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You Want to save TENS OF THOUSANDS? You need a good credit score to take full advantage of car loans and a decent mortgage AND I CAN HELP!!! Check out the tricks to get your score up!
The first step is KNOWING YOUR CREDIT SCORE!

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There are many areas of your financial achievements and failures that go into calculating your credit score. We here at www.slickbudget.com know the big three agencies are not very upfront about the exact details of what makes up your credit score. That is where we come in. We will try to lay out as many details as possible and give you some advice based on our research and personal contacts within the industry.

1. The Big Three: They consist of Equifax, Experian, and TransUnion LLC. I am going to post their addresses as well in order to make it easier for you to contact them in writing in case of disputes which I will write about later.

A. Equifax: www.equifax.com

P.O. Box 740256
Atlanta, GA 30374
(800)-685-1111

B. Experian: www.experian.com

PO Box 2002
Allen, TX 75013
(888) 397-3742

C. Transunion LLC www.transunion.com

P.O. Box 2000
Chester, PA 19022
(800) 888-4213

What I found is that a person needs to keep their credit score above 700 in order to be a good applicant for credit. And in some circumstances, that still will not be enough. The ultimate goal is to be at 800! Good luck though, it is very difficult to reach that level.

I am now going to list just a couple of my tips for increasing your credit score:

1. Don't ever ever ever be late on a payment! (Huge drop in credit score as well as a possible increase in rates on credit cards) If you already have been late, I will give some info about how you can make up for that.

2. Take all your revolving credit limits and add them up. Then take 30% of that number and only use that much of that credit. For example, I have $50,000 in credit card limits, I should therefore never carry a balance over $15,000 or 30% of my limit. Also, keep each cards balance under 50% of that card's limit, but 30% would be the best. If you obey these two conditions, your score will increase.

3. Make sure you have different types of loans...Revolving credit (credit cards), installment loans (mortgage and auto loans), and other utilities. This shows you can handle different types of credit responsibly and will increase your credit score.

4. Do not apply to a lot of companies at once. They all will check your credit to see if you are worthy. This shows up as a bad thing in your credit report. When creditors see you are trying to get credit from multiple sources, it worries them that you will not be able to handle it all and thus your score drops from these multiple inquiries.

5. Don't go bankrupt if you can avoid it, but if you have to, by all means do it. This will last on your record for at least 7 years and most likely 10. There is no way to erase this from your credit report and your score will plummet as soon as you apply for bankruptcy protection. You can get your score right back up into the 700's though with a little bit of credit score trickery. I will discuss that later for those who need this help. If you are considering bankruptcy, please read my bankruptcy page...it could really help in your decision making process.

6. Keep your credit card accounts open. There is a fallacy that closing an account will increase your credit score. This action actually has the opposite effect. It hurts your length of credit history and thus lowers your credit score. Thus as a new credit card to your existing ones will lower your average age of credit and hurt you that way. My suggestion is that if you need more credit, ask your existing companies.

INTERESTING FACTS:

If you are wondering how you stand among over people in the U.S., well I can help you with that question. The following information is from past annual results and you can figure that the percentages are very similar for today's population:

Up to 499:     1%
500 to 549:    5%
550 to 599:    7%
600 to 649:     11%
650 to 699:    16%
700 to 749:    20%
750 to 799:    29%
800 and up:    11%

Here are some rough percentages of what a credit score is based on:

Payment History:                     35% (Largest part of your credit score therefore the easiest way of boosting that score!)
Amounts Owed:                        30% (See my tips from above know exactly how to manage that aspect.)
Longevity of Credit History:    15% (How long have you had accounts open or basically what is your average length of credit.)
Recent Credit:                          10% (This is where applying for multiple forms of credit comes into play.)
Types of Credit:                        10% (Make sure you have revolving, installments, and basic forms of credit)

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Many people don’t really follow their credit score until they apply for a loan of some sort. If at that time your score is too low, what can you do? One trick that is used is to have someone add you on to their credit card account.

The idea is to find a person who already has an established account with perfect payment history and have them add you on as a joint owner. At that time, the history of the account goes into your report, thus increasing your score dramatically. Just one more tip. Stop back for more.

The easiest trick is to actually piggy back someone else and get their good credit report put on your record. So if you have had problems and fixed them all or are coming out of a bankruptcy, then you have a person that has a credit card with no flaws add you as a joint owner. All of the credit history goes to your report jumping your score up quite a bit. Hope this helps.

Another thing you can do is dispute the black marks on your credit report. The company put them there needs to answer your dispute within a certain time frame or the negative marks are taken off your record and your score goes way up. These appeals cost man hours to these companies and not all businesses are willing to spend the extra money on them. Fingers crossed.

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The link down below is my referral link which will allow you to sign up and make some serious cash. I look at it this way, if someone says I will give you a free PS3 or Coach purse for using this search engine in addition to your normal routine, who would say no? There are no offers to fulfill and no hoops to jump through. It is like a slot machine, ever time you search, you have a chance of winning a range of dollar amounts. It will come in handy around Christmas time.

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