The South Coast Real Estate Round-Up

3 Ways to Increase Your Credit Scores

April 16th, 2013 12:32 PM by Christopher Terry

The following is an exert from our spring newsletter.

To prepare for buying a first or next home, refinancing, or if you just want to get back on track, you have to work on your FICO score.

A FICO score is a review of your years of credit history based on a model developed by Fair Isaac and Company. Most people have scores near 650, but scores range from 300 to 850. The items that impact your FICO score are your credit-to-debt ratio, the types of credit you have, the number of recent credit inquiries, and most importantly, your payment history.

Building your FICO score takes time, but you can see changes within a few months. You can improve your credit score, or gain credit if you don’t already have it, by using these helpful hints:

Correct your credit report
If you discover mistakes on your credit report, contact the bureau asking that the items be removed. Make sure all of the activity reported is correct.

Keep up with payments
Late payments kill your FICO score. Making payments on time is the best way to prove that you're able to make payments to a lender.

Apply for gas station cards or store credit
For those who have no credit or low credit, retail credit cards and gas credit cards are ways to obtain credit, increase your credit limits and start a solid payment history. Beware of carrying a balance because these types of cards normally have high interest rates.

Now that you know more about credit reporting, you'll be able to improve your FICO score.

To learn more, visit and get a free report at

There are also companies that will help you resolve credit issues for a fee. One that we have heard has great success offer credit repair services with a guarantee. For more information and to see some of their results visit

Posted in:General
Posted by Christopher Terry on April 16th, 2013 12:32 PM


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