Improving Your FICO score is very simple, and you do not have to be some sort of computer wizard to make it happen. All you need is a little motivation, and the proper strategy that can be implemented within a very short period of time. So what are the top three worksheet answer and strategies to get you over the financial hurdle that has been plaguing you for years?
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The first and one of the main worksheet answers that you can utilize to raise your FICO score is the amount of available debt that you currently have versus the total amount of debt that you owe. When it comes to credit scores, the more available debt you have versus the more credit lines that are outstanding for the better. Having a large amount of available credit makes it easier to manage because there are fewer inquiries on your credit file. This worksheet answer is extremely important as it helps you manage and plan your payments to lower your credit score. This in effect will allow you to have more money in savings, which in turn will improve your score.
The second of the worksheet answers that you should focus on is the type of account you currently have with the bank. There are many different types of accounts, and all banks are not created equal. This means that even if your bank is a household name, the chances are that other lenders are just as reputable. So when it comes to applying for a mortgage or refinancing, you want to make sure that you are doing business with someone who will treat you right. And this worksheet answers that you should use to find the right person to do business with. This is especially important if you are looking at getting a loan to consolidate your debt into one lower payment.
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The third of the three worksheet answers that you want to focus on is your credit report. If you take the time to look over your credit report, you will quickly see what areas need to be improved. Most people have at least one erroneous entry on their report, and most times that entry is made by the actual lender. This can cause your score to go lower, as the bureau will deem that you have defaulted on a loan before you have actually defaulted on a loan. The purpose of your credit repair program is to get rid of those errors so that your report reads like a book instead of an error.
The fourth of the four worksheet answers that you should use concerns your credit score that is used by the lender. You must be very careful here, because even though you may not be told that the information is used, it is in the credit report. This is especially important if the lender is considering approving a large loan for you. It is best to have any errors corrected before you are ever approved for any kind of large credit.
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The fifth of the four worksheet answers that you should use concerns the kinds of loans that you tend to accept. Since most credit cards and student loans came with different interest rates and minimum payments, it is important to know which kind of financial transactions you are most familiar with. Being able to answer the question here will help you determine which of the many credit options that you should be pursuing. If you tend to accept all credit offers without making a decision, then you might be able to raise your FICO score with the help of some other methods.
The final of the four worksheet answers that you should use concerns the types of charge-offs that you have on your account. Having more than one charge-off against your credit will cause the majority of your FICO score to drop, so it is imperative to know how to lower your credit card debt before you apply for any new credit. This is also the place where you should learn about lowering your debt to something more manageable, such as paying off several high interest credit cards at once.
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As previously mentioned, these are the only worksheet answers that you need to use in order to make sure that your credit is in good standing. There are no other worksheets that can actually improve your FICO score, since they do not pertain to the credit that you have. However, they will allow you to see if there are any areas that need improvement. For more information regarding your FICO score, you should consult the Fair Isaac Corporation online. They can give you the most recent information that you need in order to improve it.
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