How to Raise an Already High FICO Score

A borrower's credit score is a direct reflection of his willingness and ability to repay debt. A lender uses that credit score to determine the approval or denial of a new debt, as well as the interest rate associated with that debt. The highest credit scores net the most favorable interest rates and terms on debt. Therefore, it is important for a borrower to gain and maintain a high credit, or FICO score. There are a few ways in which a borrower can raise an already high FICO score.

Instructions

1

Obtain a free credit report from AnnualCreditReport.com. Each borrower is given one free credit report per year; however, additional credit reports, as well as the borrower's credit score require payment. You will be required to enter your full legal name, date of birth, Social Security number and a credit card number for identity verification purposes.

2

Read through your credit report. Report any errors listed on the report to the credit bureau immediately through the website. Federal law mandates that the credit bureau respond within 30 business days via email to your error report.

3

Pay down and keep your balance on any credit card or line of credit to less than 30 percent of the balance. This lowers your credit utilization and can quickly raise your FICO score.

4

Limit any credit inquiries on your credit report. Do not allow creditors to check your credit when shopping for a new loan. Provide the creditor with a copy of your credit report and score and only allow the final choice to pull your credit. You do not lower your score when you personally check it; however, each lender's pull does lower your score.