1. Pay down credit card balances. FICO scores are the highest for those who carry less than a 20% balance on their credit cards. Most analysts believe paying down credit card balances is the best way to improve your credit score.
2. Fix credit report errors. Many individuals have credit report errors weighing down their scores and have no idea. A common credit report error is a medical collection. You may think your insurance company has taken care of a bill and vise versa. It is vital that you make sure your credit report has no errors.
3. Eliminate disputed accounts. Removing disputed accounts from your credit report is essential to improving your credit score. Disputed accounts appear as a negative item. If you are applying for a conventional loan guaranteed by Fannie Mae or Freddie Mac, these items must be removed.
4. Use an old credit card or apply for a new one. Unused credit cards will not have a positive impact on your score unless you begin using them. It may seem as though it will help your score if you do not use your credit cards, but using them responsibly will improve your score at a much faster pace.
5. Do not close any accounts. Opening new credit cards that are unnecessary and closing unused credit card accounts are equally negative for your credit score.
To read more on this story visit: http://money.msn.com/credit-rating/5-fast-fixes-for-your-credit-score
If you have any questions on this topic or are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.