How to order your credit score to order your fico

Info icon This preview shows pages 22–24. Sign up to view the full content.

View Full Document Right Arrow Icon
How to Order Your Credit Score To order your FICO score from Fair, Isaac, go to www If you want to purchase your credit score from the three national credit bureaus, you can buy them at the Fair, Isaac web site. You can also purchase them di- rectly from each of the three national credit reporting agencies by mail, phone or at their web sites. How to Raise Your Credit Score Is your credit score below par? Follow this common sense advice to increase it: Warning 176
Image of page 22

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
• Don’t have a lot of credit cards, even if all of them have low or zero balances. Keep your credit card balances to a minimum. Being close to or at a credit limit will harm your score. If you have a lot of credit card debt, work at paying it off rather than by transferring it to a lower interest card. The danger with transfers is that you may come close to or reach your credit limit on the card that you transfer your balances to. Pay your debts on time. Don’t close long-standing credit card accounts. • Maintainacheckingaccountaswellasasavingsaccount. • Don’t apply for a lot of credit. The more often you apply for credit, the more inquiries there will be in your credit file. Having a lot of inquiries will lower your score substantially. • Be especially careful when shopping for a new car. Car dealerships are notorious for pulling customers’ credit reports without their knowledge. Remember, the more credit-related inquiries related to you, the lower your score. Surfing the Net for the best rate on a loan can lower your credit score because each time you ask for an interest rate quote, the lender will run a credit check and each credit check will show up in your credit file as an inquiry. • Resist offers to apply for a store’s own credit card, even if the store offers you an on-the-spot discount on Warning Credit Reporting Agencies, Reports, and Scores 177
Image of page 23
Credit Hell your purchases as an enticement to take the card or offers you some other benefit. Each time you apply for one of these cards a new inquiry will be added to your credit file. On top of that, new accounts will bring down the average age of all of your accounts, which in turn will lower your credit score. When you are in the market for a mortgage or a car loan, shop for the best deal within a relatively short period of time. When you do, Fair Isaac Corporation will distinguish between shopping for a single loan and shopping for a lot of credit. Therefore, your credit score will not be harmed. • Maintain a positive credit history, review it once every six months and when you find problems, get them corrected as quickly as possible. If you have damaged your credit history, open some new accounts, pay them on time, and don’t run up your account balances. Over time, your credit score will improve. 178
Image of page 24
This is the end of the preview. Sign up to access the rest of the document.
  • Spring '12
  • zinctolg
  • credit score, Credit history, Fair Credit Reporting Act, CREDIT REPORTING AGENCY, credit reporting agencies

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern