How to Improve a FICO Score Quickly

FICO scores are risk-management scores created by the Fair Isaac Corporation used by banks and other lenders in making lending decisions. Your FICO score is very important because it determines what interest rate you will get on a loan, as well as whether you will be approved for a loan. If your FICO score has dropped, there are some tips to raise your FICO score as quickly as possible.

Instructions

1

Obtain copies of your credit score. You can purchase your FICO credit score from the myFICO Web site. There are two companies that utilize FICO--Equifax and TransUnion--and you can purchase each report.

2

Review your FICO report. Look for any mistakes in your credit report that affect your credit score. If there is an error, contact the reporting company or companies to have the mistake fixed.

3

Pay late bills. If you are past due on any accounts, pay the entire back balance and the current amount due to bring your account current. The sooner your past-due accounts are brought current and regular payments are made on time, the sooner your credit score will increase.

4

Use an old credit card. Your credit rating is based upon your credit history, and if you haven't used a credit card in a long time and there is no balance on the card, the account may be closed by the bank or lender and will no longer be a strong factor of your credit score. By using an older card and paying it off quickly, your FICO score will be based on a longer, more solid credit history.