increase or decrease based on these actions You may also want to determine how your FICO score would be affected if you missed a credit card for the next three months or if you declared bankruptcy. A FICO Score Simulator will help you answer these types of questions as well. The purpose of the simulator is to help you make good financial decisions. It also helps you to see how your actions, even though they may appear minor, can either improve or decrease your FICO credit score. They can be a huge help for individuals who are really concerned about their credit or who are committed to raising their FICO score. In the United States, where credit is used so freely, having a high score is best when it comes to getting a loan. People with good credit can qualify for loans more easily and with lower interest rates and better terms. Therefore, one's credit score is very important. The FICO score simulator is a great tool to gauge how your daily financial actions and decisions can either put you in a better situation or conversely, in situation that will likely cause you more stress and not to mention, more money. You can find FICO score simulators on the web. Some arecompletely free. They are really a great tool, especially for individuals who have bad credit and are looking to improve it. Carefully and speedily determining how their actions can improve their score can give them a roadmap to doing so. Individuals can see how paying their bills on time or paying down their debts can substantialy and quickly improve their credit score.

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