One of the fastest ways to boost a score is to lower your debt utilization ratio-the difference between the amount of revolving credit that’s available to you and the amount that you’re using.
One simple way to improve your ratio is to redistribute your debt. If you have a big balance on one card, for [...]
24 May, 2009
Posted by: Steve In: Credit Card Myths
Some people are so suspicious of credit that they advise giving up credit cards and living on a cash-only basis. They acknowledge that most people need mortgages and auto loans, but they feel the best way to impress a lender is by living a credit-free life.
The credit-scoring formula is designed to judge how well [...]
21 May, 2009
Posted by: Steve In: Fico/Credit Score| How to Repair Credit
If your goal is to improve your credit score, don’t close any of your current accounts. Closing credit cards and other revolving accounts can never help your score, and it might actually hurt it. Shutting down accounts reduces your total available credit, and that makes your balances loom larger. That narrowing of the gap between [...]
Welcome to the Credit Repair Forum. I have changed this site into a blog format and hope you will follow along on my journey to once again repair my credit. Here is a little background info on my story:
I’m 30 years old and filed Chapter 7 bankruptcy when I was 22 years old. I was [...]