How to Increase Credit FICO Score - Just One Simple Step
You're successful, making lots of money as an junior executive at the advertising agency you started at, and you just moved into the condo your Aunt Sue owns on the middle of the beach. Now if it weren't for your 1976 Ford Pinto life would be pretty peachy. There's only one thing standing between you and a Land Rover of your very own, your FICO score. The FICO score, which stands for Fair Issac Corporation, is the best known credit score in the United States. If you've ever been turned down for a credit card or home loan based on information found in your credit report, your FICO score probably has a thing or two to do with it. Learn how to increase credit FICO score. Repair of your credit rating may be just a free credit report away.
The FICO Score
So if you plan to improve and learn how to increase credit FICO score, you might as well know why it's so important. Lending institutions use the FICO score to determine credit worthiness. In layman's terms, a low FICO score can prevent you from getting the apartment of your choice, securing certain types of student loans, and yes, getting rid of your 1969 Vista Cruiser.
The Credit Gods, Equifax, Trans Union and Experian, each calculate their own FICO scores for you, this little tidbit will come in handy when figuring out how to increase credit FICO score, but more on that later. FICO scores range from 300-850. A FICO score lower than 600 is considered poor credit, while anything above 713 is in the good credit range. Most Americans take pride in their rating and have taken the steps to repair bad credit. The United States has a median FICO score of 725.
How to Increase Your Credit FICO Score
It's time to discuss how to increase credit FICO score. As a result of the Fair and Accurate Credit Transactions Act (FACT), everyone is entitled to one free copy of their credit report each year-and that's a FACT. The free report won't include any information on your FICO score, but incorrect information may be compiled in your report and is helping to drag your credit rating down. In which case, that item can be disputed. By law, any item in your credit report that is disputed, must be followed up with a full investigation.
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