I will want to increase my score by 65% if I can, wouldn't you? Well, I have come to tell you there is a way to do that by working on two simple but crucial part of credit reporting used by the credit bureaus.
In reporting, FICO places a great part of your credit score on your payment history and the amount you owe.
If you work on making these two areas favorable to FICO, you are on your way of getting an additional 65% added to your credit score.
Your payment history is the history you have gathered over time since you used credit for the first time.
There are records of this in your credit report that shows how well you have handled debt over the years.
It includes how timely you pay your loans and debts.
If you have been in the habit of not paying your bills on time, this habit, over the years might have added to the low credit score you have currently because late payment will be noted on your report.
Its better you start working on paying your bills on time.
If you already have a late payment on your report, you do not have much to worry about, you can remove them.
This will increase your score by 35% The amount you owe is also a crucial part of the scoring model FICO uses.
This adds 30% to your score.
It is wise if you write down the total of what you owe that has not being paid and start paying them off.
If the debts are a little bit difficult to pay, you can renegotiate the interest rate on those debts to settle them.
It might help too if you tell them the reason why you are not able to pay up yet.
Working on these two areas alone and getting results in them will add a 65% increase on your old score.
Learn more about credit repair yourself by obtaining a restoration kit or hire a registered credit agency to do the job for you.