Increase your Fico score

The FICO Score has a range of 300 to 900 points. This score is arrived at by using scoring models and mathematics tables. Whenever you are applying for credit or purchasing or renting a property, your FICO score will be looked at to assess your credit worthiness.

Your good FICO score can be unfavorably influenced by your past payment history, balance owed, length of credit history, amount of new credit, and the type of credit used.

Pay all your credit cards and outstanding bills and watch your FICO score start to increase.

If you think that you may apply for credit sometime soon, it would be advisable to increase your credit status. The best way to have good credit history is always pay your bills on time. You can also consider contacting a non profit credit counselor.

It goes without saying that maintaining your credit card balances, and if possible, paying your bills regularly are good ways to keep your credit score good. It actually would lower your score.

Adding accounts too rapidly may be read as “you are not able to handle your credit responsibly”. Quite a few credit inquiries in a small time could lower you FICO score as you are attempting to open multiple new accounts.

The types of credit accounts for 10 per cent in your FICO score. These consist of credit cards or retail cards and loans such as installment loans, mortgages and car loans. You can loss as much as 20-40 points for such credit.