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Improve my FICO Score

Anyone who wants to improve their FICO score can do it, but it’s going to take a little bit of work. In other words, a person has to know what his score is, why it’s reached that level, and what to do in order to raise it. A FICO score is what lenders use as one of their major determining factors when they decide whether they’re going to give a loan to someone. People with low scores are almost always turned down for financing. If they do manage to get approved for a loan, the interest rate that they have to pay is often a lot higher than someone who has a better score. By keeping that in mind, you can check into ways to improve your score so that you’re able to get an interest rate you can live with.

Raising Your Credit Through Bill Paying
When you pay a bill and you do it on time, it helps your credit score. When you pay bills late, it hurts your credit score. That’s something a lot of people don’t really think about, but then when they go to buy something and they need a loan, they find that they can’t get it due to a poor payment history. Get your credit reports and scores from all three bureaus, and ask for your FICO scores, as well. When you see what they are, you’ll have a starting point and you can plan where you want to go next. Even if your credit scores are reasonable, you can always work on raising them. Paying your bills on time is one of the very best ways that you can do that, and it’s such a simple thing to do.

How to Negotiate a Good Rate
With a low FICO score, being able to negotiate a good interest rate is important. There’s a ‘gray area’ of people who have a high enough score to get approved but who don’t have a good enough score to get the best interest rates. If you can put more money down on the vehicle or house you’re buying, if you have a steady job, or if you have other extenuating circumstances, you may be able to negotiate a better rate for your loan as opposed to paying whatever the bank or credit union says that you have to pay. Unfortunately, that doesn’t always work. If you have a questionable credit score, though, it’s worth a try so that you can get the lowest rate possible and be more easily able to pay your bills.

Getting Approved With Bad Credit
Working to improve your FICO score is a good thing to do, but it also takes a while. If you need to get a loan before your score has changed much, you can still get approved with bad credit through some banks and other lenders. You’ll pay more interest but, as your FICO score improves, you may be able to refinance and get a much lower rate in the future. That won’t necessarily help for very short-term loans, but it’s often worth it for long-term loans.

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